§ 35.106. TRUST FUND.

(A)

A Trust Fund will be created and maintained for the purpose of the plan, and Trust Fund assets will be invested in accordance with investment policies adopted by the Committee and approved by the City Commission. All contributions will be paid into the Trust Fund and all plan benefits under the plan will be paid from the Trust Fund.

(B)

Any person having any Claim under the plan will look solely to the assets of the Trust Fund for satisfaction. In no event will the City or any of its officials, employees, Commissioners, or agents be liable in their individual capacities to any person whomsoever, under the provisions of the plan or of the trust agreement.

(C)

The Trust Fund will be used and applied only in accordance with the provisions of the plan, to provide the benefits thereof, and no part of the corpus or income of the Trust Fund will be used for, or diverted to, purposes other than for the exclusive benefit of participants and other persons entitled to plan benefits, except to the extent provided in Sections 35.096 and 35.109 with respect of this subchapter with respect to expenses of administration and termination of the plan, respectively.

(Code 1980, §§ 18-167—18-169; Am. Ord. No. 78-93, passed 12/7/93; Am. Ord. No. 41-95, passed 8/8/95; Ord. No. 45-17 , § 12, passed 12/5/17)

Editor's note

Ord. No. 45-17 , § 12, passed Dec. 5, 2017, amended the title of § 35.106 to read as herein set out. Former § 35.106 was titled, "Trust fund and trustee."