§ 24.1808 — Termination of Agreement Between Public Agency and Retirement Board

§24.1808 Termination of Agreement Between Public Agency and Retirement Board

(a) Termination by Contracting Public Agency: A contracting Public Agency may terminate its agreement with the Board only by a resolution of the Public Agency’s governing body. The Public Agency must give the Board written notice of the termination at least one year before the effective date of the termination. The termination is effective on the date designated in the Public Agency’s resolution terminating the agreement, subject to Board approval. (b) Termination by Board: The Board may terminate an agreement for administration of a Public Agency retirement plan by resolution, subject to City Council approval. A resolution by the Board terminating an agreement with a contracting Public Agency is effective 60 days after notice of its adoption has been mailed by registered mail to the Public Agency’s governing body. The Board may terminate its agreement with a Public Agency, with City Council approval, if: (1) the contracting Public Agency fails, for 30 days after demand by the Board, to pay any invoice for services or any contributions required by the agreement, (2) the contracting Public Agency fails, for three months after demand by the Board, to provide any information requested by the Board to administer the Public Agency’s retirement plan, (3) the Board determines that the contracting Public Agency is no longer in existence, (4) the Board determines that it is necessary or appropriate to terminate the agreement to avoid adversely affecting the administration of the System or any other Public Agency retirement plan, or (5) the Board determines that termination is a prudent exercise of its fiduciary duties. (c) The agreement between the Public Agency and the Board will include terms and conditions for termination of the agreement, including: payment of benefits to Public Agency Participants and retirees, determination of any unfunded liabilities under the Public Agency’s retirement plan, payment of unfunded liabilities, determination of the amount of assets held in the Retirement Fund on behalf of the Public Agency’s retirement plan, transfer of assets from the Retirement Fund to another trust fund under the Public Agency’s retirement plan, transfer of records to a new administrator and indemnification of the Board and the System.

(“Termination of Agreement Between Public Agency and Retirement Board” added 1-7-2003 by O-19140 N.S.)