(A) The City of Marine City Retirement System is hereby established for the purpose of providing retirement income to certain employees of the city and survivor benefits to their beneficiaries, and to replace the benefits provided by the city's participation in the Michigan Municipal Employees Retirement System. This chapter may be cited as the retirement system ordinance for city employees. The effective date of this chapter is July 1, 1980.
(B) All assets attributable to the city and employees and now held by the Michigan Municipal Employees Retirement System shall eventually be transferred to and become assets of the retirement system established by this chapter, subject to the fulfillment of all obligations to the Michigan Municipal Employees Retirement System. When transferred, the Board of Trustees shall credit the assets to the various reserves and accounts provided for in this chapter.
(C) All service credited members under the Michigan Municipal Employees Retirement System shall be credited as service under the retirement system established by this chapter, to the extent such credited service is in force at the end of the day preceding the effective date of this chapter.
(D) Each person being paid or with entitlement to a pension or other benefit under the provisions of the Michigan Municipal Employees Retirement System at the end of the day preceding the effective date of this chapter shall continue to be paid or shall continue to be entitled to the same pension or other benefit under the Michigan Municipal Employees Retirement System. Payment of such pension or other benefit shall not become an obligation of the retirement system established by this chapter.
(Ord. passed 11-20-1980; Ord. 09-01, passed 2-05-2009)