Sec. 22-51(a). Amendment or repeal of system; non-forfeiture of benefits. The mayor and city council may alter, amend or repeal any provision of the system or its application to any person. All accrued benefits that have vested or accrued at the time of such alteration, amendment or repeal shall not be affected thereby for any member or beneficiary.
Sec. 22-51(b). Continuing administration of the system. In the event the mayor and city council repeal the provisions of this article, the board shall continue to administer the system in accordance with the provisions of this article for the sole benefit of the then members, any beneficiaries receiving retirement benefit payments, and any future persons entitled to receive retirement benefit payments as beneficiaries of any such beneficiaries or members. The remaining assets of the system shall be allocated by the board in an equitable manner to provide a distribution for all designated persons in accordance with the provisions of the system, but based on years of credited service and average final monthly compensation as of the date of repeal and in the following order:
(1) First, for the benefit of the then members to the extent of their individual accumulated contributions account. Members are hereby declared to have a property right in such accumulated contributions and shall have an unrestricted right to withdraw such accumulated contributions in the event of repeal of this article. If any assets remain, then
(2) Second, for the benefit of the then beneficiaries and persons already designated by former members under one (1) of the retirement benefit payment options provided for in this article to the extent of the member's accrued benefit. If any assets remain, then
(3) Third, for the benefit of those members who may elect not to withdraw their accumulated contributions and retain a right to a deferred retirement benefit and the individuals, if any, designated by such members under one (1) of the retirement benefit payment options, to the extent of the member's accrued benefit. The allocation under this paragraph shall be on the basis of greatest length of credited service first.
Sec. 22-51(c). Allocation of additional funds by the city. In the event the assets at the date of repeal of the system are insufficient to provide all required distributions, the city shall contribute to the assets of the system, as and when required, any amount necessary to make up such deficiency.
Sec. 22-51(d). Payment of distributions. The allocation of assets of the system provided for in this section shall be carried out through the payment of distributions provided for in this section as they become due, or by the transfer of such assets to a successor retirement system replacing this system; provided, that all vested benefits provided in this section shall be fully maintained under any successor retirement system.
Sec. 22-51(e). Reversion of assets to the general fund of the city. Any assets remaining in the system after all liabilities prescribed by this section have been paid shall revert to the general fund of the city.
(Ord. No. 10657, § 5, 4-28-09, eff. 7-1-09)