HomeMy WebLinkAbout~Master - Providing for a Division of Utility Retirement System Costs ORDINANCE NO. 2951
AN ORDINANCE TO PROVIDE FOR A DIVISION OF
THE COSTS OF THE UTILITY RETIREMENT SYSTEM
AS 43% BORNE BY EMPLOYEES AND 57 o BORNE BY
THE EMPLOYER; REPEALING ALL ORDINANCES OR
PARTS OF ORDINANCES IN CONFLICT HEREWITH,
AND ESTABLISHING AN EFFECTIVE DATE
BE IT ORDAINED, by the City Council for the City of Ames, Iowa,
that:
Section One. The Municipal Code of the City of Ames, Iowa, shall be
and is hereby amended by repealing Sections 28.46 and 28.47 thereof
and enacting a new Section 28.46 and 28.47 as follows:
"Sec. 28.46 EMPLOYEE CONTRIBUTIONS
Each and every employee shall contribute such
same percentage amount from each payment of
earnings during the period of current service (until
the employee attains age seventy (70) or earlier
retires, and excluding periods of military duty and
disability) as shall cause the annual accumulated
employee contributions to equal forty-three percent
of the estimated annual cost of the system. Em-
ployee contributions shall be deducted from earn-
ings paid to each employee and shall be credited
immediately to the retirement fund. The contribu-
tions of each employee shall be accumulated in a
separate account and the interest credited thereon
annually."
"Sec. 28.47 UTILITY CONTRIBUTIONS
The utility shall contribute fifty-seven percent
of the annually estimated cost of the system. Any
shortfall in the amounts contributed pursuant to
this section and Section 28.46, and the actual
annual cost shall be carried forward as an item of
cost to be considered in estimating the next year's
cost of the system."
Section Two. Any and all ordinances or parts of ordinances in conflict
here with are hereby repealed to the extent to such conflict, if any.
Section Three. This ordinance shall be in full force and effect from and
after its passage and publication as required by law.
Passed this 27th day of May 1986.
By
Nancy Gibb s, City Clerk F. aid Good and, Mayor