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 Fresno
 Code of Ordinances
 Chapter 3. CITY PERSONNEL
 Article 5. EMPLOYEES' RETIREMENT SYSTEM

  § 3-504. CREATION OF RETIREMENT SYSTEM.  

Latest version.

  • (a)

    The City of Fresno Employees Retirement System was created by Ordinance No. 2502, effective June 1, 1939, and said retirement system is continued in effect by this article. Retirement allowances being paid at the close of the day next preceding the effective date hereof, to persons whose retirements were effective prior thereto, shall be continued and paid in the same respective amounts to such persons, but such persons shall otherwise be subject to the provisions of this article. The mortality, service and other tables and the rates of contribution for members as recommended from time to time by the actuary and the valuations determined by him from time to time and approved by the Retirement Board in accordance herewith shall be final and conclusive, and the Retirement System shall be based thereon. The total amount, as determined by the actuary and approved by the Retirement System in accordance with this article, shall be paid into the Retirement Fund, hereinafter created, by the city during such year.

    (b)

    The purpose of the System is to secure contributions from the City and from employees, and to distribute System assets only to members, retired members and their beneficiaries, pursuant to the System's plan of benefits and to pay reasonable expenses of administration.

    (c)

    No part of the System's assets or income may be used for, or diverted to, purposes other than for the exclusive benefit of members, retirees, or their beneficiaries and no part of the System's assets or income may revert to the City.

    (d)

    Forfeitures arising from termination of employment, death, or for any other reason, will not be applied to increase the benefits any member, retired member, or beneficiary would otherwise have received from the System at any time prior to the termination of the System, although the effect of forfeitures may be anticipated in determining the System's costs.

    (e)

    Upon termination of the System or upon the complete discontinuance of contributions to the System, the rights of each employee to benefits accrued to the date of such termination or discontinuance are non-forfeitable.

    (f)

    The City of Fresno Employees Retirement System is established as a qualified governmental defined benefit plan under the Internal Revenue Code of 1986, as amended from time to time (hereinafter referenced as "Internal Revenue Code" for purposes of this Article), pursuant to Sections 401(a) and 414(d) of the Internal Revenue Code or such other provision of the Internal Revenue Code as applicable and applicable Treasury regulations and other guidance.

(Rep. and Added Ord. 5313, 1958, based on former Sec. 2-802; Am. Ord. 6062, 1962; Am. Ord. 96-54, § 42, eff. 9-20-96; Am. Ord. 2001-15, § 1, eff. 3-26-01; Am. Ord. 2011-2, § 3, eff. 3-7-11).