(a) Employees eligible to participate. Each employee of the city who is a member of the fund shall be eligible to participate in the ordinance. Each such employee whose benefits under the fund are reduced due to the qualified plan limits shall automatically participate in and be eligible to receive benefits under this ordinance.
(b) Benefits.
(1) Amount of benefits. If the benefits payable to a member from the fund are limited by the qualified plan limits, the amount by which such benefits are so limited shall be paid to such member under this ordinance. For purposes of this ordinance, death and disability benefits under the retirement ordinance which are limited by the qualified plan limits shall be provided hereunder.
(2) Payment of benefits. Payment of a member’s benefits calculated under subsection (b)(1) hereof shall be made to such member, after termination of employment with the city. Payment shall be made at the same time and in the same form as the member’s benefits under the employees’ retirement fund. If a member’s (or his or her beneficiary’s) death or disability benefits under the fund are reduced by the qualified plan limits, such reduced benefits shall be paid under this ordinance at the same time, in the same form, and to the same person(s) who receive the fund benefits.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)