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2022-059 - Approving and Agreement Regarding Freeze of Fire Pension Fund & Authorizing the Mayor to Execute Same
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2022-059 - Approving and Agreement Regarding Freeze of Fire Pension Fund & Authorizing the Mayor to Execute Same
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Section 13 <br /> Miscellaneous Provisions Applicable to the Fund <br /> 13.01 Exclusive Benefit Requirement. It shall be impossibte under this Plan and trust, at any <br /> time prior to the satisfaction of all liabilities with respect to Firefighters and their <br /> beneficiaries under the Plan and trust for any part of the corpus or income to be used <br /> for, or diverted to, purposes other than the exclusive benefit of Firefighters or their <br /> beneficiaries. In the event of termination of the Plan or complete discontinuance of <br /> contributions under the Plan, the rights of all Firefighters to benefits accrued to the <br /> date of such termination or discontinuance (to the extent funded as of such date), <br /> shall be nonforfeitable. <br /> 13.02 Forfeitures. Forfeitures shall not be applied to increase the benefits any Firefighter <br /> would otherwise receive under the Plan. <br /> 13.03 Actuarial Equivalent. For the purposes of calculating actuarially equivalent benefits, <br /> the following assumptions shall be used for all Plan participants unless other factors <br /> are specified in the Plan: <br /> Mortality: UP 1994 Mortality Table, Male Rates <br /> Interest: Eight percent per annum, compounded annually <br /> 13.04 Spendthrift Provisions. The right of any Firefighter or beneficiary to any benefit or <br /> payment under this Fund shall not be subject to voluntary or involuntary transfer, <br /> alienation, or assignment; <br /> a. All amounts in the Fund and all rights accruing or accrued under the Fund to <br /> any Firefighter or beneficiary are exempt from garnishment, attachment, <br /> execution, state and municipal taxation, sale, levy and any other process and <br /> are unassignable; <br /> b. The above prohibition shall also apply to the creation, assignment or recognition <br /> of a right to any benefit payable pursuant to a domestic relations order, unless <br /> such order is determined to be a Qualified Domestic Relations Order under <br /> Subchapter A of Chapter 804 of the Texas Government Code. <br /> c. Payments may be made to an alternate payee under a qualified domestic <br /> relations order only if the Board of Trustees determines an order constitutes a <br /> qualified domestic relations order (Qualified Domestic Relations Order) as <br /> defined by Subchapter A of Chapter 804 of the Texas Government Code. A <br /> Qualified Domestic Relations Order may not (i) require the Plan to provide any <br /> type or form of benefits or any option that is not otherwise provided herein, (ii) <br /> require the Plan to provide increased benefits, and (iii) require the payment of <br /> benefits to an alternate payee which are required to be paid to another <br /> alternate payee under another Qualified Domestic Relations Order. <br /> 13.05 Severable Provisions. If any provision of this Plan is held to be illegal or invalid, such <br /> illegal or invalid provision shall not affect the remaining provisions of the Plan, and the <br /> Plan shall be construed and enforced as if such illegal or invalid provision had never <br /> been in the Plan. <br /> 13.06 Governing Law. Atl provisions of the Fund shall be administered under the laws of the <br /> State of Texas unless superseded by federal law. <br /> 29 <br />
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