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18-22 Electing to Participate in the Public Employee's Retirement Fund's MyChoice: Retirememnt Savings Plan As Administered by the Indiana Public Retirement System
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18-22 Electing to Participate in the Public Employee's Retirement Fund's MyChoice: Retirememnt Savings Plan As Administered by the Indiana Public Retirement System
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5/9/2018 10:47:24 AM
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5/9/2018 10:47:22 AM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
5/14/2018
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The City of South Bend, as a participating political subdivision, offering the Plan, <br /> agrees to pay a contribution rate to the Plan as a percentage of each member's <br /> compensation in the amount of I% less than the current normal cost paid in the PERF <br /> Hybrid Plan. <br /> SECTION VI: Additional Employee Contributions. Employees are permitted <br /> to make additional voluntary contributions to the Plan in an amount not to exceed <br /> 10% of gross wages. The City of South Bend, as a participating political subdivision <br /> offering the Plan, will not match any additional contributions made by the employee. <br /> SECTION VII: Employee Classifications. It is hereby declared that none of <br /> the classifications or positions specified in Section III are compensated on a fee <br /> basis or of an emergency nature, or in a part-time category. <br /> SECTION VIII: Date ofActive Participating Membership in the Plan. The active <br /> participation membership ofthe City of South Bend in the Plan shall begin on July 1, <br /> 2018. <br /> SECTION IX: Effective Date of Resolution. This resolution shall be in full force <br /> and effect from the date of passage and upon approval of the Board of Trustees of the <br /> Indiana Public Retirement System, except that active participating membership shall <br /> begin on the date set forth in Section VIII. <br /> Tim Scott, Council President <br /> South Bend Common Council <br /> 4 <br />
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