Fort Walton Beach Council agenda — 02-08-11 regular — reading text

RIJN LLLL LLLL qQ r r: cc C?C? EE mm I%- I%- CellCell 0000 TT or PA vv CC cc cc aviullaviull ItemItem awlawl AA rr rr : : d'd' PREPRE TT rr rr aa• • WW r"r" illill r-r-:: :: isis is rr••• r •• • ruru ru : :: raltralt I ralt II ::: vv v willwill rr bsUlbsUl : : : /: : : / PagePage 3232 ofof 5353 PagesPages  w NRRRPbn f 1/ t i - •• f • ii ii •• •• •• •• 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 cc liabilitiesliabilities underunder thethe SystemSystem withwith respectrespect toto RetireesRetirees andand Members Members andand theirtheir SpousesSpouses oror Benefici-Benefici- aa 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 exclusiveexclusive benefit.benefit. 00 NN QQ 2.2. NoNo Reduction Reduction ofof AccruedAccrued Benefits.Benefits. aa LLLL U.U. NoNo amendment amendment oror ordinanceordinance shallshall bebe adoptedadopted byby thethe CityCity Council Council ofof thethe CityCity ofof FortFort WaltonWalton BeachBeach whichwhich shallshall havehave thethe effecteffect ofof reducingreducing thethe thenthen vestedvested accruedaccrued benefitsbenefits ofof MembersMembers aa oror aa Member'Member' ss Beneficiaries.Beneficiaries. EE WW 00 Qualification Qualification ofof System.System. r.r. MM CpCp ItIt isis intendedintended thatthat thethe SystemSystem willwill constitute constitute aa qualifiedqualified publicpublic pensionpension planplan underunder thethe applicableapplicable provisions provisions ofof thethe CodeCode forfor aa qualifiedqualified planplan underunder CodeCode SectionSection 401(401( a)a) andand aa governmentalgovernmental planplan underunder CodeCode SectionSection 414(414( d),d), asas nownow inin effecteffect oror hereafterhereafter amended.amended. AnyAny modification modification oror aa amendmentamendment ofof thethe SystemSystem maymay bebe mademade retroactively,retroactively, ifif necessarynecessary oror appropriate,appropriate, toto qualifyqualify oror 7aL7aL maintainmaintain thethe SystemSystem asas aa PlanPlan meetingmeeting thethe requirementsrequirements ofof thethe applicable applicable provisionsprovisions ofof thethe CodeCode asas 00 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 hereafterhereafter amendedamended oror adopted,adopted, andand thethe regulations regulations issuedissued thereunder.thereunder. qrlqrl 4.4. UseUse ofof Forfeitures.Forfeitures. r-r- MM COCO ForfeituresForfeitures