§ 7-195. Distributions.

(a)

Amount and time for payment of benefits.

(i)

Retired volunteer firefighters. A participant who is a retired volunteer firefighter shall commence to receive payment of his vested accrued benefit as soon as practicable after the date this plan is adopted.

(ii)

All other participants. A participant, other than a retired volunteer firefighter, shall commence to receive payment of his vested accrued benefit as soon as practicable after the valuation date coincident with or immediately following the date he both attains age fifty-five (55) and terminates service.

(b)

Optional forms of payment. A participant may elect in writing at any time prior to the date payment of the participant's benefits commences that his vested accrued benefit be paid in any one of the following optional forms:

(i)

A life annuity payable monthly to the participant;

(ii)

A joint and survivor annuity payable monthly to the participant and, following the participant's death, payable monthly to the participant's beneficiary in the same monthly amount, or in such lesser monthly amount specified by the participant, until the beneficiary's death; or

(iii)

A lump sum payment.

Any such election may be revoked in writing, and a new election made at any time prior to the commencement of benefits under the plan.

(c)

Source of payments for plan. Notwithstanding anything in the plan or trust agreement to the contrary, the city shall remain primarily liable to pay benefits under the plan. However, the city's liability under the plan shall be reduced or offset to the extent the trust makes payment of benefits. The trustees shall purchase one or more annuity contracts to satisfy any benefits payable under the plan in the form of a life annuity or a joint and survivor annuity. The cost of the annuity contract shall equal the participant's vested accrued benefit at the time the annuity is purchased. The trustees shall distribute any contracts so purchased to the annuitant or joint annuitants. If such an annuity contract is purchased and distributed, the city, plan and trustees shall thereafter be relieved of all responsibility and liability with respect to payment of such benefits, and the participant or beneficiary to whom the annuity contract was distributed shall no longer be deemed a participant or beneficiary under the plan, nor shall the annuity contract be considered a part of the trust fund for any purpose whatsoever.

(Ord. No. 94-131, § 1, 6-7-94)