§ 3.36.745 — Benefit clarifications

3.36.745 - Benefit clarifications.

A. The purpose of the plan is to secure contributions for the city and from employees, and to distribute plan assets only to members, retired members, and their beneficiaries, pursuant to the plan's plan of benefits and to pay reasonable expenses of administration. B. Prior to the satisfaction of all liabilities with respect to members, former members and their beneficiaries, no part of the plan's assets or income may be used for, or diverted to, purposes other than for the exclusive benefit of members, former members, or their beneficiaries. C. In conformity with Section 410(a)(8) of the Internal Revenue Code, forfeitures arising from termination of employment, death, or for any other reason will not be applied to increase the benefits any member, former member, or beneficiary would otherwise have received from the plan at any time prior to the termination of the plan. D. Upon termination of the plan or upon the complete discontinuance of contributions to the plan, the rights of each member, former member and beneficiary to benefits accrued to the date of such termination or discontinuance are non-forfeitable.

(Ords. 27768, 28886.)