§ 2-85. Amendment or termination of the system.

(a)

It is the intention of the city and the board that this pension plan shall constitute an irrevocable trust and no portion of the assets may revert to the employer until all other obligations of the plan, including the payment to the last surviving member and beneficiary has been paid. No amendment shall result in members receiving lower benefits than those in effect on the date the member commenced service with the city.

(b)

In the event of termination or partial termination of the plan, each participant's accrued pension benefit shall become nonforfeitable (one hundred (100) percent vested) to the extent funded. At such time, the funds shall be appropriated and distributed in accordance with the provisions of F.S. ch. 185.

In the event that the plan is terminated, the assets of the plan shall first be distributed to retired members and their beneficiaries. If there is any asset value remaining after the apportionment to retired members and their beneficiaries, apportionment shall next be made to each member in the service who has completed at least ten (10) years of credited service and has contributed to the fund for at least ten (10) years and who is not otherwise eligible to retire. If there is any asset value after the apportionments to retirees and their beneficiaries and to vested members of the plan, apportionment shall lastly be made in respect of each member in the service of the city in an amount not to exceed the total value of the member's contributions. In the event that there is any asset value remaining after full apportionment to all members and beneficiaries of the plan, the excess, if any, shall revert proportionately to the city and the State of Florida on the basis of contributions to the plan.

(Ord. No. 00O-3-15, § 2, 5-8-00; Ord. No. 00O-12-85, § 1, 12-18-00)