(A) Subject to the limitations of this chapter, the parties hereby contemplate that new employment benefit decisions may be made by the city and/or new collective bargaining agreements or PACT Employee Benefits and Personnel Policies may be entered into which continue or modify the provisions of the fund. The fund shall continue during such period or time as may be necessary to carry out the provisions of any plan or collective bargaining agreement and PACT Employee Benefits and Personnel Policies requiring payment to the fund and the fact that such collective bargaining agreements or employment benefit decisions are not extended shall not by itself terminate the fund. The fund shall continue for a period of time sufficient to wind up the affairs of said fund.
(B) Provided there are no longer any retirees eligible for benefits from the fund, the fund may be terminated at any time by the trustees so long as the termination is not inconsistent with any then existing resolution or collective bargaining agreement. It shall not be necessary for the city or the collective bargaining associations to execute such an agreement for the fund to terminate.
(C) If the fund shall terminate, the trustees shall forthwith notify any insurance carrier or carriers then providing insurance to retirees in the fund.
(D) In the event of the termination of the fund, the remaining funds available after providing for all the outstanding obligations shall be used in a manner as will in the opinion of the trustees best effectuate the purposes of the fund, including, but not limited to the purchase of insurance benefits.
(Ord. 886, passed 11-11-02)