(A) The assets of the Hollywood City Employee's Supplemental Retirement System (the "supplemental plan") shall be merged into the assets of this plan, subject to preservation of the rights of those employees who are currently in the 1% noncontributory portion of the supplemental plan ("1% supplemental plan") prior to the date of merger making an irrevocable election to remain in the 1% supplemental plan within 90 days of written notification to the employee by the Retirement Board of Trustees.
(B) Those employees currently in the 1% supplemental plan who enter this plan shall receive a benefit of 1% per year for each year of credited service up to the date of the city's acknowledged receipt of a member's irrevocable election pursuant to this section. In the event that a member of the supplemental plan desires to increase his or her benefit rate for service prior to the date of merger, he or she shall do so at a rate and under such terms as designated by the retirement board of trustees for this plan. Those employees currently in the 7% contributory portion of the supplemental plan who enter this plan shall receive a benefit of 3% per year for all years of credited service. For purposes of determining whether the transferred employee is eligible for any benefits under this plan, his or her credited service, both prior to and after the date of merger, shall be included.
(C) Members of the Employees Supplemental Retirement System shall not be eligible to participate in the Early Retirement Incentive Program (ERIP) as described in § 33.025(H)(5).
(D) Those employees currently in the 1% supplemental plan shall cease to be in said plan and shall henceforth be members of this plan; provided, however, that the benefit rate for such employees' past service shall remain at 1%. All benefits accrued by such employees as a member of the 1% supplemental plan shall be frozen, and their vesting rights in the 1% supplemental plan shall not be affected. For purposes of determining whether any such employee is eligible for any benefits under this plan, his or her credited service under both the 1% supplemental plan and this plan shall be included. Except for the benefit rate and vesting rights as provided above, such employees shall be entitled to all benefits of this plan.
(Ord. O-2010-30, passed 7-21-10)