Sec. 102-325. Vesting.
A participant's contributions to the plan will be 100 percent vested. City contributions to the plan on behalf of each participant will vest according to the following schedule, measuring the participant's "period of service" according to the terms of the plan, but only considering employment with the city during periods that the participant was in an executive personnel position as defined in section 102-137 or a council appointee.
Period of Service | Vested Percentage |
|---|---|
Less than one year | 0 |
One year | 33 1/3 |
Two years | 66 2/3 |
Three years or more | 100 |
(Ord. No. 2001-12, § 9, 3-19-2001; Ord. No. 98-09, § 5, 3-16-1998; Ord. No. 96-44, § 4, 10-7-1996)
Editor's note: Section 6 of Ord. No. 98-09, passed on Mar. 16, 1998, states that said ordinance shall become effective on Apr. 1, 1998.