HomeMy Public PortalAbout01984 O R D I N A N C E NO. 1984
AN ORDINANCE, amending Ordinance No. 1679, on the
subject of a retirement system for employees by adding Section
1.21 defining "Social Security Wage Base" and by repealing Section
3.1 Employee Contributions and enacting in lieu thereof a new
section relating to the same subject to be known as Section 3.1
Employee Contributions and containing an emergency clause.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. Article I of Ordinance No. 1679 is hereby
amended by adding Section 1.21 which shall read as follows: Section 1.21. 'Social Security Wage Base' means, with respect to any Plan Year, the maximum amount of Earnings which may be considered wages for such year under Section 3121 (a) (1) of the Internal Revenue Code.
Section Two. Ordinance No. 1679 is hereby amended by
repealing Section 3.1 thereof and enacting in lieu thereof a new
section relating to the same subject and to be known as Section
3.1 of said Ordinance, which shall read as follows: Section 3.1. Employee Contributions - (A) During each Plan Year after an Employee becomes a Member and prior to January 1, 1970, there shall be deducted from his pay 2-1/2% of that portion of the Member's Earnings for that Plan Year which are not in excess of $6,600 and 5% of that portion of such Earnings as are in excess of $6,600; provided however, that there shall be no deduction for any pay period prior to the first pay period commencing on or after the Effective Date, and (B) During each Plan Year subsequent to December 31, 1969 and after an Employee becomes a Member and prior to the time that he attains his Normal Retirement Date, there shall be deducted from his pay 2-1/2% of that portion of the Member's Earnings for that Plan Year which are not in excess of the Social Security Wage Base as in effect on January 1 of such
year and 5% of that portion of such Earnings as are in excess of such Social Security Wage Base.
Section Three. The passage of this ordinance being
deemed necessary for the immediate preservation of the public
health, safety and welfare created an emergency within the meaning
of the Plan. Accordingly, this ordinance shall take effect
immediately upon its enactment.
The foregoing Ordinance was adopted January 2, 1970