§ 9-29. Name and purpose of the plan.

This plan shall be known as City of Oakland Park, Florida, general employees' pension plan. The object of the plan is to provide a monthly retirement income to eligible employees of the City of Oakland Park, Florida.

On May 1, 1963, the city adopted a pension plan and trust agreement with the then stated purpose of establishing the terms and conditions under which retirement, death and other benefits would be provided to employees of the City of Oakland Park, Florida. This plan was amended effective September 1, 1968, to provide retirement benefits thereunder through a deposit administration group annuity contract. The plan was again amended on March 3, 1976, effective April 1, 1976, primarily to be integrated into the Code of Ordinances of the City of Oakland Park (Ordinance Nos. O-76-5 and O-76-25), and to accomplish other minor changes. The plan is now being amended effective August 13, 1977, for the purpose of making minor changes in vesting rights and retirement benefits, and for clarifying the eligibility and benefits due to elected officials under the plan, and to accomplish other minor changes.

The establishment of this plan and its included trust provisions shall not be construed as giving any participant, or any other person, any legal right against the city, the trustee, or the corpus or income of this plan unless such right is specifically provided for in this agreement, nor shall it be construed as giving any participant the right to be retained in the service of the city. All provisions of the plan shall be applied to each employee of the city in a uniform and nondiscriminatory manner.

Notwithstanding any other provision of the plan, effective September 30, 2011 the accrued benefits of employees who are participants in this plan on that date shall be frozen, and such participants shall accrue no additional benefits under this plan after that date. All such participants shall become one hundred (100) percent vested in their frozen accrued benefits under this plan as of September 30, 2011. Such participants shall be eligible to receive their frozen accrued benefits upon separation from employment and attaining eligibility for normal or optional retirement in accordance with the provisions of the plan in effect on September 29, 2011.

(Ord. No. O-77-11, Art. I, 8-3-77; Ord. No. O-2011-021, § 1, 9-12-11)