Sec. 22-65(a). Amendment of DC Plans. The Board may alter, amend or modify any provision of the DC Plans to comply with applicable federal laws and to provide additional benefits, rights or features to Participants and beneficiaries; provided, however, that no amendment approved by the Board shall impact employer contributions to a DC Plan or have a material impact on the City's cost of maintaining a DC Plan. No amendment to a DC Plan shall diminish or infringe upon the vested rights of any Participant or beneficiary under a DC Plan. Any amendment submitted to the Board for approval must be reviewed and approved by legal counsel prior to adoption.
Sec. 22-65(b). Termination of DC Plans and Amendments Impacting City Costs. The Mayor and City Council may alter, amend or terminate a DC Plan at any time in their discretion. Any amendment to a DC Plan that will impact employer contributions to a DC Plan or have a material impact on the City's cost of maintaining a DC Plan must be approved by the Mayor and City Council to be effective. No amendment or termination of a DC Plan shall diminish or infringe upon the vested rights of any Participant or beneficiary under a DC Plan.
(Ord. 11937, § 1, 7-12-22)