§ 2.12.08. Termination.

Latest version.

A.

The city may terminate its participation in the plan, including but not limited to, its contribution requirements, by way of:

1.

An ordinance of the city council terminating its participation in the plan.

2.

The ordinance must specify when the participation will end.

The trustees shall determine whether the ordinance complies with the terms of the plan, and all applicable federal and state laws. The trustees shall also determine an appropriate effective date, and shall provide appropriate forms to terminate ongoing participation. However, distributions under the plan of existing accounts to participants will be made in accordance with the plan.

B.

The city acknowledges that the plan contains provisions for involuntary plan termination.

( Ord. No. 2001-11, § 5 )

                    
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