(a) Nothing in the Plan shall be construed as conferring upon any participant any right to continue employment with the City.
(b) The Plan shall be subject to the applicable laws of the State of California, including but not limited to those laws pertaining to community property, and to the applicable laws of the United States, including but not limited to the Internal Revenue Code of 1986, as amended (26 U.S.C. Sections 1 et. seq.).
(c) The captions used in this chapter are for the purpose of convenience only and shall not limit, restrict, or enlarge the provisions of the Plan.
(d) The Plan shall be binding upon and shall inure to the benefit of the City, its successors and assigns, all participants and beneficiaries, and their heirs and authorized representatives.
(e) As used in this chapter, the masculine, feminine, or neuter gender, and the singular or plural number, shall each be deemed to include the others unless the context clearly indicates otherwise.
(f) Any notice or other communication required or permitted under the Plan shall be in writing and, if directed to the City, shall be sent to its principal office and, if directed to a participant or to a beneficiary, shall be sent to such participant or beneficiary at the last known address for such person as it appears in the City’s records.
(g) Deductions for employee contributions to all City retirement plans shall be made without reference to amounts deferred pursuant to this Plan and shall be based upon the gross salary the participant would receive if the participant had not elected to defer income.
(h) Each participant in the Plan shall be deemed to have waived any rights to periodic payments of salaries or wages pursuant to the provisions of the Charter concerning periodic payment of salaries or wages to officers and employees of the City.
(i) If any participant terminates employment with the City, dies, or retires, with an unpaid debt owing to the City, and neglects or refuses to liquidate the debt by any other means when due and upon demand, the City shall collect the amounts due from the deferred compensation owed to such participant under the Plan.
(j) The City shall not be liable to any participant, a participant’s beneficiary, heir, successor in interest, or any other person for any losses incurred in connection with the Plan. Any action by the City in investing funds or approving of any such investment of funds shall not be construed to be either an endorsement or guarantee of any investments, nor shall it be construed to attest to the financial soundness or the suitability of any investment for the purpose of meeting future obligations under the Plan.
SECTION HISTORY
Added by Ord. No. 154,806, Eff. 2-13-81.
Amended by: Subsecs. (e), (h) repealed; (i), (j), (k), renamed (h), (i), (j), Ord. No. 158,396, Eff. 11-14-83; Subsec. (b), Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02.