§ 22-7. Alteration, amendment or repeal.  


Latest version.
  • (a)

    The City Council reserves the right to alter, amend or repeal any section of this chapter or any application thereof to any person; provided, however, that the amount of benefits which at the time of any such alteration, amendment or repeal shall have accrued to the extent provided under Subsection (e) of this section for the members or beneficiaries shall not be affected thereby.

    (b)

    Such amendments shall apply to all participating employers unless the City Council specifically provides that such amendments may be rejected by participating employers and not be made applicable to employees of participating employers other than the City.

    (c)

    If the City Council repeals the sections of this chapter, the Board shall continue to administer the system in accordance with this chapter for the sole benefit of the then members, any beneficiaries then receiving retirement allowances, and any person entitled to receive benefits in the future under one of the options provided for in this chapter who are designated by any of such members.

    (d)

    If the system is repealed without replacement by another retirement system to which the assets are transferred, each member shall become fully vested in the benefit accrued under the system through the date of its repeal, regardless of the member's years of creditable service.

    (e)

    If repeal occurs as provided in Subsection (c) of this section, the assets of the system shall be allocated by the Board in an equitable manner to provide benefits for the persons designated in Subsection (c) of this section in accordance with this chapter, and in the following order:

    (1)

    For the benefit of then beneficiaries and persons already designated by former members who are then beneficiaries under one of the options provided for in this article to the extent of the then actuarial value of their retirement allowances.

    (2)

    If any funds remain, then for the benefit of members and beneficiaries, if any, designated by the members under one of the options provided for in this chapter, to the extent not provided under Subsection (e)(1) of this section, of the then actuarial equivalent of their accrued retirement allowances, based on years of creditable service and average final compensation. The allocation under this Subsection (e)(2) shall be on the basis of the oldest ages first method. If the assets at such date of repeal are insufficient to provide all of the benefits of Subsection (e)(1) of this section, the participating employer will contribute to the assets from time to time, as and when required, the amount necessary to make up such insufficiency.

    (f)

    The allocation of assets of the system provided for in Subsection (e) of this section shall be carried out through the payment by the Board of the benefits provided for in this section as they become due or by the transfer of such assets to any retirement system replacing this system, provided that such vesting of benefits as provided by this section shall be fully maintained under such new retirement system. Any funds remaining in the assets of this system after all of the vested benefits provided by this section have been paid shall revert to the general fund.

    (g)

    Any allocation of assets made in accordance with the sections of this chapter shall be final and binding on all persons entitled to benefits under such sections.

    (Code 1993, § 23.1-7; Code 2004, § 78-7)

(Code 1993, § 23.1-7; Code 2004, § 78-7)