[Ord. No. 92-80 §§1 —
3, 12-16-1992]
For the purpose of funding the Benefits provided for herein,
the City has established a Trust Fund. The City shall contribute funds
into the Trust Fund for the purpose of distributing to Participants
and their Beneficiaries the corpus and income of the fund accumulated
by the Trust in accordance with the Plan. The Trustee shall receive,
hold in trust and disburse the assets of the Trust Fund in accordance
with the provisions of the Plan and Trust.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
The City shall make such contributions to the Trust Fund as
are required to keep the Plan qualified under Section 401 of the Code
and any other relevant section of the Code or any successors thereto,
subject to its right to amend or discontinue the Plan and discontinue
contributions. All Benefits will be paid from the Trust and neither
the City nor the Trustee shall be liable to Participants or their
Beneficiaries if the Trust corpus shall be insufficient to provide
for the payment of Benefits. The City shall have no liability with
respect to the administration of the Trust or of the funds, securities
or other assets paid over to the Trustee, and each Participant or
other Beneficiary shall look solely to the Trust Fund for any payments
of Benefits under the Plan.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
The City intends to contribute, but does not guarantee to do
so, funds hereunder in amounts actually necessary for the funding
of the Plan.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
The City Council reserves the right to change the medium and
method of funding at any time at its discretion and without the consent
of any person or organization.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
If restricted non-transferable annuities from an insurance company
are purchased to provide the benefits of the Participants, any dividends
or other credits generated under any such annuity contract shall be
applied to reduce the amount of future contributions by the City.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
No part of the corpus or income of the Trust Fund shall be used
for, or diverted to, purposes other than for the exclusive benefit
of Participants or their Beneficiaries, at any time prior to the satisfaction
of all liabilities with respect to Participants and their Beneficiaries
under the Plan and Trust. The City intends that the Plan shall meet
the requirements of the Code pertaining to the qualification of employee
pension plans. Under no circumstances shall the City have any vested
right, title or interest in any assets in the Trust Fund nor shall
any such assets revert to the City or inure to its benefit in any
way prior to satisfaction of all liabilities of the Plan. Any Participant
with a vested Benefit hereunder shall only be entitled to Benefits
to the extent funded.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
Any forfeitures arising hereunder shall be used to reduce future
City contributions. Such forfeitures shall not be applied to increase
the Benefits any Participant would otherwise receive under the Plan.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
A.
All
City contributions are made conditioned upon the continuing qualification
of the Plan under Section 401 of the Code. Amounts contributed by
the City shall be returned to the City under the following conditions:
1.
If a contribution was made by the City by a mistake of fact, the
excess of the amount of such contribution over the amount that would
have been contributed had there been no mistake of fact shall be returned
to the City within one (1) year after the payment of the contribution.
2.
If the City makes a contribution which is conditioned on initial
qualification of the Plan under the Code and if the Plan does not
so qualify, then such contribution shall be returned to the City within
one (1) year after the date of denial of qualification of the Plan.
