A.Â
Subject to the terms of any collective bargaining agreement, the
City shall have the right to amend the plan, at any time, by adoption
of the appropriate resolution or ordinance, and with respect to any
provisions thereof, and all parties thereto or claiming any interest
thereunder shall be bound thereby; provided, however, that no amendment
shall reduce the accrued benefit of a member determined as of the
later of the date such amendment is adopted or the date such amendment
becomes effective, if such revised vested accrued benefit is less
than that computed under the plan without regard to such amendment.
Notwithstanding the foregoing, in the event the members are
covered by federal social security at any time after the effective
date of this plan, then the City may take the necessary steps to freeze
benefit accruals under this plan and adopt a retirement program that
will provide retirement benefit accruals on and after the date the
members first become covered by social security that will take into
account social security contributions by the City.
Notwithstanding the foregoing, this plan may be amended retroactively,
if necessary, in order to obtain a favorable determination letter
from the Internal Revenue Service and/or to comply with the terms
of any arbitration award and/or agreement between the City and the
collective bargaining unit representing the members.
