1976 ORDINANCES - Laserfiche WebLink

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3S2 SECTION 2-219.19. ALTERATION, AMENDMENT OR REPEAL. (A) THE CITY COUNCIL RESERVES THE RIGHT TO ALTER, AMEND OR REPEAL ANY PROVISION OF THIS ARTICLE OR ANY APPLICATION THEREOF TO ANY PERSON; PROVIDED, • HOWEVER, THAT THE AMOUNT OF BENEFITS WHICH AT THE TIME OF ANY ALTERATION, AMENDMENT OR REPEAL SHALL HAVE ACCRUED FOR THE MEMBERS OR BENEFICIARIES SHALL NOT BE AFFECTED THEREBY, EXCEPT AS OTHERWISE PROVIDED UNDER SUBSECTION (C) OF THIS SECTION. (B) IF THE CITY COUNCIL REPEALS THE PROVISIONS OF THIS ARTICLE, THE COMMISSION SHALL CONTINUE TO ADMINISTER THE PLAN IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE FOR THE SOLE BENEFIT OF THE THEN MEMBERS, ANY BENEFICIARIES THEN RECEIVING RETIREMENT ALLOWANCES AND ANY PERSON, ENTITLED TO RECEIVE BENEFITS IN THE FUTURE UNDER ONE OF THE OPTIONS PROVIDED FOR IN THIS ARTICLE, WHO IS DESIGNATED BY ANY OF SUCH MEMBERS. (C) IN THE EVENT OF REPEAL AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, IF THE PLAN IS NOT TO BE REPLACED BY ANOTHER RETIREMENT PROGRAM, THE ASSETS OF THE RETIREMENT FUND SHALL BE ALLOCATED BY THE COMMISSION IN AN • EQUITABLE MANNER TO PROVIDE BENEFITS FOR THE PERSONS DESIGNATED IN SUBSECTION (B) OF THIS SECTION IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE, AND IN THE FOLLOWING ORDER: (1) FOR THE BENEFIT OF THEN BENEFICIARIES AND PERSON ALREADY DESIGNATED BY FORMER MEMBERS WHO ARE THEN BENEFICIARIES UNDER ONE OF THE OPTIONS PROVIDED FOR IN THIS ARTICLE TO THE EXTENT OF THE THEN ACTUARIAL VALUE OF THEIR RETIREMENT ALLOWANCES. IF ANY FUNDS REMAIN; THEN, (2) FOR THE BENEFIT OF MEMBERS AND PERSONS, IF ANY, DESIGNATED BY THE MEMBERS UNDER ONE OF THE OPTIONS PROVIDED FOR IN THIS ARTICLE, TO THE EXTENT NOT PROVIDED UNDER PARAGRAPH (1) ABOVE, OF THE THEN ACTUARIAL VALUE OF THEIR ACCRUED RETIREMENT ALLOWANCES, BASED ON YEARS OF CREDITABLE SERVICE, AVERAGE FINAL COMPENSATION AND ANTICIPATED SOCIAL SECURITY BENEFITS AS OF THE DATE OF REPEAL. THE ALLOCATION UNDER THE PARAGRAPH (2) SHALL BE ON THE BASIS OF THE OLDEST AGES FIRST METHOD. IN THE EVENT THE ASSETS AT SUCH DATE OF REPEAL ARE INSUFFICIENT TO PROVIDE ALL OF THE BENEFITS OF PARAGRAPH (1) ABOVE, THEN THE CITY SHALL CONTRIBUTE TO THE ASSETS FROM TIME TO TIME, AS AND WHEN REQUIRED, THE AMOUNT • NECESSARY TO MADE UP SUCH INSUFFICIENCY. (D) THE ALLOCATION OF ASSETS OF THE RETIREMENT FUND PROVIDED FOR IN SUBSECTION (C) OF THIS SECTION SHALL BE CARRIED OUT THROUGH THE PAYMENT OF THE COMMISSION OF THE BENEFITS PROVIDED FOR IN THIS SECTION AS THEY BECOME DUE. ANY FUNDS REMAINING IN THE RETIREMENT FUND AFTER ALL OF THE VESTED BENEFITS PROVIDED BY THIS SECTION HAVE BEEN PAID SHALL REVERT TO THE CITY. (E) ANY ALLOCATION OF ASSETS MADE IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C) OF THIS SECTION SHALL BE FINAL AND BINDING ON ALL PERSONS ENTITLED TO BENEFITS UNDER SUCH PROVISIONS. (F) IN THE EVENT OF REPEAL AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, IF THE PLAN IS TO BE REPLACED BY ANOTHER RETIREMENT PROGRAM, THE ASSETS OF THE RETIREMENT FUND SHALL BE TRANSFERRED TO SUCH OTHER PROGRAM. 3. THIS ORDINANCE SHALL DEEMED TO BE EFFECTIVE AS OF JULY 1, 1975 AND ALL COMPUTATIONS OF BENEFITS, DETERMINATIONS OF ELIGIBILITY AND OTHER INTERPRETATIONS OF THE PROVISIONS THEREOF SHALL BE MADE AS IF THIS ORDINANCE HAD BEEN ADOPTED