Title
An Ordinance amending chapter 50 of the "Code of the City of Coral Gables," entitled, "Pensions"; amending section 50-29, City contributions; providing for repealer, codification, and an effective date. (Passed on First Reading June 10, 2014)
Body
Under the current cost-sharing provisions of the City of Coral Gables Retirement System, employees who are represented by the Teamsters Local Union Number 769 would be required to contribute 24.56% of total earnings into the System effective October 1, 2014. This Ordinance reduces the required employee contributions for Teamsters to 15% of total earnings beginning September 30, 2014 for a period not to exceed one (1) year.