§ 9-42. Amendment and termination of the plan.

(a)

Although the city intends to continue the plan indefinitely, it reserves the right at any time to amend or terminate the plan. However, no such action shall cause any part of the corpus or income of the plan to be used for, or diverted to purposes other than, the exclusive benefit of the participants, nor shall any such action adversely affect the retirement income already provided under the plan. In the event of a merger or consolidation of services which results in employees of the plan being employed by the Broward Sheriff's Office, the employees so affected shall have the option of remaining in this plan or participating in the Florida Retirement System (FRS). In no event shall an employee's rights be diminished or impaired in violation of F.S. § 112.0515.

(b)

This plan may be amended by the city from time to time in any respect whatever by delivery to the trustees of a copy of the ordinance of the City Commission of Oakland Park, Florida, specifying such amendment and duly certified by an official of the city, subject to the following limitations:

(1)

Under no condition shall such amendment or amendments result in or permit the return or repayment to the city of any property held or acquired by the trustee hereunder, or the proceeds thereof, or result in or permit the distribution of any such property for the benefit of anyone other than employees of the city who are beneficiaries under the plan, except to the extent provided by section 9-52(b).

(2)

The city shall notify board members, in writing, of any amendments to the Ordinance which would affect their duties and responsibilities.

(c)

This plan may be terminated at any time by an ordinance of the City Commission of Oakland Park, Florida, duly certified by an official of the city, specifying that:

(1)

The plan is being terminated; or

(2)

Contributions hereunder are permanently discontinued; provided, however, that such termination shall not become effective until two (2) years after the effective date of the ordinance, unless an earlier termination date is specified in such ordinance.

(d)

This plan shall automatically terminate when no cash or other property remains in the trust fund.

(e)

In the event of discontinuance of the plan, the contributions made by the city will remain for the exclusive benefit of participants under the plan. In the event of the termination of the plan, the fund, to the extent sufficient therefore, shall be allocated toward providing retirement benefits herein for participants in the following order of precedence, based on service to the date of termination:

(1)

To provide retirement benefits for participants who had reached their normal retirement date but had not retired on the date of termination;

(2)

To provide retirement benefits for participants who were eligible for early retirement but had not retired on the date of termination of the plan;

(3)

To provide retirement benefits for participants who would have been eligible for retirement benefits if their employment had been terminated on the date of termination of the plan;

(4)

To provide retirement benefits for all other participants on the basis of years of service to the date of termination.

If the balance remaining for allocation under any of the foregoing paragraphs is insufficient to provide in full the allocations under such paragraph, allocations to individual participants under such paragraph shall be reduced pro rata and no allocations shall be made under subsequent paragraphs.

After all of the foregoing allocations have been made, any amounts remaining shall be returned to the city.

(f)

In the event the plan is terminated or contributions to the trust are permanently discontinued, the benefits of each participant in the plan on such date of termination or discontinuance are nonforfeitable and shall be one hundred (100) percent vested to the extent then funded.

(Ord. No. O-77-11, Art. XIV, 8-3-77; Ord. No. O-82-15, § 7, 7-7-82; Ord. No. O-2000-013, § 3, 6-21-00; Ord. No. O-2007-022, § 7, 7-18-07)