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

arisingarising fromfrom terminationsterminations ofof serviceservice ofof MembersMembers shallshall serveserve onlyonly toto reducereduce futurefuture CityCity contributions.contributions. LL 00 5.5. ProhibitedProhibited Transactions.Transactions. dd EE ss EffectiveEffective asas ofof JanuaryJanuary 1,1, 1989,1989, aa BoardBoard maymay notnot engageengage inin aa transaction transaction prohibitedprohibited byby CodeCode SectionSection 50.50. 3( b).b). caca tt 6.6. USEIRRA.USEIRRA. EffectiveEffective DecemberDecember 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 Uniformed Uniformed ServicesServices EmploymentEmployment andand Reemployment Reemployment RightsRights ActAct ofof 1994,1994, asas amended.amended. ToTo thethe extentextent thatthat thethe definitiondefinition ofof" " CreditedCredited 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. 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. FL 1. 401( a) -21. C 0 y SECTION M 19. REPEAL OR TERMINATION OF PLAN c d a. 1. This Ordinance establishing the Plan and Fund, and subsequent Ordinances pertaining UL 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 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; exeept- 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 ofthe 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 to the Plan are discontinued, there shall be full vesting one -hundred percent ( 100 %) of benefits accrued to date of repeal and die assets of the Plan shati be atiocated . . T v r thereof such benefits shall be nonforfeitable. M co P 1 — rL .- a aa a+ Mwa++, v- -- - +__ ___ —___ L UAV 1 1L411 LLJ V1 L11V V1 1W.V 1 O with the date of such discotttin= tiort being dete, mined by the Board. W E^ i NIM I M 6 a W . . v c Q r . WX W19 ..: Page 34 of 53 Pages  pRIMMOUDAWAM Will v vwwa awa - - Fl % j Y 1LLV Li - .. I--- b Y n. c 0 N d a U. LL 0 c a E m 0 4w ti M co T"