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(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)
The following words, terms and phrases when used in this article, as may be amended, shall have the respective meanings set forth below, unless their context clearly indicates to the contrary. The masculine pronouns, wherever used herein, shall include both male and female persons, and the singular may include the plural, and vice versa.
EFFECTIVE DATE. April 1, 1999.
ORDINANCE. The City of Fort Worth supplemental retirement ordinance, as amended from time to time.
PLAN YEAR. The 12-month period beginning on January 1 and ending on December 31.
QUALIFIED PLAN LIMITS. The limitation on qualified plan benefits under code §§ 401(a)(17) and 415, as amended.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)
(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)
(a) General. The ordinance shall be administered by the board.
(b) Powers and duties. The board shall have such powers as may be necessary to discharge its duties hereunder, including without limitations, the complete discretion to construe and interpret the ordinance, determine eligibility to participate, compute any benefits payable, grant or deny any benefit claims, review any claim denials and to give directions to the trustee under any grantor trust referred to in § 2.5-232(e) hereof. The board may delegate its duties hereunder as it deems appropriate, including to any committee it may appoint or to the executive director.
(c) Amendment, termination, etc. The city may, in its absolute discretion, from time to time, amend, suspend or terminate in whole or in part, and if terminated reinstate, any or all of the provisions of the ordinance.
(d) Nonguarantee of employment. Nothing contained in this ordinance shall be construed as a contract of employment between the city and any employee, or as providing a right of any employee to be continued in the employment of the city, or as a limitation of the right of the city to discharge any of its employees, with or without cause.
(e) Nonalienation of benefits. To the extent permitted by law, benefits payable under this ordinance shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary. Any unauthorized attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to benefits payable hereunder shall be void. No part of the assets of the city shall be subject to seizure by legal process resulting from any attempt by creditors of or claimants against any member (or beneficiary), or any person claiming under or through the foregoing, to attach his or her interest under the ordinance.
(f) Liability. No member of the board shall be liable for any act or action, whether of omission or commission, taken by any other member, or by any officer, agent or employee of the city or of any such body, nor, except in circumstances involving his or her bad faith, for anything done or omitted to be done by himself or herself.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)