Section 18-30 Miscellaneous.

    (a)     The city may terminate the plans at any time. Upon the termination of the plans the city shall direct and require liquidation of the trust after payment of expenses by the payment or provision for the payment of benefits. Any distribution after termination of the plans may be made, in whole or in part, to the extent that no discrimination in value results, in cash, in securities or other assets in kind (based on their fair market value as of the date of distribution), or in nontransferable annuity contracts providing for pensions commencing at the covered employees' eligible  retirement dates, as the city, in its discretion, shall determine.

In no event shall the city receive any amounts from the trust upon termination of the plans except that, and notwithstanding any other provision of the plans, (i) the city shall receive such amounts, if any, as may remain after the satisfaction of all liabilities of the plans and arising out of any variations between actual requirements and expected actuarial requirements, and (ii) the city may receive the amount of any contribution to the extent such contribution was made under mistake of fact.

If the city partially or completely terminates either of the plans or discontinues contributions to either plan, members of the affected plan shall be one hundred percent vested in the plan benefits to the extent such benefits are funded.

    (b)     The laws of the state and the ordinances of the city shall govern, control and determine all questions arising with respect to the plans and the interpretation and validity of their provisions. The interpretation of the provisions shall be made in such a manner as to confirm and continue its status as qualified plans and trust under the code.

    (c)     No pension payable under the plans shall exceed the limitations under internal revenue   code section 415 and such limitations are expressly incorporated into the plans by this reference.

(Ord. No. 12868, § 1, 2-4-91; Ord. No. 018160, § 1, 7-6-04)

(Ord. 018160, Amended, 07/06/2004, Prior Text)