Rome |
Code of Ordinances |
Part III. CODE |
Appendix A. GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM |
Article XVIII. AMENDMENT AND TERMINATION |
§ 6. Involuntary termination.
(a)
The Board may involuntarily terminate the Plan as to an Adopting Employer in the event of any of the following occurrences:
(1)
Failure of the Employer to comply with the terms of the Master Plan and Adoption Agreement, including, but not limited to, failure to pay required Contributions in a timely manner;
(2)
Receipt of written notice from an Adopting Employer's Governing Authority of its intent to discontinue further Contributions;
(3)
Insistence by the Employer on enforcing an amendment to the Adoption Agreement which the Board has disapproved; or
(4)
Failure of the Adopting Employer to maintain qualification status under Code Sections 401(a) and 414(d).
(b)
The rights, benefits, and entitlements under the Plan of any Participant, including those of his Beneficiary, any other provision of the Plan notwithstanding, before or after Retirement, death, or other termination of employment shall, upon the failure of the Adopting Employer to pay and to continue to pay its required contributions, be limited as specified in this Article.
(c)
In the event of an involuntary termination, the members of the Governing Authority shall become successor trustees for the Plan.
(d)
The Board shall notify the Governing Authority, Participants, and Beneficiaries in writing of an involuntary termination and the reasons therefore. Said notice shall also fix a termination date. Payment of benefits to Retired Participants and Beneficiaries shall become the responsibility of the Governing Authority, as successor trustees, as of the termination date.
(e)
The Board, in accordance with its rules and regulations, shall cause to be prepared, an audit of the GMEBS Investment Fund in accordance with generally accepted accounting practices to determine the value of the Adopting Employer's Trust Fund as of the termination date. The Board shall then deduct from the Trust Fund the total expenses incurred or to be incurred by the Administrator in terminating the Plan. Distribution of assets to the Governing Authority, as successor trustees, shall then occur within the time limits specified in the Joint Trust Agreement.