Section 18-39 Creation of police retirement plan and fund.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-39 read as follows.
There is hereby created, pursuant to the constitution and laws of Missouri,
retirement plan for the retirement of
such salaried members of the Columbia Police Department
as are hereafter designated as "covered police employees. " Such The plan of retirement shall
includes benefits paid on account of age, or service,
disability, and upon retirement of a covered
employee or upon their death. In order to maintain such benefits, a police retirement fund
hereby created and shall be maintained as the council deems appropriate from public funds
appropriated by the council, from the contributions of covered employees
and from such other funds and sources as have been previously set forth.
This fund shall be a trust, within the meaning of section 401(a) of the
created for the exclusive benefit of covered police employees, retirees, their spouses
children. At no time prior to the satisfaction of all liabilities with respect to covered police
employees, retirees and their beneficiaries under the trusts, shall any part of the corpus or
be used for, or diverted to, purposes other than for the exclusive benefit of covered police
employees, retirees or their beneficiaries.
Except as otherwise provided in this plan, the trust fund shall be retained
for the exclusive
benefit of covered employees and their beneficiaries, shall be used to pay benefits to such
persons, to pay administrative expenses to the extent not paid by the city, and shall not revert to
or inure to the benefit of the city.
(Code 1964, § 9.1760; Ord. No. 12868, § 1, 2-4-91)