Fort Walton Beach Ordinance — 1837 - Restate Fire Fighters Pension Trust Fund — reading text

i low* 019 11 IIIM121" lollIN ORION ORION 1.1. InterestInterest ofof MembersMembers inin System.System. AllAll assetsassets ofof thethe FundFund areare heldheld inin trust,trust, andand atat nono timetime priorprior toto thethe satisfactionsatisfaction ofof allall liabilitiesliabilities underunder thethe SystemSystem withwith respectrespect toto RetireesRetirees andand MembersMembers andand theirtheir Spouses Spouses oror Benefici-Benefici- aries,aries, shallshall anyany partpart ofof thethe corpuscorpus oror incomeincome ofof thethe FundFund bebe usedused forfor oror diverteddiverted toto anyany purposepurpose otherother thanthan forfor theirtheir exclusive exclusive benefit.benefit. 2.2. NoNo ReductionReduction ofof Accrued Accrued Benefits.Benefits. NoNo amendmentamendment oror ordinanceordinance shallshall bebe adoptedadopted byby thethe CityCity CouncilCouncil ofof thethe CityCity ofof FortFort WaltonWalton BeachBeach whichwhich shallshall havehave thethe effecteffect ofof reducingreducing thethe thenthen vestedvested accruedaccrued benefitsbenefits ofof MembersMembers oror aa Member'Member' ss Beneficiaries.Beneficiaries. 3.3. QualificationQualification ofof System.System. ItIt isis intendedintended thatthat thethe SystemSystem willwill constituteconstitute aa qualifiedqualified publicpublic pensionpension planplan underunder thethe applicableapplicable provisionsprovisions ofof thethe CodeCode forfor aa qualifiedqualified planplan underunder CodeCode Section Section 401(401( a)a) andand aa governmentalgovernmental planplan underunder CodeCode SectionSection 414(414( d),d), asas nownow inin effecteffect oror hereafterhereafter amended.amended. AnyAny modificationmodification oror amendmentamendment ofof thethe SystemSystem maymay bebe mademade retroactively,retroactively, ifif necessary necessary oror appropriate,appropriate, toto qualifyqualify oror maintainmaintain thethe SystemSystem asas aa PlanPlan meetingmeeting thethe requirementsrequirements ofof thethe applicableapplicable provisionsprovisions ofof thethe CodeCode asas nownow inin effecteffect oror hereafterhereafter amended,amended, oror anyany otherother applicableapplicable provisionsprovisions ofof thethe U.U. S.S. federalfederal taxtax laws,laws, asas nownow inin effecteffect oror hereafter hereafter amendedamended oror adopted,adopted, andand thethe regulations regulations issuedissued thereunder.thereunder. 4.4. UseUse ofof Forfeitures.Forfeitures. Forfeitures Forfeitures arisingarising fromfrom terminationsterminations ofof service service ofof MembersMembers shallshall serveserve onlyonly toto reducereduce futurefuture CityCity contributions.contributions. 5.5. ProhibitedProhibited Transactions.Transactions. EffectiveEffective asas ofof JanuaryJanuary 1,1, 1989,1989, aa BoardBoard maymay notnot engageengage inin aa transactiontransaction prohibitedprohibited byby CodeCode SectionSection 503(503( b).b). USERRA.USERRA. EffectiveEffective December December 12,12, 1994,1994, notwithstandingnotwithstanding anyany otherother provisionprovision ofof thisthis System,System, contributions,contributions, benefitsbenefits andand serviceservice creditcredit withwith respectrespect toto qualifiedqualified militarymilitary serviceservice areare governedgoverned byby CodeCode SectionSection 414(414( u)u) andand thethe UniformedUniformed Services Services EmploymentEmployment andand Reemployment Reemployment RightsRights ActAct ofof 1994,1994, asas amended.amended. ToTo thethe extent extent thatthat thethe definitiondefinition ofof" " Credited Credited Service"Service" setssets forthforth contributioncontribution requirementsrequirements thatthat areare moremore favorablefavorable toto thethe MemberMember thanthan thethe minimumminimum compliancecompliance requirements,requirements, thethe moremore favorable favorable provisionsprovisions shallshall apply.apply. PagePage 3333 ofof 5353 PagesPages  7. Vesting. A. Member will be 100% vested in all benefits upon attainment of the Plan's age and service requirements for the Plan's normal retirement benefit; and B. A Member will be 100% vested in all accrued benefits, to the extent funded, if the Plan is terminated or experiences a complete discontinuance of employer contributions. 8. Electronic Forms. In those circumstances where a written election or consent is not required by the Plan or the Code, an oral, electronic, or telephonic form in lieu of or in addition to a written form may be prescribed by the Board. However, where applicable, the Board shall comply with Treas. Reg. 1. 401( a) - 21. SECTION " 19. REPEAL OR TERMINATION OF PLAN 1. This Ordinance establishing the Plan and Fund, and subsequent Ordinances pertaining to said Plan and Fund, may be modified, terminated, or amended, in whole or in part; provided that if this or any subsequent Ordinance shall be amended or repealed in its application to any person benefiting hereunder, the amount of benefits which at the time of any such alteration, amendment, or repeal shall have accrued to the Member or beneficiary shall not be affected thereby, the extent-fliat the assets of the Plan may be determined to be inadequate. 2. If this Ordinance shall be repealed, or if contributions to the Plan are discontinued, the Board shall continue to administer the Plan in accordance with the provisions of this Ordinance, for the sole benefit of the then Members, any beneficiaries then receiving retirement allowances, and any future persons entitled to receive benefits under one of the Options provided for in this In the event of repeal, or if contributions Ordinance who are designated by any of said Members. to the Plan are discontinued, there shall be full vesting one -hundred percent ( 100 %) of benefits accrued to date of repeal and the assets of the Nan shall be _atlocated iereo such benefits shall be nonforfeitable. ua— vi.+ w + + +...., + + ..- -- — --------- ______ __ L11V 1 1U11 LLJ 101 L11V I.LLLLV V1 ivrvcai — with the date of such disconfirmation being detennined by the Board. 11,191M • 1 • • • • -, - • e US • - - - NWRA i - - - W-UMM-MI i - - • - Page 34 of53 Pages  SO 1 Fma - - II g ILIA L 91 IN fWAR WElill Iss Wt. 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