Title 03 Administration and Personnel
Chapter 03.05 Spokane Employees' Retirement System
Section 03.05.090 Released Matching Funds
Contributions by the City shall match contributions made by the employee or in-lieu payments. Similarly, contributions (i) by SREC shall match contributions made by SREC employees or in lieu payments by those during periods of time those employees are SREC Members and (ii) by SPFD shall match contributions made by SPFD employees or in lieu payments by those during periods of time those employees are SPFD Members. The City (and SREC and SPFD, as applicable) is not entitled to a repayment of the matching contributions made when an employee ceases to be employed by the City (or by SREC and SPFD, as applicable). All such contributions are identified as released matching funds to provide for future retirements. The City’s (and SREC’s and SPFD’s) liability for prior service credits, disability pensions, minimum pensions, and military service is offset by the released matching funds.
Date Passed: Monday, June 29, 2020
Effective Date: Wednesday, August 5, 2020
ORD C35914 Section 6
