§ 301. Contributions by participants.

A.

Basic employee contributions. Each participant shall be required to contribute toward the cost of the Plan an amount equal to two percent (2%) of Earnings. This contribution rate shall increase to the percentages as follows:

Effective Date	Amount of Contribution
8/1/89	3.00% of Earnings
7/1/90	4.00% of Earnings
7/1/11	5.00% of Earnings
7/1/12	6.00% of Earnings
7/1/14	6.50% of Earnings

 

The contributions shall be made by each Participant on each payroll date to the Retirement Fund and shall be designated as Employer contributions pursuant to Section 414(h)(2) of the Internal Revenue Code of 1986. Such designation is contingent upon the contributions being excluded from the Participant's gross income for federal income tax purposes. For all other purposes of the Plan, such contributions shall be considered to be employee contributions. Credited Interest shall be earned on Basic Employee Contributions.

B.

Optional employee contributions.

1.

A Participant shall be eligible to make optional employee contributions to the plan on a monthly basis if the participant was making optional employee contributions to the plan before January 1, 1988. Optional employee contributions shall not be less than two percent (2%) nor more than ten percent (10%) of earnings. Credited Interest shall be earned on optional employee contributions.

2.

The optional employee contributions provided for in this section may be changed, discontinued or withdrawn or any combination of such acts may be performed at the election of the participant; provided, however, that:

a.

A participant may make any such change or combination of changes only once within any twelve (12) month period;

b.

A participant who withdraws must also discontinue and may not resume contributions; and

c.

A participant who withdraws his optional employee contributions for any reason other than Termination of employment shall receive credited interest earned thereon, subject to a forfeiture of six percent (6%) of the total amount of such credited interest earned on such optional employee contributions.

C.

General provisions.

1.

Authorization to change, discontinue or withdraw optional employee contributions shall be made in writing on such form or forms as may be prescribed for that purpose by the Board of Trustees.

2.

The contributions of each participant shall be deducted from the participant's pay. The contributions shall be paid to the Treasurer of the City of Tulsa, Oklahoma, for semimonthly deposit in the retirement fund.

3.

On and after January 1, 1989, any amounts deducted from earnings of a participant as basic employee contributions must be accounted for separately from amounts deducted prior to such date.

(Ord. No. 22425, § 1, 4-28-2011, eff. 10-1-2011; Ord. No. 23058, § 1, 2-13-2014)