(A) The City of Saginaw Police Officers and Firefighters Retirement System, established by Chapter XVI of the Charter of the city, as amended, and since maintained and now existing pursuant to said chapter is hereby, in this chapter, designated and continued as the City of Saginaw Police Officers and Firefighters Retirement System including, except as otherwise expressly provided in this chapter, the continuing of the existing membership, service credits, funds, powers, and obligations.
(B) As of January 1, 2016, or as soon thereafter as the transfer to the Michigan Employee Retirement System (“MERS”) of all assets takes place, the Board of Trustees established by the aforesaid Chapter XVI, as amended, and now existing pursuant thereto shall cease to exist. The previous authority to administer the retirement system established by this chapter for all active police and firefighter employees and police and firefighter retirees, both past and future, and all other active employees previously covered by this chapter will be administrated and managed by MERS effective January 1, 2016. Any reference in this chapter to the duties of the Board of Trustees shall be performed by MERS.
(C) The balance of the assets currently held by the Trustees belonging to the City of Saginaw Police Officers and Firefighters Retirement System established by the aforesaid Chapter XVI, as amended, shall be transferred to MERS on or before January 1, 2016, but remain the assets of the City of Saginaw Police Officers and Firefighters Retirement System and shall be administered by MERS as established under this chapter. When transferred, MERS shall credit said assets to the various funds and accounts provided for in this chapter, according to the purpose for which such assets were held and credited in the retirement system created under the aforesaid Chapter XVI, as amended.
(D) All service credits allowed members prior to February 1, 1965, under the aforesaid Chapter XVI, as amended, to the extent such service credits are in force January 31, 1965, shall continue to the credit of the said members, except as otherwise provided in this chapter.
(E) Each retiree and beneficiary in receipt of a pension January 31, 1965, under the aforesaid Chapter XVI, as amended, shall continue to receive the same pension under the terms provided in the aforesaid Chapter XVI, as the said chapter was in force January 31, 1965. The payment of such pensions shall become obligations of the City of Saginaw Police Officers and Firefighters Retirement System established by this chapter.
(Prior Code, § 16.03) (Ord. D-678, passed 1-18-1965, effective 2-1-1965; Ord. D-1592, passed 6-19-1989, effective 6-29-1989; Ord. D-1737, passed 3-20-1995, effective 3-30-1995; Ord. O-161, passed 6-8-2015, effective 6-18-2015; Ord. O-169, passed 11-2-2015, effective 11-12-2015)