The city council reserves the right to alter, amend or repeal any provision of the
plans adopted and established by this article; provided, however, that the amount
of benefits which at the time of such alteration, amendment or repeal shall have accrued
for participants or beneficiaries shall not be affected thereby; and provided, further,
that to the extent an altered, amended or replacement plan permits, a plan participant
may elect to transfer, exchange or forego all or part of such participant's previously
accrued benefit for participation in, or benefits under, such altered, amended or
replacement plan. If the city council repeals a plan, it shall, except to the extent
an election has been made pursuant to this section, continue to be administered as
to the amount of benefits which shall have accrued prior to the repeal in accordance
with its terms and provisions and those of the aforesaid sections of this code for
the sole benefit of the then participants, any beneficiaries then receiving retirement
allowances or benefits and any future persons entitled to receive benefits in accordance
therewith who are so designated by any of the said participants. (Ord. No. 4284, 12/14/02,
Sec. 1; Ord. No. 4336, 2/21/04, Sec. 2)
