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In order to continue in force provisions already existing for retirement and death benefits for officers and employees of the City and County, the San Francisco City and County Employees' Retirement System, hereinafter referred to as the Retirement System or the system, is hereby continued. The enactment of Sections 12.100 to 12.103 and Sections A8.500 to A8.581, inclusive, of this Charter is not intended to, and shall not in any way, alter or modify the rights, benefits, or obligations of any member or beneficiary of the Retirement System or of the City and County with respect to that system as they exist at the time this Charter becomes effective.
Ordinance provisions already existing with respect to the Retirement System shall continue in force until amended or revoked by the Board of Supervisors as provided in this Section. The Board of Supervisors is hereby empowered to enact, by a vote of three-fourths of its members, any and all ordinances necessary to carry into effect the provisions of Sections 12.100 to 12.103 and the Retirement System provisions of the Charter, as set forth in Appendix Sections A8.500 et. seq.; provided that the Board of Supervisors shall secure, through the Retirement Board, an actuarial report of the cost and effect of any proposed change in the benefits under the Retirement System, before enacting an ordinance or before voting to submit any proposed Charter amendment providing for such change.
Subject to the vested rights rule, the Board of Supervisors is further empowered to enact, by a vote of three-fourths of its members, ordinances to conform the provisions of the Retirement System to any changes in the tax laws of the United States to the extent necessary to maintain the qualified tax status of the Retirement System provided that the Board of Supervisors shall first secure, from the Retirement Board, an actuarial report of the cost and effect of any such change and the recommendation from the Retirement Board that such an ordinance is necessary.
The Board of Supervisors is further empowered to enact, by a vote of three-fourths of its members, ordinances to allow Internal Revenue Code section 414(h)(2) tax treatment of members' contributions to the Retirement System provided that the Board of Supervisors shall first secure from the Retirement Board an actuarial report which certifies that such ordinances will not increase costs, other than administrative costs, for the City and County.
(Amended by Proposition C, approved 11/8/2011)