CHAPTER 1-12: RETIREMENT SYSTEM

SECTIONS:

1-12-1:    SUPPLEMENTAL RETIREMENT SYSTEM:

1-12-2:    PROVISIONS OF SYSTEM:

1-12-3:    EMPLOYEE CONTRIBUTION:

1-12-4:    CITY CONTRIBUTION:

1-12-5:    DISPOSAL OF FUNDS:

1-12-6:    ADMINISTRATION OF SYSTEM:

1-12-7:    CONTRIBUTION INCREASE:

1-12-1 SUPPLEMENTAL RETIREMENT SYSTEM:

There is hereby created and established a Supplemental Retirement System for eligible officers and employees of the City in conformity with the provisions of this Chapter and Statutes pertaining thereto, and regulations issued pursuant thereto by the Arizona State Retirement System Board.

1-12-2 PROVISIONS OF SYSTEM:

The Supplemental Retirement System herewith adopted shall contain the following provisions for officers and employees of the City:

(A) Membership;

(B) Termination before retirement;

(C) Creditable service;

(D) Prior service credit;

(E) Retirement for service; and

(F) Retirement for disability;

in the same manner as set forth for State employees in Chapter 128, Laws of 1953.

1-12-3 EMPLOYEE CONTRIBUTION:

All members of the City’s Supplemental Retirement System shall have deducted from each wage payment three and one-half percent (3 1/2%) of total wages, which amount shall be paid to the Arizona State Retirement System Board for deposit in the retirement fund credited to the retirement account of the member making the contribution. Payment of wages, less such contributions to the Retirement System, shall be in full discharge of all claims and demands whatsoever for the services rendered by the officer or employee during the period covered by such payment, except for the benefits afforded by this Supplemental Retirement System. In accordance with State Board Regulations, any member may elect to make additional or lump sum contributions in excess of the required contribution for the purpose of providing greater annuity benefits. Such excess contributions shall not require contributions in addition to those specified for the City.

1-12-4 CITY CONTRIBUTION:

There is hereby appropriated quarterly from any City Fund available for that purpose, a sum equal to three and one-half percent (3 1/2%) of wages paid eligible officers and employees during the period of appropriation.

1-12-5 DISPOSAL OF FUNDS:

The sums deducted from employees’ wages, together with the sums appropriated for the employer’s matching contributions, shall be transmitted to the Arizona State Retirement System Board for deposit and credit to the membership retirement accounts of the members of the City’s Supplemental Retirement System. Such payments shall be made in accordance with State Board regulations.

1-12-6 ADMINISTRATION OF SYSTEM:

The Mayor is hereby authorized and directed to enter into an agreement in behalf of the City with the Arizona State Retirement System Board for the administration of the City’s Supplemental Retirement System, as herein provided. Said agreement shall provide for the payment to the State Retirement System Board of retirement funds herein appropriated, and to further provide for the adherence of the City to the applicable provisions of Chapter 128, Laws of 1953, and to the rules and regulations adopted by the Arizona State Retirement System Board pursuant thereto. (Ord. 489; 6-11-56)

1-12-7 CONTRIBUTION INCREASE:

From and after the effective date of this Section and pursuant to Arizona Revised Statues Section §38-748 A, the City hereby increases employer and employee contributions to the State Employees Retirement System from three and one-half percent (3 1/2%) to five percent (5%). (Resolution No. 614; 6-24-68)