The City of Flint Employees Defined Contribution Pension Plan is created by this article. The terms and conditions are described in the ICMA plan documents. These documents are on file with the City Clerk and adopted by resolution of the Flint City Council.
(a) Effective date. The effective date of this article and the City of Flint Defined Contribution Pension Plan shall be September 1, 2002.
(b) Implementation date. The implementation date of the City of Flint Defined Contribution Pension Plan shall be established by resolution.
(c) Plan year. The first plan year for the City of Flint Defined Contribution Pension Plan shall be the partial year commencing the effective date and ending on December 31, 2002. Thereafter, the plan year shall be the calendar year.
(d) Eligible employees. Employees eligible to participate in the City of Flint Defined Contribution Pension Plan shall be all employees of the City hired after the implementation date who are not members of a recognized bargaining unit and not employed by the Board of Hospital Managers, as long as the employees are not employed in a position that is part-time, seasonal, temporary, provisional or school crossing guards. This definition includes persons employed as members of the City Council, Judges of the 68th Judicial District, the City Administrator, appointees of the City Council, appointees of the Ombudsman, and appointees serving at the pleasure of the Mayor, provided that, as to Judges of the 68th Judicial District, compensation shall be limited to the portion of annual compensation paid by the City.
(e) Eligibility conditions. An eligible employee who was hired by the City prior to the implementation date shall have an opportunity to elect irrevocably to terminate his or her membership in the employees retirement system, commence participation in the City of Flint Defined Contribution Pension Plan and transfer the actuarial present value of his or her accrued benefit under the employees retirement system to an individual account to be administered on his or her behalf in the City of Flint Defined Contribution Pension Plan. Any eligible employee whose employment with the City commences on or after the implementation date shall become a participant in the City of Flint Defined Contribution Pension Plan on his or her employment commencement date. An employee of the City who transfers employment into the class of eligible employees after the implementation date shall have a 30-day period commencing on the date of his or her transfer into the class of eligible employees to make the elections described in the first sentence of this subsection.
(f) Vesting. A participant’s employee contribution account, including interest in the account balance, if any, derived from assets transferred on his or her behalf from the employees retirement system, shall be fully vested and non-forfeitable at all times.
(g) Limitations on allocations of contributions. In the event that a participant participates in more than one qualified pension plan, the participant’s contributions under this plan shall be reduced, if necessary, to satisfy the limitations of Section 415 of the Code.
(h) Appointment of plan administrator. By resolution of its Council the City shall designate a plan administrator for the City of Flint Defined Contribution Pension Plan, which designation can be altered or amended from time to time.
(i) Receipt of assets transferred from employees retirement system. The City of Flint Defined Contribution Pension Plan shall accept transfers of the actuarial present value of an electing eligible employee’s accrued benefit under the employees retirement system and shall credit those assets to the individual account maintained for the eligible employee under the City of Flint Defined Contribution Pension Plan.
(Ord. 3496, passed 6-10-2002; Ord. 3498, passed 7-22-2002; Ord. 3583, passed 6-24-2004)