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Notwithstanding any other provisions of this section, the City may change the time or methods of distribution of benefits available under the Plan provided such changes comply with Internal Revenue Service rules and regulations.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
(a) The Plan shall be administered by the General Manager of the Personnel Department, provided, however, that said General Manager may contract with one or more private firms for services related to the Plan. Contractor fees shall be reimbursed from earnings of the Plan and paid from the earnings of the participant’s account. The administrator shall be responsible for preparation and delivery to the Council and to Plan participants, of annual reports concerning the administration and financial condition of the Plan.
(b) The Pension Savings Plan Advisory Committee, which shall consist of the members set forth in Section 4.1407 of the Los Angeles Administrative Code, shall provide advice to the General Manager of the Personnel Department regarding the administration of the Plan and regarding the methods of distribution of benefits.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: In Entirety, Ord. No. 170,512, Eff. 6-10-95.
If a participant terminates from City service in order to accept employment with another eligible employer (within the meaning of Section 457 of the Internal Revenue Code) which sponsors and “eligible deferred compensation plan” and if the participant so elects on a form provided by the City or its authorized delegate, no distribution of amounts credited to such participant’s account shall be made under this Plan but instead shall be transferred to the “eligible deferred compensation plan” of the new employer of such participant, provided that such plan specifically authorizes acceptance of amounts transferred in this manner. In the event that a participant has entered City service after having been a participant i another such “eligible deferred compensation plan”, the City will accept a transfer of funds from such other plan for credit to such participant’s Investment Account.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
A Participant who remains an active City employee, who commences participation in one of the City’s other retirement plans and who meets the eligibility requirements of any other “eligible deferred compensation plan” sponsored by the City, may elect to transfer the Participant’s membership in the Pension Savings Plan and any amounts credited to the Participant’s investment account to the City’s Deferred Compensation Plan. Upon transfer to a position which provides for membership in one of the City’s other retirement plans, both Participant and City contributions to the Pension Savings Plan shall cease.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
The Pension Savings Plan may be amended or terminated by the City at any time or the City may, without amending or terminating the Plan, cease to set aside assets under the Plan. No amendment or termination of the Plan, and no cessation of the setting aside of assets shall reduce or impair the rights of any participant or beneficiary which have already accrued. In the event the Plan is terminated by the City, the City shall distribute to each participant in a single cash payment the balance in such participant’s Investment Account, less any tax liabilities, as soon as practicable after such termination.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
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