§ 2-546. Termination of the disability plan.

(a)

The disability pension plan known as the "City of Gainesville Employees' Disability Plan" (or "disability plan") was closed at 12:00 midnight on February 19, 2015, and, effective at 12:01 a.m. on February 20, 2015, the benefits provided through the disability plan were added to the City of Gainesville Employees Pension Plan. Moreover, any existing obligations for disability benefits under the disability plan as of 12:00 midnight on February 19, 2015, as well as the requisite level of assets to satisfy these obligations, as determined by the disability plan actuary, were transferred to the City of Gainesville Employees Pension Plan. As such, the disability plan has no remaining members, no possibility of future members, and no current or future obligations to provide benefits. All benefit obligations of the disability plan have been satisfied. Therefore, the disability plan is terminated.

(b)

There are no further assets to be allocated to satisfy remaining disability benefit obligations. Thus, any remaining assets in the disability plan trust will be returned to the city and the trust will be terminated.

(Code 1960, § 20-70; Ord. No. 140657 , § 4, 2-19-15; Ord. No. 140860 , § 2, 5-7-15; Ord. No. 150193 , § 1, 9-3-15)