§ 17-3-4-355. Future changes in the operation of the retirement system.

A.

It is contemplated, and all original and new members of the retirement system shall be deemed to have notice, that the city council may in the future decide that it is in the best interests of the city and the members of the retirement system to modify or terminate trust agreements or contracts entered into with the trustee or insurance company or companies; to exercise options available to the city under the terms of such trust agreements or contracts; or to select another insurance company, trustee or other financial institution as the depository for pension funds. The city shall have the right to amend at any time and from time to time the terms and provisions of the retirement system and to terminate the retirement system, and any of which actions shall be accomplished by ordinance of the city. No such amendment or termination shall, however, deprive any participant of any vested interest in any benefits then purchased and paid for with respect to him under the terms of the retirement system and to which the participant has a then vested interest. In the event the city terminates the retirement system or in the event there is a partial termination of the retirement system, then, the active participants shall be one hundred percent (100%) vested in their respective accrued benefits to the extent then funded.

B.

Prior to the city council making amendments to the terms and provisions of this retirement system, the pension commissioners shall be provided an opportunity to review and comment on any proposed amendment(s). The city manager and/or his designee shall provide the chairperson of the pension trust a copy of all proposed amendment(s) at least twenty (20) days prior to the city council taking action. During this time period the pension commissioners may review the proposed amendment(s) and submit to the city council the pension trust's position on any proposed amendment(s).

(97-26, Amended, 05/27/1997)

(Ord. 2006-81, Amended, 10/24/2006)

(Ord. No. 11-23, § 4, 6-14-2011, eff. 8-1-2011; Ord. No. 17-12 , § 12, 4-11-2017, eff. 7-1-2017)