§ 9-68. Amendment or termination of the system.

(a)

Amendment . The city commission shall have the right at any time to modify, alter or amend the system in whole or in part; provided, however, that the city shall not have the power to amend the system in such manner as to cause or permit any portion of the fund held for members under the system to be diverted to purposes other than for the exclusive benefit of such members and their beneficiaries, or to reduce any benefits or amounts already vested in the members according to the provisions hereof, and provided further, that no such amendment shall have the effect of revesting in the city any portion of the fund, except such amount as may, due to an erroneous actuarial computation, remain in the fund after the satisfaction of all liabilities under the system. In the event of a merger or consolidation of services which results in members of the system 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)

Termination. The city reserves the right to terminate the system and its contributions thereunder at any time, the termination to be effective at the close of business on a date to be designated by the city. If the city terminates the system, or if it is otherwise terminated or contributions to it completely discontinued, the board shall continue to administer the fund in accordance with the provisions hereof, such that the benefits of each member on such date of termination or discontinuance are nonforfeitable and shall be one hundred (100) percent vested to the extent then funded. Upon termination of the plan, preference in the distribution of assets shall first be given to retired members and their beneficiaries; then to fulfilling obligations to vested members, whether or not in service, then to the return of contributions of nonvested members and then to the payment of any administrative obligations of the plan. Following the payment to the last living member of the plan and satisfaction of all other debts and obligations of the plan, any assets remaining shall revert to the city and to the state in the same proportion as their contributions were made to the plan. The police plan shall remain in effect until the final benefit payment has been made to the last participant or beneficiary and shall then be terminated in accordance with F.S. § 185.37.

(Ord. No. O-75-15, § 8, 12-3-75; Ord. No. O-76-23, § 1, 9-15-76; Ord. No. O-82-7, § 1, 3-17-82; Ord. No. O-95-10, § 1, 7-5-95; Ord. No. O-2000-012, § 3, 6-21-00 Ord. No. O-2002-025, § 2, 9-18-02)