The City shall establish a separate City fund (the “Pension Savings Investment Fund”) as a method of setting aside a portion of its assets to meet the City’s obligations under the Pensions Savings Plan. All participant and City contributions shall be invested in this fund and shall be held by the City in trust for the exclusive benefit of participants and their beneficiaries in accordance with the terms and conditions of the Plan, and for defraying reasonable expenses of administration of the Plan. Neither the existence of the Plan, nor of the trust nor of the Investment Fund shall entitle any participant, beneficiary or other person to a claim or lien against the assets of the Investment Fund, the Plan or the trust. The participants and their beneficiaries shall have only the right to receive the benefits payable under the Plan as provided in this chapter.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: In Entirety, Ord. No. 172,105, Eff. 7-14-98.