(A) The provisions of the trust may be amended at anytime, by
(1) Collective bargaining between applicable collective bargaining associations and the city or
(2) By ordinance adopted by the City Commission of the City of Marine City, upon recommendation by the trustees, provided, however, that such amendments are not inconsistent with any applicable agreements or laws and do not adversely affect the tax exempt status of this trust.
Such amendments will be effectuated through ordinance by the City Commission, which amends the code of the City of Marine City.
(B) The trust may not be amended to the extent such amendment would:
(1) Alter the basic purpose of the trust, as set forth in this chapter, or divest any participant or beneficiary of any rights which have already vested and to which they have already become entitled to and for sums of money which they are entitled to receive then or in the future; or
(2) Conflict with any applicable law or government regulation; or
(3) Cause the use or diversion of any part of the trust for purposes other than those generally authorized in this chapter; or
(4) Conflict with any applicable collective bargaining agreements.
(C) Despite any provision to the contrary above, or which may be inconsistent herewith, the trustees may propose amendments and shall have the duty to propose amendments to the plan and trust to comply with any rule or regulation of the Internal Revenue Service for qualification under the Internal Revenue Code, for the continuation of tax exemption of the trust, for the deductibility of contributions made by the city under applicable sections of the Internal Revenue Code, to obtain a favorable determination letter from the Internal Revenue Service, or to comply with applicable federal and state law.
(Ord. 08-03, passed 9-4-2008)