The Board of Supervisors may enact, by a vote of three-fourths of its members, an ordinance or ordinances prescribing the conditions according to which any and all employees of the San Francisco Unified School District and employees of the City and County of San Francisco, other than members of the fire and police department as defined in Section 8.560, may be covered under the Federal Old-Age and Survivors Disability Insurance provisions of the Federal Social Security Act, subject to the provisions of this section. “City and County” as hereinafter used shall mean the City and County of San Francisco and the San Francisco Unified School District.
Any member of the San Francisco City and County Employees’ Retirement System, hereinafter referred to as the system, who is or becomes covered by the Federal Old-Age and Survivors Disability Insurance provisions of the Federal Social Security Act, hereinafter referred to as the Act, shall continue to contribute to the system the normal contributions required of him, except that he shall have the right to reduce his normal contributions under the system at his option to be exercised by an election on the system’s form, said election to be effective on the first day of the month next following its filing in the system’s office. Such reduction of normal contributions shall apply only to time during which said member is covered under the Act, and after February 1, 1959, and the amount of said reduction, which may be changed from time to time by said member, in accordance with rules and regulations of the Retirement Board, shall not be more than the amount of said member’s contribution under the Act.
Any allowance payable to or on account of such member by the system shall be reduced on the effective date of said allowance by the actuarial equivalent on that date of the normal contributions, including interest to said date, with which said member would have been but was not credited under the system because of said reduction in his normal contributions and because of amounts paid from such member’s accumulated contributions for the retroactive period hereinafter provided for, and any continuation of said allowance shall be based on such reduced allowance but said allowance shall not be effected otherwise by the member’s reduction of his normal contributions. Said member shall have the right to contribute amounts, which shall be administered as additional contributions, to replace all or part of such reduction in his retirement allowance.
The reductions in allowances and contributions of members shall be made as provided in the foregoing paragraphs, notwithstanding any provisions in the Charter to the contrary.
Every employee covered by the agreement providing coverage under the Act shall be liable for the employee contributions required by the Act.
The effective date of coverage under the Act may be made retroactive to such date as the Board of Supervisors may determine.
Contributions required under the Act of each member for time included by the retroactive application shall be paid from such member’s accumulated contributions held by the system on account of his compensation not in excess of the maximum compensation taxable under this Act for such retroactive time. If the required contributions under the Act exceed the member’s accumulated contributions held by the system so determined, the additional contributions under the Act equal to the excess shall be paid by the member. Contributions required under the Act of the employer on account of such retroactive period shall be paid from funds held by the system on account of active members and derived from contributions of the City and County.
Any member who is covered by Section 210(1) of the Act on the effective date of the agreement between the state and federal government to extend coverage to the members of the system under the Act shall not be subject to this section unless he elect to be covered in accordance with this section, such election to be on a form furnished by the system and to be filed in the office of the system not later than 180 days after the effective date of such agreement. Such election shall be irrevocable. Such election shall fix the status of the member under such coverage as the same in all respects as if he had not been covered under Section 210(1), except that there shall be no adjustment of the member’s accumulated contributions or of the funds held by the system, and derived from contributions of the City and County, on account of social security tax for such retroactive period.
Each member who enters the employ of the municipal railway after the effective date of the agreement between the state and federal government to extend coverage to other members of the system under the Act, shall be covered under the Act in accordance with the terms of this section and the ordinance or ordinances enacted pursuant thereto.
Provision shall be made for modification of the member’s retirement allowances at his option, if he retires before he attains the minimum age of qualification for his primary benefit under the Act, in such manner that will make his increased monthly retirement allowance under the system prior to attainment of such age equal to the sum of his decreased monthly allowance after attainment of such age, and his primary benefit under the Act, upon the basis of an estimated primary benefit under the Act, subject to the requirement that the amounts of the increase and decrease in the monthly allowance shall be actuarially equivalent, and that the increase shall not be modified under an option provided by ordinance.
Words used in the masculine gender shall include the feminine and neuter genders, and singular numbers shall include the plural and the plural the singular.
The contribution rates of the City and County applicable to various membership under Section 8.509 shall be adjusted to rates determined by the actuary according to methods stated in Section 8.509.
The Board of Supervisors shall submit to the eligible employees for purposes of referendum, as defined in the Act, the question as to whether they desire coverage under the Act in accordance with conditions prescribed in this section.
The powers of the Board of Supervisors granted in Section 8.500 shall include the authority to make such adjustments in the Retirement System, by a vote of three-fourths of its members, as are not made by this section, but as required because of changes in the Act, to carry out the purposes of this section.