§ 7-198. Amendment and termination of plan.

(a)

City's right to amend plan. The city may at any time and from time to time amend the plan by written instrument, provided that such amendment may not reduce the vested accrued benefit of any participant as of the date the amendment is adopted.

(b)

City's right to terminate plan. The city intends to maintain the plan as a permanent retirement plan. Nevertheless, the city reserves the right to terminate the plan (in whole or part) at any time and from time to time. Upon the termination of the plan, the vested accrued benefit of each participant shall become payable as the administrator may direct. Such direction may include (i) continuation of the trust to pay vested accrued benefits in accordance with section 7-195 or (ii) immediate distribution of the vested accrued benefits.

(c)

City's decision to terminate plan. In accordance with paragraph (b) above, the plan is hereby terminated, effective September 4, 2013, and the city directs the distribution of each participant's vested accrued benefit in one (1) lump sum payment as soon as administratively practicable thereafter (regardless of whether such participants have satisfied the age fifty-five (55) requirement contained in section 7-195). If the administrator is unable to locate a participant or beneficiary within one (1) year of the termination date noted above in order to make distribution of a participant's vested accrued benefit, such amount shall be presumed to be unclaimed pursuant to F.S. § 717.113 and shall be disposed of pursuant to the applicable provisions of F.S. Ch. 717 entitled "Disposition of Unclaimed Property". After payment of the vested accrued benefits of all participants (which for this purpose, includes vested accrued benefits that are disposed of pursuant to the preceding sentence), the trustee of the City of Coral Springs Volunteer Firefighters' Trust Agreement dated September 4, 1990, as amended, is hereby directed to return any assets remaining in the trust to the city. The administrator should notify the trustee when the vested accrued benefits of all participants have been distributed to such participants.

(Ord. No. 94-131, § 1, 6-7-94; Ord. No. 2013-114, § 2, 9-4-13)