40-46 Employees' Pensions in Cities
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<![CDATA[CHAPTER 40-46EMPLOYEES' PENSIONS IN CITIES40-46-01. Adoption of employees' pension plan - Exclusion of police and membersof firefighters relief associations. The provisions of this chapter become operative in any city<br>qualified to adopt the same by:1.The adoption by the governing body of the city of a plan substantially setting forth<br>the provisions of this chapter; and2.The concurrence in the plan by the employees of the city by a majority vote thereof.Thereafter, all employees of the city are bound by the provisions of the plan without further action<br>by the governing body or by the employees of the city. For purposes of this chapter, members of<br>the police force of the city are not considered employees of the city and members of a firefighters<br>relief association are not considered employees of the city, if by a majority vote of the members<br>thereof, they exclude themselves.40-46-02. Tax levy for city employees' pension fund authorized - Limitations. Anycity may levy an annual tax not exceeding the limitation in subsection 12 of section 57-15-10 for<br>the purpose of creating and maintaining a city employees' pension fund.A city may makepayment from a city employees' pension fund to any pension plan or retirement program for city<br>employees provided the receiving plan or program is approved by the internal revenue service.<br>Any pension system shall be based on actuarial tables and actuarial valuation shall be performed<br>at intervals of not more than five years.40-46-02.1.Tax levy for city employees' pension plan authorized - Limitations.Repealed by S.L. 1983, ch. 465, </p>
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