Fort Walton Beach Ordinance — 801 Restate General Emp Plan — reading text

under the definition ot"section 17- 11. 1 will have such retirement benefits terminated effective on his date of re- employment by the city. Such employee will not be permitted to re- enter current participation in the retirement fund, but shall have his retirement benefits restored upon his subsequent voluntary termination or discharge. Sec. 17- 18. Retirement benefits not assignable or subject to legal process. No benefit payable at any time under this plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, garnishment or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such benefits, whether presently or thereafter payable, shall be void. Pa~ e 27 I ... Sec. 17- 19. Participation in plan not a contract of emplC?yment. Acceptance for participation in this plan shall not be construed as granting an employee any right to be retained in the service of the city without its consent, nor shall it interfere with the right of the city to discharge the employee or give the employee any right, claim or interest in any retirement benefits herein described except upon fulfillment of the provisions and requirements of this plan. Sec. 17 - 20. of city to discontinue amend the plan; procedures of Right or discontinuance; method of proration of assets. It is the intent of the city in estab"lishing this plan to continue it indefinitely and to make such contributions as are determined to be necessary to maintain actuarial soundness; but continuance of this plan is not assumed as a contractual obligation of the city and the right is reserved at any time to reduce, suspend or discontinue contributions as called for under the provisions of section 17- 12. Except as limited in this section, the city shall have the right to amend this plan at any time and to any extent that it may deem advisable but ~ o such amendment shall vest in the ci ty any interest in or control over the funds accumulated in accordance with this plan or the retirement benefits provided hereunder, or deprive any employee who has retired under this plan prior to the date of amendment, of any retirement benefit or change the provisions thereof; I provided, however, that any change or modification for the purpose of conforming this plan to the requirements of the Internal Revenue Code of the United States or of any other pertinent provisions of federal or state law, or any regulation or ruling of any duly constituted authority in connection therewith, may be made effective at any time with retroactive effect. This plan may be discontinued upon written notice by the city to employees covered hereunder. In the event that this plan shall be discontinued, no further contribution shall be made by the city nor shall any further deductions be made from the salary or wages of participating employees. The assets of the plan would then be distributed in accordance wi th the provisions of this section. This section is intended to provide for the contingencies of contributions and/ or fund experience which in their actuality may require the curtailment or cessation of this fund. In such case, all both active and retired, would have their rights protected to the participants, extent of a proration of existing assets to such participants. Should the p~ nsion Pa~ e 28 111 fund provided for under the appropriate sections of this article pr,ove insufficient to make full payments of the amounts of the several pensions which' may be allowed under the provisions of this article when due, or should the total amounts disbursed from this fund under the various provisions of this article during anyone year exceed the amounts paid into the pension fund form all sources during that one year, the treasurer of the pension fund shall so advise the trustees of the pension fund and the advisory committee. The trustees of the pension fund, the advisory committee and the plan administrator shall convene, sitting as a committee of the whole, with each member having one vote on all questions brought before the committee. If, by a majority vote of all members of the committee of the whole, it is the opinion of the committee that this fund cannot continue in operation without prejudicing further the rights of all participants to an equitable enjoyment of rights or benefits under this fund, then they shall find that it is advisable and necessary that benefits under the provisions of this article should be prorated. In the event of such findings, the committee of the whole shall determine the date of distribution and the asset value to be distributed, after taking into account the expenses ~of such distribution. The committee shall then determine the method of distribution of the asset value, that is, whether distribution shall be payment' in cash, by the maintenance of another or substi tuted trust fund, by the purchase of insured annui ties, or otherwise, for each person entitled to benefits under the plan as hereinafter specified. The committee may seek such professional advice as they may deem necessary in this and all matters relating to a proration of benefits under ,this section, and the expense for the same shall be considered an expense of distribution and chargeable against the assets of this fund. The committee shall apportion the asset value as of the date of termination' in the manner set forth on the basis that the amounts required to provide any given retirement income shall mean the actuarially computed single sum value of such retirement income, except that if the method of distribution determined under the deliberations of the previous paragraph involves the purchase of an insured annuity, the amount required to provide the given retirement income shall mean the single premium payable for such annuity. Apportionment shall first be made in respect of each retired person receIvIng a retirement income hereunder on such date, each person receiving a retired income on such date on account of a retired person, and each person who has by such date become eligible for normal retirement but has not yet retired, in the amount PaRe 29 required to provide such retirement income, provided that if such asset value be less than the aggregate of such amounts, such amounts shall be ' proportionately reduced so that the aggregate of such reduced amounts will be equal to such asset value. If there be any asset value remaInIng after the apportionment under the previous paragraph, apportionment shall next be made in respect of each person in the service of the city on such date participating in this fund who has completed at least ten ( 10) years of credited service and who has contributed to the pension fund herein provided for at least ten ( 10) years and who is not entitled to an apportionment under the previous paragraph, in the amount required to provide the actuarial equivalent of the accrued normal retirement based on the person' s credited service and earnings to such date, and each former participant then entitled to a benefit under the provisions of this article who has not by such date reached his normal retirement date, in the amount required to provide the actuarial equi valent of ,the accrued normal retirement income to which he is entitled under this article, provided that if such remaining asset value be less than the a9gregate of the amounts apportioned hereunder, such latter amount shC,ill be proportionately reduced so that the aggregate of such reduced amounts will be equal to such remaining asset value. If there be an asset value after the apportionment under the preceding I paragraphs, apportionment shall lastly be made in respect of such person in the service of the city participating under this article on such date who is not entitled to an apportionment under the previous paragraphs, in the amount equal to his total contributions to the plan to date of termination, provided that if such remaining asset value be less than the aggregate of the amount apportioned hereunder, such latter amount shall be proportionately