§ 62-177. Retirement system continued; establishment and limitations.

(a)

The city's restated employees retirement system is hereby created and established effective 30 days after August 11, 1997. The former retirement system, established under division 2 of this article, was terminated effective as of 30 days after August 11, 1997, and certain of its assets and liabilities were transferred to this retirement system. All benefits accrued under this division, or under any future city employee pension or retirement system, at the time of any amendment thereto shall be preserved unimpaired until the rights of all beneficiaries thereunder shall have terminated by death of the beneficiaries, transfer to another plan, or for other reasons.

(b)

The retirement system may be amended by ordinance, and the city commission may establish and amend new or additional pension or retirement systems by ordinance when in the best interest of city officers and employees. City employment retirement systems may take the form of one pension and retirement system for all city officers and employees or separate pension and retirement systems for groups thereof and shall include provisions for relief as well as for normal retirement.

(c)

The city, by action of the city commission, may transfer assets and liabilities from this retirement system to any other retirement system it may establish and may terminate the defined benefit retirement system established by this division for any reason at any time. In case of the termination of the defined benefit retirement system established by this division, the rights of members to their benefits as of the date of the termination, to the extent then funded (or protected by law, if greater), shall be nonforfeitable. The funds of the retirement system shall be used for the exclusive benefit of persons entitled to benefits under the retirement system as of the date of termination; provided, the city may recover, without interest, the amount of any contributions it makes to the retirement system on account of a mistake in fact. In addition, upon termination of the retirement system, any funds not required to satisfy all liabilities of the retirement system for benefits shall be returned to the city.

(Code 1979, § 2-314.1.2)