§ 54-30. Contributions.

(a)

Member contributions.

(1)

Amount. Each member of the system shall be required to make regular contributions to the fund in the amount of two and one-half percent of his salary. Member contributions withheld by the city on behalf of the member shall be deposited with the board immediately after each pay period. The contributions made by each member to the fund shall be designated as employer contributions pursuant to section 414(h) of the Code. Such designation is contingent upon the contributions being excluded from the members' gross income for Federal Income Tax purposes. For all other purposes of the system, such contributions shall be considered to be member contributions.

(2)

Method. Such contributions shall be made by payroll deduction.

(b)

City contributions. So long as this system is in effect, the city shall make quarterly contributions to the fund in an amount equal to the total cost for the year, as shown by the most recent actuarial valuation of the system. The total cost for any year shall be defined as the total normal cost plus the additional amount sufficient to amortize the unfunded past service liability as provided in part VII, F.S. ch. 112.

(c)

Other. Private donations, gifts and contributions may be deposited to the fund, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources may be used only for additional benefits for members, as determined by the board, and may not be used to reduce what would have otherwise been required city contributions.

(Ord. No. 11-33, § 1, 10-27-11)