§ 13-49. Same—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 subsection 18-52(h).

(b)

Responsibility of a 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. Upon termination of the trust by the Village for any reason or because of a transfer, merger, or consolidation of governmental units, services, or functions as provided in chapter 121, or upon written notice by the Village to the Retirement Board that contributions under the system are being permanently discontinued, the rights of all members to benefits accrued to the date of such termination or discontinuance and the amounts credited to the members' accounts are non-forfeitable and 100 percent vested. The fund shall be distributed by the Retirement Board in accordance with the following procedures:

(1)

Determine the date of the distribution and the asset value required to fund all non-forfeitable benefits, after taking into account the expenses of the distribution. The Retirement Board shall inform the Village if additional assets are required, in which event the Village shall continue to financially support the Plan until all non-forfeitable benefits have been funded.

(2)

Determine the method of distribution of the asset value, whether distribution shall be by payment in cash, by the maintenance of another or substituted trust fund, by the purchase of insured annuities, or otherwise, for each police officer entitled to benefits under the Plan, as specified in subsection (3).

(3)

Distribute the asset value as of the date of termination in the manner set forth in this subsection, on the basis that the amount required to provide any given retirement income is the actuarially computed single-sum value of such retirement income, except that if the method of distribution determined under subsection (2) involves the purchase of an insured annuity, the amount required to provide the given retirement income is the single premium payable for such annuity. The actuarial single-sum value may not be less than the Participant's accumulated contributions to the Plan, with interest if provided by the Plan, less the value of any Plan benefits previously paid to the Participant.

(4)

If there is asset value remaining after the full distribution specified in subsection (3), and after payment of any expenses incurred with such distribution, such excess shall be returned to the Village, less return to the state of the state's contributions, provided that, if the excess is less than the total contributions made by the Village and the state to date of termination of the Plan, such excess shall be divided proportionately to the total contributions made by the Village and the state.

(5)

If, after 24 months after the date on which the Plan terminated, or the date the Retirement Board receives written notice that the contributions from the Village are being permanently discontinued, and if the Village or the Retirement Board has not complied with all the provisions in this section, then the Florida Department of Management Services shall effectuate the termination of the Plan in accordance with this section and Section 185.37, Florida Statutes.

(d)

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 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 (c) of this section.

(Ord. No. 447, § 1, 11-16-99; Ord. No. 474, § 1, 9-5-02; Ord. No. 572, § 5, 12-17-13; Ord. No. 591, § 4, 12-20-16)