(A) Interest of members in system. At no time prior to the satisfaction of all liabilities under the system with respect to retirees and members and their spouses or beneficiaries, shall any part of the corpus or income of the Fund be used for or diverted to any purpose other than for their exclusive benefit.
(B) Qualification of system. It is intended that the system will constitute a qualified public pension plan under the applicable provisions of the Internal Revenue Code, as now in effect or hereafter amended. Any modification or amendment of the system may be made retroactively, if necessary or appropriate, to qualify or maintain the system as a plan meeting the requirements of the applicable provisions of the Internal Revenue Code as now in effect or hereafter amended, or any other applicable provisions of the U.S. federal tax laws, as now in effect or hereafter amended or adopted, and the regulations issued thereunder.
(C) Use of forfeitures. Forfeitures arising from terminations of service of members shall serve only to reduce future city contributions.
(D) Compliance with F.S. Ch. 175. It is intended that the system will continue to participate in the distribution of the tax fund established pursuant to F.S. § 175.101.
(Ord. O-2010-30, passed 7-21-10)