(a) Establishment of supplemental retirement ordinance. There is hereby created and established an ordinance designated as the City of Fort Worth supplemental retirement ordinance which shall provide benefits to members of the fund whose benefits are limited by the qualified plan limits under the Internal Revenue Code of 1986, as amended.
(b) Appropriations. The city shall annually appropriate such amounts as may be necessary to provide for the payment of benefits under the supplemental retirement ordinance. Such appropriations shall continue to be made from current revenues, and, in the event such current revenues are insufficient, the city shall compute, ascertain and levy an ad valorem tax sufficient to raise and produce the money required to appropriate and pay any additional sums which may become due during any such year. The city shall levy a sufficient tax from year to year to provide the revenue from which such appropriations may be made.
(c) Purpose. The purpose of this article is to provide members with certain benefits which, because of the qualified plan limits, are not provided to such members under the fund
(d) Governing law. The ordinance shall be construed in accordance with and governed by the laws of the State of Texas.
(e) Amounts provided by the city. Benefits under the ordinance shall constitute general obligations of the city in accordance with the terms of the ordinance. No amounts in respect of such benefits are required to be set aside or held in trust, and no recipient of any benefit hereunder shall have any right to have the benefit paid out of any particular asset of the city, except to the extent the city may establish a grantor (“rabbi”) trust, which trust will not be protected from the city’s creditors. members have the status of general unsecured creditors of the city and this ordinance constitutes promise to make benefit payments as described herein.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)