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In the event the participant’s interest in the Plan is of a community property nature, in whole or part, and such community property interest is awarded, in whole or part, to the participant’s spouse pursuant to proceedings for legal separation, dissolution, nullity, or other proceedings to terminate the marriage, then that portion of the participant’s interest in the Plan awarded to the participant’s spouse shall be paid to the participant’s spouse, but less nay income taxes required to be withheld, provided that the amount so paid shall not exceed the full amount of compensation credited to the participant’s account plus or minus subsequent gains or losses, less any income taxes required to be withheld, and further provided that the participant’s account shall be reduced accordingly. Distribution of such community property interest may not be made until distribution commences for the participant.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
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.
Each participant shall be deemed to have assented to all of the terms and conditions of the Plan upon execution of a Participation Agreement. No participant shall have the power or right to sell, transfer, assign, hypothecate, or otherwise dispose of all or any part of the Investment Account or any right which the participant may have under the Plan
Each participant shall have the right to designate a beneficiary or beneficiaries, including contingent beneficiaries, to receive any benefits which may be payable under the Plan upon the death of such participant.
Each participant may request the City to make distribution of benefits to such participant or the designated beneficiaries in any manner authorized in the Plan. The City shall give due consideration to such requests but shall not be bound by them. Final determination regarding the method and manner of all distributions from the Plan shall, at all times, be at the discretion of the City.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
(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 1954, as amended (26 U.S.C. Sections 1 et seq.). All persons making contributions or accepting or claiming benefits under the Plan shall be bound by and deemed to consent to its provisions.
(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) 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.
(h) 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.
(i) 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.
(j) Except to the extent required by law and except as otherwise provided in the Plan, no right or interest of any kind of a participant or beneficiary hereunder shall be transferrable or assignable by a participant or beneficiary, nor shall any such right or interest be subject to alienation, anticipation, encumbrance, garnishment, attachment, execution or levy of any kind, voluntary or involuntary.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.