Fort Walton Beach Council agenda — 02-22-11 regular — reading text

be adopted by the City Council ofthe City of Fort Walton Beach which shall have the effect of reducing the then vested accrued benefits of Members or a Member's Beneficiaries. 3. Qualification of System. It is intended that the System will constitute a qualified public pension plan under the applicable provisions of the Code for a qualified plan under Code Section 401( a) and a governmental plan under Code Section 414( d), as now in effect or hereafter amended. Any modification or amendment of the System may be made retroactively, if necessary or appropriate, to qualify or maintain the System as a Plan meeting the requirements of the applicable provisions of the Code as now in effect or hereafter amended, or any other applicable provisions of the U.S. federal tax laws, as now in effect or hereafter amended or adopted, and the regulations issued thereunder. 4. Use of Forfeitures. ti M CO Forfeitures arising from terminations of service of Members shall serve only to reduce future City contributions. L 0 5. Prohibited Transactions. c a E s Effective as of January 1, 1989, a Board may not engage in a transaction prohibited v M by Code Section 503( b). t 6. USERRA. Effective December 12, 1994, notwithstanding any other provision of this System, contributions, benefits and service credit with respect to qualified military service are governed by Code Section 414(u) and the Uniformed Services Employment and Reemployment Rights Act of 1 994, as amended. To the extent that the definition of "Credited Service" sets forth contribution requirements that are more favorable to the Member than the minimum compliance requirements, the more favorable provisions shall apply. Page 33 of 53 Pages  Vestin . 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 c be prescribed by the Board. However, where applicable, the Board shall comply with Treas. Reg. a a 1. 401( a) - 21. C 0 N SECTION " 19. REPEAL OR TERMINATION OF PLAN as a 1. This Ordinance establishing the Plan and Fund, and subsequent Ordinances pertaining LL LL 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 a benefiting hereunder, the amount of benefits which at the time of any such alteration, amendment, M or repeal shall have accrued to the Member or beneficiary shall not be affected thereby, , t-to 0 the extent . 13at the assets of the Plaii may be determined to be inadequate. ti M co 2. If this Ordinance shall be repealed, or if contributions to the Plan are discontinued, a 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 Ordinance who are designated by any of said Members. In the event of repeal, or if contributions L O to the Plan are discontinued, there shall be full vesting one -hundred percent ( 100 %) of benefits Ir- accrued to date of repeal and the assets of the Plan shall be allocated 111 an equitable thereof such benefits shall be nonforfeitable. r. M c0 vi P 7. vLU%./ 1 VL 1li1vilL,J' Lva Fa . Vw. 1116 1V11V W1116 J110.11 VV L1A, V1 Llll% date of repal of this l or if contributions to the Plan are discontimcd L O with the datc of such discontirmation being detenraned by the Board. i d If MINE / • / • • onow twi I I I / I 1 go to) I I IEN'l Ira I- I= E L U M Q MN - ( /• \ 71• l•J• l•) t 1R WEnt" 19 " 41 rill Page 34 of 53 Pages  I Is I • t I IN f traI i • 9 i aa