[Ord. No. 92-80 §§1 —
3, 12-16-1992; Ord. No.
01-57 §12, 10-17-2001]
A.
None
of the Benefits under the Plan are subject to the claims of creditors
of Participants or Beneficiaries, and will not be subject to attachment,
garnishment or any other legal process. Neither a Participant nor
a Beneficiary may assign, sell, borrow on, or otherwise encumber any
of his beneficial interest in the Plan and Trust Fund, nor shall any
such Benefits be in any manner liable for or subject to the deeds,
contracts, liabilities, engagements or torts of any Participant or
Beneficiary. If a Participant or Beneficiary becomes bankrupt or attempts
to anticipate, sell, alienate, transfer, pledge, assign, encumber
or change any Benefit specifically provided for herein, or if a court
of competent jurisdiction enters an order purporting to subject such
interest to the claim of any creditor, then the Trustee shall hold
or apply such Benefit to or for the benefit of such Participant or
Beneficiary in such manner as the City may deem proper. The foregoing
shall not apply to judgments, orders and decrees issued, and settlement
agreements entered into on or after August 5, 1997, to the extent
permitted by the Internal Revenue Code Section 401(a)(13)(C) and (D).
B.
Notwithstanding
the above, the Plan Administrator shall comply with any Qualified
Domestic Relations Order (as defined in Code Section 414(p)) pursuant
to procedures adopted by the Plan Administrator.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
In the event a distribution is to be made to a minor or to any
Participant or other Beneficiary who, in the opinion of the City Council,
is incapable of properly using, expending, investing or otherwise
disposing of such distribution, the City Council may, based on objective
criteria, order the Trustee to make such distribution to a legal or
natural guardian or other relative of such minor or to the court appointed
guardian of any incompetent, or to any adult with whom such person
temporarily or permanently resides. Such distribution shall fully
discharge the Trustee, City and Plan from further liability.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
Neither the City Council nor the City in any way guarantees
the Trust Fund from loss or depreciation. Except as required by applicable
law, the City does not guarantee any payment to any person. The liability
of the City Council to make any payment under the Plan will be limited
to the assets held in the Trust which are available for that purpose.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
This Plan shall not be deemed to constitute a contract between
the City and any Participant or to be a consideration or an inducement
for the employment of any Participant or Employee. Nothing contained
in this Plan shall be deemed to give any Participant or Employee the
right to be retained in the service of the City or to interfere with
the right of the City to discharge any Participant or Employee at
any time regardless of the effect which such discharge shall have
upon such individual as a Participant in the Plan.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
If after making reasonable efforts (including mailing a notice
to the last known address of the Participant or other payee under
the Plan), the Trustee or insurance company is unable to locate a
Participant or to ascertain the identity of, or to locate any other
person to whom payment is due under the Plan, such payment and all
subsequent payments otherwise due shall be forfeited twenty-four (24)
months after the date such payment first became due; provided however,
that any payment so forfeited shall be reinstated retroactively no
later than sixty (60) days after the date on which the Participant
or other payee is located or identified.
[Ord. No. 01-57 §13, 10-17-2001; Ord. No. 02-71 §5, 12-18-2002; Ord. No. 08-71 §1, 12-17-2008]
A.
Direct Rollover Election. Notwithstanding any provision
of the Plan to the contrary that would otherwise limit a Distributee
election under this Section, a Distributee may elect at the time and
in the manner prescribed by the Plan Administrator to have all or
any portion of an Eligible Rollover Distribution to which he is otherwise
entitled paid directly to any one (1) Eligible Retirement Plan specified
by the Distributee in a Direct Rollover.
B.
DIRECT ROLLOVER
DISTRIBUTEE
ELIGIBLE RETIREMENT PLAN
ELIGIBLE ROLLOVER DISTRIBUTION
Definitions. The following terms shall have the meanings
as herein defined for purposes of this Section:
A payment by the Plan to the Eligible Retirement Plan specified
by the Distributee.
An Employee or former Employee. In addition, the Employee's
or former Employee's surviving Spouse and the Employee's or former
Employee's Spouse or former Spouse who is the alternate payee under
a qualified domestic relations order, as defined in Section 414(p)
of the Internal Revenue Code, are Distributees with regard to the
interest of the Spouse or former Spouse.
An individual retirement account described in Section 408(a)
of the Internal Revenue Code, an individual retirement annuity described
in Section 408(b) of the Internal Revenue Code, an annuity plan described
in Section 403(a) of the Internal Revenue Code, an annuity contract
described in Section 403(b) of the Internal Revenue Code, an eligible
plan under Section 457(b) of the Internal Revenue Code which is maintained
by the State, political subdivision of a State, or any agency or instrumentality
of a State or political subdivision of a State and which agrees to
separately account for amounts transferred into such plan from this
Plan or a qualified trust described in Section 401(a) of the Internal
Revenue Code that accepts the Distributee's Eligible Rollover Distribution.
Effective January 1, 2008, Eligible Retirement Plan also shall include
a Roth IRA described in Section 408A of the Internal Revenue Code.
Any distribution of all or any portion of the balance to
the credit of the Distributee, except that an Eligible Rollover Distribution
does not include: any distribution that is one (1) of a series of
substantially equal periodic payments (not less frequently than annually)
made for the life (or life expectancy) of the Distributee or the joint
lives (or joint life expectancies) of the Distributee and the Distributee's
designated Beneficiary, or for a specified period of ten (10) years
or more; any distribution to the extent such distribution is required
under Section 401(a)(9) of the Internal Revenue Code; and any hardship
distribution.
[Ord. No. 01-57 §14, 10-17-2001]
A.
The
Plan Administrator shall perform its duties as the Plan Administrator
in its sole discretion shall determine is appropriate in light of
the reason and purpose for which the Plan is established and maintained.
In particular, the interpretation of all Plan provisions, and the
determination of whether a Participant or Beneficiary is entitled
to any benefit pursuant to the terms of the Plan, shall be exercised
by the Plan Administrator in its sole discretion. Any construction
of the terms of the Plan for which there is a rational basis that
is adopted by the Plan Administrator shall be final and legally binding
on all parties.
B.
Any
interpretation of the Plan or other action of the Plan Administrator
made in good faith in its sole discretion shall be subject to review
only if such an interpretation or other action is without a rational
basis. Any review of a final decision or action of the Plan Administrator
shall be based on such evidence presented to or considered by the
Plan Administrator at the time it made the decision that is the subject
of the review. Any Employer that adopts and maintains this Plan, and
any Employee who performs services for an Employer that are or may
be compensated for in part by benefits payable pursuant to this Plan,
hereby consents to actions of the Plan Administrator made in its sole
discretion and agrees to the narrow standard of review prescribed
in this Section.
