§ 35.088. EFFECTIVE DATE; APPLICABILITY OF FORMER PLAN.

(A)

The original plan took effect on January 1, 1965, and has been subsequently amended and restated.

(B)

The plan as set forth herein is an amendment, restatement, and continuation of the superseded plan as in effect on April 22, 1974, and it is intended that there be no lapse either in time or effect between this plan and the superseded plan.

(C)

Under the superseded plan, all benefits provided thereunder were funded through the medium of a Trust Fund established and maintained for the purposes of the superseded plan. Under the plan, all benefits will likewise be funded through the medium of a Trust Fund, established and maintained for the purpose of the plan, for the exclusive benefit of the employees covered under the plan, and their beneficiaries.

(D)

All covered employees will be treated alike under the plan; however, it is the desire and intention of the City to preserve for the benefit of the employees covered under the superseded plan all benefits accrued to their credit thereunder as of April 22, 1974. The benefits provided under the plan for those employees, are at least equal to the benefits being provided under the superseded plan, as in effect on April 22, 1974. Furthermore, no rights under the superseded plan as heretofore vested have been diminished.

(E)

The plan is applicable to each employee of the City who is eligible to participate thereunder upon meeting the applicable eligibility requirements adopted by the City. Each employee who retires on or after April 23, 1974, in accordance with the terms of the plan, will be entitled to a retirement benefit determined in accordance with the following provisions. Each employee whose service is terminated on or after April 23, 1974, but prior to retirement hereunder will be entitled to the benefits described in Section 35.097(D) of this subchapter. Any employee of the City who was a participant in the superseded plan and retired under the plan prior to April 22, 1974, and who was not employed by the City on that date shall continue to receive the benefits to which he was entitled under the superseded plan, and shall not receive any additional benefits under this plan, except supplemental retirement income and minimum benefits pursuant to Section 35.098.

(Code 1980, §§ 18-67, 18-68; Ord. No. 13-74, passed 4/22/74; Am. Ord. No. 107-82, passed 1/11/83; Am. Ord. No. 78-93, passed 12/7/93)