The employer shall have the right to amend the Plan, at any time, by adoption of the appropriate resolution or ordinance, and with respect to any provisions thereof, and all parties thereto or claiming any interest thereunder, shall be bound thereby, provided, however, that no amendment shall revise the accrued benefit of a participant determined as of the later of the date such amendment is adopted or the date such amendment becomes effective, if such revised vested accrued benefit is less than that computed under the Plan without regard to such amendment.
No amendment to the Pension Plan, which provides for a benefit modification, shall be made, unless the cost estimate described in Section 292.12(c) has been prepared and presented to the employer in accordance with the Act.
(Ord. 2138. Passed 3-15-93.)