11-13 - Paris Firefighters Relief & Retirement Fund - Pension Bond - Freeze Fire Pension - Transfer Employees to TMRS

Home Browse Search

Section 13 Miscellaneous Provisions Applicable to the Fund 13.01 Exclusive Benefit Requirement. It shall be impossible under this Plan and trust, at any time prior to the satisfaction of all liabilities with respect to Firefighters and their beneficiaries under the Plan and trust for any part of the corpus or income to be used for, or diverted to, purposes other than the exclusive benefit of Firefighters or their beneficiaries. In the event of termination of the Plan or complete discontinuance of contributions under the Plan, the rights of all Firefighters to benefits accrued to the date of such termination or discontinuance (to the extent funded as of such date), shall be nonforfeitable. 13.02 Forfeitures. Forfeitures shall not be applied to increase the benefits any Firefighter would otherwise receive under the Plan. 13.03 Actuarial Equivalent. For the purposes of calculating actuarially equivalent benefits, the following assumptions shall be used for all Plan participants unless other factors are specified in the Plan: Mortality: UP 1994 Mortality Table, Male Rates Interest: Eight percent per annum, compounded annually 13.04 Spendthrift Provisions. The right of any Firefighter or beneficiary to any benefit or payment under this Fund shall not be subject to voluntary or involuntary transfer, alienation, or assignment; a. All amounts in the Fund and all rights accruing or accrued under the Fund to any Firefighter or beneficiary are exempt from garnishment, attachment, execution, state and municipal taxation, sale, levy and any other process and are unassignable; b. The above prohibition shall also apply to the creation, assignment or recognition of a right to any benefit payable pursuant to a domestic relations order, unless such order is determined to be a Qualified Domestic Relations Order under Subchapter A of Chapter 804 of the Texas Government Code. Payments may be made to an alternate payee under a qualified domestic relations order only if the Board of Trustees determines an order constitutes a qualified domestic relations order (Qualified Domestic Relations Order) as defined by Subchapter A of Chapter 804 of the Texas Government Code. A Qualified Domestic Relations Order may not (i) require the Plan to provide any type or form of benefits or any option that is not otherwise provided herein, (ii) require the Plan to provide increased benefits, and (iii) require the payment of benefits to an alternate payee which are required to be paid to another alternate payee under another Qualified Domestic Relations Order. 13.05 Severable Provisions. If any provision of this Plan is held to be illegal or invalid, such illegal or invalid provision shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provision had never been in the Plan. 13.06 Governing Law. All provisions of the Fund shall be administered under the laws of the State of Texas unless superseded by federal law. 29