A. The city shall adopt a money purchase retirement plan as an investment vehicle that will provide retirement income for city employees. The city shall contribute on behalf of each participant to the retirement plan, the amount the city would otherwise make to social security less the cost of survivor and disability insurance. Employees shall contribute a match sum from their base salary equal to the city’s contribution to the retirement plan. This contribution shall be made in compliance with the policies and procedures of the approved plan. The employee’s and the city’s contribution shall be computed based on the employee’s total earnings, including overtime and bonuses.

B. The administration of the plan shall be governed by Internal Revenue Service rules and the policies of the specific plan. Although the city retains proprietary rights of the funds, the city shall authorize disability, retirement or termination, and distribution to survivor upon death of the employee. All permanent employees are eligible to participate. (Ord. 541 § 1, 1988; Ord. 411 § 4, 1982).