(a) Generally. It is intended that each plan be permanent, but the County reserves the right to amend or terminate each plan. If a plan is amended or terminated, amendment or termination may not adversely affect accrued benefits as of the effective date of the amendment or termination.
(b) Death or disability benefits. An amendment to the death or disability benefits of a plan does not apply to the death or disability benefits of a participant whose death or disability occurs prior to the effective date of the amendment; is caused by an injury that occurs prior to the effective date of the amendment; or is caused by a disease the onset of which occurs prior to the effective date of the amendment.
(c) Changes by ordinance. Credited interest rates, actuarial assumptions, and the rate of participant contributions to the pension fund of a plan may be changed by ordinance at any time.
(d) Plan termination. If a plan is terminated:
(1) to the extent funded on the date of plan termination, the accrued benefits of active participants, to the extent not fully vested, become fully vested as of the date of plan termination;
(2) the liability of the County shall be:
(i) for each active participant and each vested terminated participant, the present value of the participant's accrued benefits as of the date of plan termination, or if greater, individual accumulated contributions;
(ii) for each retired participant, disabled participant or any other payee who is receiving benefits under the plan, the present value of the retirement benefit which is payable as of the date of plan termination or, if greater, the individual accumulated contribution reduced by all benefits which have been paid to the date of plan termination;
(3) the County may not make future cost-of-living adjustments after the date of plan termination; and
(4) the pension fund shall be distributed among the participants, including terminated vested participants, in a manner determined by the Personnel Officer to preclude individual discrimination, by the purchase of annuities or by other equitable means of distribution.
(e) Balance returned to County. If the balance in a pension fund exceeds the amount required to fund fully the liability of the County as defined in subsection (d)(2) for all active vested participants, disabled participants, retired participants, terminated vested participants, or for other payees who are then receiving benefits under the plan, the excess shall be returned to the County.
(f) Assets. The assets of a pension fund may not revert to the County except as provided in this section.
(1985 Code, Art. 7, § 1-103) (Bill No. 90-01)