Sec. 2-62. Salary of mayor and councilmembers.

The mayor shall receive and be paid a salary at the rate of $27,670.29 per annum and $50.00 per week as allowance for expenses incurred on city business conducted in the city and all other members of the city council shall receive and be paid a salary at the rate of $19,465.61 per annum and $50.00 per week allowance for expenses incurred on city business conducted in the city, which salaries shall be payable as hereinafter provided. The mayor and members of the city council shall be entitled to longevity pay, group insurance benefits (including but not limited to life insurance, hospital and surgical expenses, medical expenses, major medical expenses, dental benefits and prescription drug benefits); participation in retirement plans to which they are eligible for participation, specifically the city deferred compensation program authorized by I.C. § 509A.12; education tuition reimbursement; and reimbursement of office related expenses incurred on city business, and in addition the mayor and members of the city council may receive life insurance benefits or deferred compensation contributions, in the event such benefits are made available to supervisory, professional and management employees generally. All benefits are subject to the provisions of section I.C. § 372.13(8), with respect to the time of commencement of entitlement to such benefits or to any increase thereof. The mayor and each council member may choose to decline any benefit provided for the position. However, the benefits shall be presumed to be applicable unless the mayor or council member declines the respective benefit in writing. Any written declination of benefits shall be effective from the date specified in such writing to the end of the current term of the mayor or council member, and shall be deemed to cancel the entitlement to such benefits for the balance of the term. In making any such declination each individual mayor and council member shall agree to assume any tax consequences resulting therefrom and to hold the city harmless from any such consequence.