[Ord. No. 92-80 §§1 —
3, 12-16-1992]
It is expected that the City will continue this Plan and payment
of the contributions therefore indefinitely, but continuance of this
Plan is not assumed as a contractual obligation of the City and the
right is reserved by the City at any time to reduce, suspend or discontinue
its contributions hereunder or to terminate the Plan.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
Except as limited in this Section, the City, through action
of the City Council, shall have the right to amend this Plan as it
applies to the City at any time and to any extent that it may deem
advisable. Any amendment hereunder shall not vest in the City any
interest or control over the funds accumulated in accordance with
this Plan nor the benefits provided hereunder prior to the satisfaction
of all liabilities of the Plan.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
The City shall notify affected Participants in writing that the Plan is to be terminated. The City Council shall have the responsibility to perform the duties specified in this Article IX.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
If the Plan is terminated in its entirety, the respective equitable
shares of the Plan assets allocable to Participants hereunder shall
be set aside and thereafter held as a separate fund. The amount of
each separate share shall be determined on the basis of calculations
furnished by an actuary.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
A.
In
the event of the termination of the Plan, Plan assets held under the
Trust shall be applied to provide for the payment of benefits as stated
below for the following classes in order of priority listed:
1.
To the benefits of Participants who are currently retired and receiving
benefits;
2.
To the accrued benefits of Participants who are not currently receiving
benefits but who were eligible to retire immediately under the Plan
prior to its termination;
3.
To the accrued benefits of vested Participants, not included in (1)
and (2) above;
4.
To the accrued benefits of Participants, not included in (1), (2)
and (3) above.
B.
Such
portion of the Trust Fund may be applied as of the date of termination
to the purchase of annuities or it may be applied at any time after
the date of termination to the payment of benefits or the purchase
of annuities or may be handled, allocated, used, or applied in any
equitable or nondiscriminatory way or combination of ways which the
City Council shall determine to be appropriate; provided however,
that the assets of such portion of the Trust Fund shall be first allocated
to Class (1) and thereafter be similarly allocated in order to the
next lower class and so on successively until all liabilities under
the Plan have been satisfied. If the assets of such portion of the
Trust Fund are insufficient to satisfy the total liabilities of any
one class, allocation will be made for the benefit of each of the
persons in such unsatisfied class in the proportion that the then
liability on his account as included in the class bears to the then
total liabilities to all persons included in such class.
C.
If
any balance remains, as the result of erroneous actuarial assumptions,
after providing pensions for all persons included in such priority
classes, such balance shall, subject to any charge by the Trustee,
be returned to the City.
[1]
Editor's Note — Ord. no. 01-57 §§10 —
11, adopted October 17, 2001, repealed section 140.340 "restriction
on distribution of benefits" and section 140.350 "repayment of restricted
amounts" in their entirety. Former sections 140.340 — 140.350
derived from ord. no. 92-80 §§1 — 3, 12-16-1992.
