If the several plans of retirement, disability and incidental death benefits which collectively comprise the Retirement System are completely or partially terminated, all members hereunder affected by such complete or partial termination shall be fully vested in their accrued benefits as of the date of termination to the extent the benefits are then funded in accordance with Sections 401(a)(4) and 401(a)(7) of the Tax Code as in effect on September 1, 1974, Section 1.401-1(b) of the Treasury regulations promulgated with respect to those Tax Code Sections prior to enactment of the Employee Retirement Income Security Act of 1974, as amended, Internal Revenue Service Revenue Ruling 66-11 and Section 411(e)(2) of the Tax Code. In the event of the complete discontinuance of contributions by the City under the Retirement System, the accrued benefit of each affected Member shall be nonforfeitable. If any assets remain after all obligations under this Retirement System have been discharged, such assets shall revert to the City.
Notes
| 190 | Amended, Bill No. 150235 (approved May 20, 2015), effective September 1, 1974. |