§ 2-597. Establishment.

(a)

Declaration of plan. There is hereby created for the police officers and firefighters of the city, a pension plan to be known as the "City of Gainesville Police Officers and Firefighters Consolidated Retirement Plan," also referred to in this division as the "plan" or "consolidated plan." The creation and maintenance of the assets of the plan, the benefits provided for and the administration of the plan shall be in accordance with the provisions of this division. Neither the city nor the board of trustees shall authorize or permit any part of the trust fund to be diverted for purposes other than for the exclusive benefit of members and their beneficiaries.

(b)

Incorporation of predecessor plans:

(1)

The predecessor retirement plans, known as the firemen's pension trust fund and police officers' retirement fund, are hereby revoked, except that all retired members and beneficiaries under such repealed sections as of the effective date, shall continue to receive such benefits as provided for in the predecessor plans. The trustees of the predecessor retirement plans shall, by appropriate resolution, turn over to the board of trustees, for placement in the plan's trust fund, all cash, investments, and other assets held by them.

(2)

Participation of police officers and firefighters (referred to as "eligible employees") in the employees pension plan is hereby revoked, and such employees are no longer eligible to participate in the employees retirement plan. Benefits for these eligible employees will be based entirely upon the provisions of the plan described in this division. The trustees of the employees pension plan shall turn over to the board of trustees, for placement in the plan's trust fund, all cash, investments, and other assets held by them for purposes of providing benefits to the active eligible employees transferring to the consolidated plan. All retired police officers and firefighters (and their beneficiaries), who have retired on or before the effective date, shall remain in the employees pension plan and continue to receive retirement benefits as provided in that plan.

(3)

Participation of police officers and firefighters in the City of Gainesville Employees Disability Plan, as described in division 6 of this article is hereby revoked except for police officers and firefighters who have made the election/request described in section 2-598(c)(1)a.2. Disability benefits for eligible employees shall be provided under the terms and conditions of the consolidated plan described in this division. Members who enter a DROP shall thereafter not be eligible for disability benefits under the City of Gainesville Employees Disability Plan or this plan. Any employees currently receiving benefits from the disability plan will continue to receive benefits from that plan under its terms and conditions. No assets will be transferred from the disability plan to the consolidated plan.

(4)

The officers of the former boards of trustees and other city officials are hereby authorized to execute any documents considered appropriate in order to effect the complete transfer of all assets, as provided for above, to the trust fund created by this division.

(Code 1960, § 20-110.2; Ord. No. 3075, § 5, 11-19-84; Ord. No. 981266, § 10, 7-12-99; Ord. No. 130203, § 2, 9-19-13)