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ORDINANCE N0. ,1619 " <br />AN ORDINANCE AMENDING CHAPTER 20 OF THE TOWN CODE <br />RELATING TO CONTRIBUTIONS TO THE TOWN RETIREMENT PLAN <br />AND THE DETERMINATION AND PAYMENT OF ADMINISTRATIVE COSTS <br />The Town Council of the Town of Los Gatos hereby ORDAINS: <br />Section 1. <br />f ollows: <br />Section 20 -6 of the Los Gatos Town Code is amended to read as <br />Sec. 20-6. Employee contributions. <br />(a) Each qualified employee shall agree that, commencing with the <br />date upon which he becomes a member, an amount equal to five percent of <br />his compensation, before any deductions, as the same may become payable, <br />shall not be paid to him by the town; provided, that: <br />(1) Such amount so withheld shall represent the contribution of <br />the member to the trust fund. <br />(2) By making such deductions, the town shall reimburse itself <br />to that extent for advances made by it for the account of the member. <br />(3) Upon the termination of employment, such member shall repay <br />to the town any such advances for which the town may not have been <br />reimbursed. Notwithstanding any provision of section 20 -10, no terminated <br />employee, nor any beneficiary, shall be entitled to any sum whatsoever <br />until the town shall have been reimbursed for any such advances made on <br />behalf of such employee. <br />(b) Each member may contribute up to an additional ten per cent of <br />his monthly compensation, before any deductions, into the trust. Such <br />additional voluntary contribution may be in amounts from one per to <br />ten per cent, but not fractional amounts thereof. A member may terminate <br />his additional voluntary contribution by notifying the retirement board in <br />writing. In the absence of terminating his voluntary contribution, a <br />member shall not change the percentage rate of his voluntary contribution, <br />unless a period of six months has elapsed since such member had previously <br />changed his rate of additional voluntary contribution. Such additional <br />voluntary contributions will be treated exactly like all other funds <br />contributed by the member. However, these additional voluntary <br />contributions will not increase the participant's share in the town's <br />contribution. <br />