Source of Benefits Funding and Contributions
San Diego Municipal Code § 24.1606
in effect§24.1606 Source of Benefits Funding and Contributions
(a) The Plan shall be unfunded within the meaning of the federal tax laws.
(b) No employee contributions or deferrals shall be made or allowed under the Plan.
(c) Benefits due under this Plan as determined by the Board, on the advice of its actuary, shall be paid for by the City and Unified Port District.
(d) City and Unified Port District contributions to the Retirement System for any fiscal year shall be reduced by an amount determined by the Board, on advice of its actuary, as necessary to meet the requirement for benefits under this Plan.
(e) The City and Unified Port District assets used to provide benefits under this Plan may not be commingled with the monies of any other Plan in the Retirement System or any other qualified plans, nor may this Plan ever receive any transfer of assets from the Trust Fund established for any other plan in the Retirement System.
(f) The City or Unified Port District shall retain title to the beneficial ownership of any assets, including cash or other investments, which the City or Unified Port District may earmark to pay any amount under the Plan. No one entitled to benefits under this Plan shall have any property interest whatsoever in any specific assets of the City or Unified Port District.
(g) The obligation of the City and Unified Port District to make payments pursuant to the Plan is contractual only. No one entitled to benefits hereunder shall have a preferred claim or lien on any assets of the City or Unified Port District.
(Added 3–19–2001 by O–18930 N.S.)
Source: City of San Diego Office of the City Clerk, San Diego Municipal Code and City Charter (docs.sandiego.gov PDFs)URL: https://docs.sandiego.gov/municode/MuniCodeChapter02/Ch02Art04Division16.pdf#page=4Fetched: 10/28/2026