§ 11-2. Creation; intent.

(a)

There are hereby created the following retirement plans within the city:

(1)

The firefighters' retirement plan;

(2)

The police officers' retirement plan;

(3)

The general employees' retirement plan.

(b)

It is hereby declared to be the intent of the city commission that each retirement plan shall be maintained and administered by a separate retirement board which shall be responsible for investing the funds of its respective plan.

(c)

The city commission recognizes that in many instances the regulations affecting each of the plans will be the same. It is therefore declared to be the intention of the city commission that there shall be one (1) set of regulations governing the retirement plans. Where differences among the regulations of the systems exist, they will be clearly indicated. Otherwise, unless so indicated, each provision of this article shall be deemed to apply to all retirement plans of the city.

(d)

A new contribution and benefit structure is hereby established for general employees, including management and senior management personnel, hired or rehired on or after October 1, 2009. Such employees will be members of the general employees' retirement plan; however, the contributions and benefits for such employees are as set forth in section 11-62.

(e)

A new contribution and benefit structure is hereby established for general employees, including management and senior management personnel, hired or rehired on or after October 1, 2018. Such employees will be members of the general employees' retirement plan; however, the contributions and benefits for such employees are as set forth in section 11-69.

(Ord. No. 124-X-O, § 1(16-1), 9-12-89; Ord. No. 124-X-P, § 1, 12-18-90; Ord. No. 124-X-09-A, § 1, 10-13-09; Ord. No. 124-X-16-B, § 1, 6-14-16; Ord. No. 124-X-18-B, § 1, 8-14-18)