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Sec. 1710.  Funding.
 
   (a)   Creation of Funds.  Subject to Charter Section 1220(b), two entirely separate and distinct funds hereby are created and established for record keeping, actuarial and other administrative purposes related to this Tier 6, one of which shall be known as the "Fire and Police Tier 6 Service Pension Fund" and the other of which shall be known as the "Fire and Police Tier 6 General Pension Fund".
 
   (b)   Fire and Police Tier 6 Service Pension Fund.  The Fire and Police Tier 6 Service Pension Fund shall consist of:
 
   (1)   deductions made pursuant to Section 1714 from the salaries of Tier 6 Plan Members;
 
   (2)   all contributions and donations to the Fire Department, the Police Department, the Harbor Department, or the Airport Department, for services by any Tier 6 Plan Members, except amounts of money donated to provide for any medal or permanent competitive award;
 
   (3)   all fines imposed upon Tier 6 Plan Members for violations of rules and regulations of the respective department in which they are Department Members;
 
   (4)   proceeds from the sale of unclaimed property as determined by the Board; and
 
   (5)   all interest, earnings and profits resulting from investments of such monies.
 
   (c)   Fire and Police Tier 6 General Pension Fund.  The Fire and Police Tier 6 General Pension Fund shall consist of:
 
   (1)   all monies appropriated to the fund by the Council; and
 
   (2)   all interest, earnings and profits resulting from investment of such monies.
 
   (d)   Use of Funds.  The monies in the Fire and Police Tier 6 Service Pension Fund shall be used, other than for the investment thereof, exclusively for the payment of service pensions granted pursuant to Section 1705 and for the refund of contributions as provided in this Tier 6 and such uses as may be authorized by Sections 1220(b) and Section 1220(c), subject to the limitations contained in Section 1220(d).  The monies in the Fire and Police Tier 6 General Pension Fund shall be used, other than for the investment thereof, exclusively for the payment of all pensions other than service pensions, such benefits as may be provided by ordinance adopted pursuant to the enabling provisions contained in Section 1718, and such other uses as authorized by Charter Section 1220(b) and (c).
 
   (e)   Authorized Transfer Between Funds.  In the event that the money in the Fire and Police Tier 6 Service Pension Fund should be insufficient, at any time, to pay all service pensions, then the Board shall have the power and authority to cause the Controller to transfer to the fund sufficient monies therefore from the Fire and Police Tier 6 General Pension Fund, except as otherwise provided by Section 401(h) of the Internal Revenue Code.
 
   (f)   Benefits Shall Be a General Obligation of the City.  The obligation to pay benefits pursuant to this Tier 6 shall be a general obligation of the City.  Charter Section 1210 shall apply to this Tier 6 in a manner substantially identical to its application to Tier 3.
 
SECTION HISTORY
 
Added by Charter Amendment G § 1, approved March 8, 2011, effective April 8, 2011.
Amended by:  Subsecs. (b)(2), (d), Charter Amendment SSS §§ 16, 17, approved November 8, 2016, effective December 15, 2016.