§ 13-35. Amendment, termination and discontinuance of Plan.

(a)

Amendment. The Village, by action of its Council, may amend this article setting forth provisions of this Plan and trust at any time, or from time to time, as evidenced by ordinance; however:

(1)

No amendment shall deprive any Participant, retired Participant, terminated Participant, or any Beneficiary of any of the benefits purchased by previous contributions to the trust to which he is entitled.

(2)

No amendment shall provide for the use of trust funds for any purpose other than for the benefit of the Participants and their Beneficiaries.

(3)

No funds contributed to this trust nor assets of the trust shall ever be made available to the Village, except pursuant to section 13-38(h).

(b)

Responsibility of successor to Village. If the Village be legally dissolved or merged with another municipal corporation, this Plan and trust shall terminate; but if a successor municipal corporation shall agree to assume the responsibilities thereof, then such successor shall become the employer for the purposes of this trust and succeed to all liabilities under the Plan and trust.

(c)

Termination of trust. Although it is the intention of the Village to continue this trust indefinitely, the Village may by action of its Council terminate the trust at any time by ordinance adopted by the Village. If this trust shall be terminated, the Retirement Board shall take such action as may be necessary to transfer to each Participant, retired Participant, terminated Participant or Beneficiary all right, title and interest in and to any contract held for his benefit and any other benefits under this article to which any such Participant or Beneficiary is entitled.

(d)

Distribution of assets upon termination. Upon termination of the Trust, any assets thereof shall be distributed among the then-current Participants and Beneficiaries in accordance with the following order or priority:

(1)

Participants already retired under the delayed, normal, early or disability retirement provisions of the Plan and those eligible for delayed, normal or early retirement but not actually retired, and Beneficiaries receiving retirement income on such date on account of a deceased Participant, in proportion to and to the extent of the then actuarially determined present value of the future benefits payable; provided that, if such asset value be less than the aggregate of such amounts, such amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such asset value.

(2)

If any funds remain, then to all other current Participants and former Participants not entitled to an apportionment under subsection (d)(1) of this section, in proportion to and to the extent of the then actuarially determined present value of deferred benefits accrued and vested; provided that, if such remaining asset value be less than the aggregate of the amounts apportioned under this subsection (d)(2), such latter amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such remaining asset value.

(3)

If any funds remain, then to all other current Participants not entitled to an apportionment under subsection (d)(1) of this section, in the amount equal to their total contributions to the Plan to date of termination to the extent not already provided for in subsection (d)(2) of this section; provided that, if such remaining asset value be less than the aggregate of the amounts apportioned under this subsection (d)(3), such latter amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such remaining asset value.

(4)

If there is asset value remaining after full apportionment as specified in subsections (d)(1), (2) and (3) of this section, then that part of such excess representing State contributions pursuant to F.S. ch. 185, if any, shall be returned to the State.

(e)

Discontinuance of contributions. If there shall be a complete discontinuance of the contributions required of the Village or a partial or complete termination of the Plan, then the rights of each Participant to the benefits accrued to the date of such discontinuance or termination, to the extent then funded for him, shall be nonforfeitable and subject to the provisions of section 13-36, and each Participant or the Beneficiary of a deceased Participant shall be vested in the values being held to fund his benefits, including a share of any unallocated trust assets, which share shall be determined in accordance with subsection (d) of this section.

(f)

Vesting . Upon the termination of the Plan or on the complete discontinuance of contributions required of the Village under the Plan, each Participant shall have nonforfeitable, 100 percent vested rights to benefits accrued to date of the termination or discontinuance to the extent funded at that time.

(Code 1974, § 13-26; Ord. No. 337, § 1(13-26), 9-19-89; Ord. No. 555, § 4, 9-20-2011)