In the event of termination of the system, or complete discontinuance of city contributions to the system, each participant’s accrued pension benefit shall become nonforfeitable (i.e., 100% vested). The Board shall determine the date of distribution and the asset value required to fund all of the nonforfeitable benefits. The Board shall inform the city, or then current system sponsor, if additional assets are required, in which event, the city, or then current fund sponsor, shall continue to financially support the retirement system until all nonforfeitable benefits have been fully funded. At such time, the funds shall be appropriated and distributed in accordance with the provisions of Florida Statutes, Sections 175.361 and 185.37.
(‘58 Code, § 11.75) (Ord.73-11, passed 1-3-73; Am. Ord. 75-84, passed 9-16-75; Am. Ord. 2010-33, passed 6-22-10)