Supplementary Retirement and Income Plan II. In lieu of participating in the Federal Social Security Program, the City provides the Supplemen- tary Retirement and Income Plan II (SRIP II). The City's contributions to this on behalf of partic- ipating employees is not subject to income tax until it is paid out to the employees upon re- tirement or termination, or to the employee's beneficiary in the event of the employee's death. The City contributes 6.7% of the participating employee's salary (up to a maximum annual xxx- ary of $32,400) into an investment account and pays into a disability insurance benefit plan on the employee's behalf; and employees may also borrow up to 50% of the balance in their SRIP II investment accounts, subject to certain limitations. Bargaining unit employees will be en- rolled in SRIP II as soon as administratively possible following Council adoption of this agree- ment.
Supplementary Retirement and Income Plan II. In lieu of participating in the Federal Social Security Program, the City provides the Supplementary Retirement and Income Plan II (SRIP II). The City's contributions to this on behalf of participating employees is not subject to income tax until it is paid out to the employees upon retirement or termination, or to the employee's beneficiary in the event of the employee's death. The City contributes 6.7% of the participating employee's salary (up to a maximum annual salary of $32,400) into an investment account and pays into a disability insurance benefit plan on the employee's behalf; and employees may also borrow up to 50% of the balance in their SRIP II investment accounts, subject to certain limitations. Employees in the classification of Assistant Fire Chief enrolled effective July 2, 1995; employees in the classification of Battalion Chief enrolled effective March 10, 2009; and employees in the classification of Fire Marshal on January 20, 2015.
Supplementary Retirement and Income Plan II. In lieu of participating in the Federal Social Security Program, the City provides the Supplemen- tary Retirement and Income Plan II (SRIP II). The City's contributions to this on behalf of partic- ipating employees is not subject to income tax until it is paid out to the employees upon re- tirement or termination, or to the employee's beneficiary in the event of the employee's death. The City contributes 6.7% of the participating employee's salary (up to a maximum annual xxx- ary of $32,400) into an investment account and pays into a disability insurance benefit plan on the employee's behalf; and employees may also borrow up to 50% of the balance in their SRIP II investment accounts, subject to certain limitations. Employees in the classification of Xxxxx- xxxx Fire Chief enrolled effective July 2, 1995; employees in the classification of Battalion Chief enrolled effective March 10, 2009; and employees in the classification of Fire Marshal on Jan- uary 20, 2015.
