§ 70-244. Lowering of contributions; increasing of benefits; hearing.

(a)

If it shall appear to the board of trustees and to the city council that there shall be sufficient funds in reserve to justify the lowering of the contribution rates being made by the city employees under this article, the contribution rate may be lowered subject to approval of a majority vote of both the city council and the board of trustees at a public hearing before the city council.

(b)

If the board of trustees and the city council shall determine that there are sufficient funds in reserve to increase the benefits, by a majority vote of the board of trustees and a majority vote of the city council such increased benefits shall be authorized at a public hearing before the city council.

(Ord. No. 874, § 22, 6-28-1955; Code 1960, § 24-34; Ord. No. 95-28, § 1, 4-11-1995)