280.20 EMPLOYEE CONTRIBUTIONS
Each employee shall pay regular contributions to the Pension Fund. Each employee shall complete the necessary forms to authorize the payment of employee contributions by way of payroll deduction. Employee contributions shall be paid in an amount equal to four percent of compensation.
280.21 REDUCTION OF PARTICIPANT CONTRIBUTIONS
Notwithstanding Section 280.20, if an actuarial study performed by the actuary shows that the condition of the Pension Fund is such that payments into the Pension Fund by participants may be reduced below the minimum percentages prescribed in Section 280.20, or may be eliminated, and that if such payments are reduced or eliminated, contributions by the employer will not be required to keep the Pension Fund actuarially sound, the employer may, by ordinance or resolution, reduce or eliminate payments into the Pension Fund by participants. As of the restatement date, the requirement to pay participant contributions to the plan has been eliminated and will not be resumed until the employer, by ordinance or resolution, requires the payment of participant contributions to resume.
280.22 EMPLOYER CONTRIBUTIONS
The actuary, in accordance with the Act, shall determine the minimum municipal obligation of the employer. The employer shall pay into the Pension Fund, by annual appropriations or otherwise, the contributions necessary to satisfy the minimum municipal obligation. Notwithstanding the foregoing, nothing contained herein shall preclude the employer from contributing an amount in excess of the minimum municipal obligation.
280.23 STATE AID
General Municipal Pension System State Aid, or any other amount of state aid received by the employer from the Commonwealth in accordance with the Act, may be deposited into the Pension Fund governed by this plan and shall be used to reduce the amount of the minimum municipal obligation of the employer.
The Board is authorized to take by gift, grant, devise or otherwise any money or property, real or personal, for the benefit of the plan and cause the same to be held as a part of the Pension Fund. The care, management, investment and disposal of such amounts shall be vested in the Board or its delegate, the Plan Administrator, subject to the direction of the donor and not inconsistent with applicable laws and the terms of the plan.
280.25 EMPLOYER REVERSION
At no time shall it be possible for the plan assets to be used for, or diverted to, any purpose other than for the exclusive benefit of the participants and their beneficiaries, including payment of any reasonable plan expenses. Notwithstanding the foregoing, any contributions made by the employer may be returned to the employer if the contribution was made due to a mistake and the contribution is returned within one year of the date on which the discovery of the mistaken payment of the contribution was made or reasonably should have been made or the plan is terminated, as provided in Article XI.