§ 2.52.010. Introduction.

A.

Effective June 1, 1967, the City of Delano established this City of Delano Employee Pension Plan for the benefit of its eligible employees. Since then, the City has amended the Plan on various occasions.

B.

Effective July 1, 2010, the City Council again hereby restates the Plan as set forth below, in order to conform its terms to the applicable requirements of the Internal Revenue Code of 1986, and to make certain other revisions intended to clarify the intended operation of the Plan.

C.

This Plan restatement will not reduce any Participant's accrued benefits under the Plan. The restatement will apply only to Participants who are Eligible Employees anytime on or after July 1, 2010. Benefits under the Plan for any Participant who retired or terminated before that date will be determined in accordance with the Plan provisions that were in effect on the Participant's date of retirement or termination of employment.

D.

The purpose of the Plan is to provide benefits to the City's eligible employees upon retirement, prior death, or disability. The Plan generally covers full-time, regular employees of the City, except excluded public safety officers. Effective June 25, 2005, unless they elected otherwise, all public safety officers then employed by the City ceased to participate in the Plan and became covered by the City under the CalPERS retirement program. In addition, all public safety officers hired on or after that date are covered under CalPERS, not under this Plan. Accordingly, the only public safety officers covered by this Plan are those who terminated City employment with a vested interest under this Plan before June 25, 2005, and those who were employed on that date but who elected to remain covered by this Plan instead of transferring to CalPERS.

E.

This Plan is intended to meet the applicable requirements to be a qualified tax-exempt retirement plan under section 401(a) of the Internal Revenue Code.

F.

The Plan is funded by both City and Employee contributions. All amounts contributed to the Plan, and all earnings on those amounts, are held in Trust for the benefit of Participants. All amounts distributed under the Plan are paid from the Trust.

G.

The Trust was established under the terms of a trust agreement, which is hereby incorporated into, and made a part of the Plan.

H.

Unless otherwise specified, capitalized terms are defined in Section 2.52.020.

(Ord. No. 2011-1221, § 1(Exh. 1), 2-7-2011)