§ 2.28.010. Purpose.

The purpose of the Wichita employees' retirement plan, hereinafter referred to as the "retirement plan," is to establish an orderly means whereby noncommissioned personnel employed by the city who have attained retirement age or who have become disabled as set forth in this chapter may be retired from active service without prejudice and without inflicting a hardship on the employees retired, and to enable employees to accumulate reserves for themselves and their dependents to provide for old age, disability, death and termination of employment, and for the purpose of effecting economy and efficiency in the administration of governmental affairs. To accomplish this purpose, the city has established the Wichita employees' retirement plan, which shall consist of Plan No. 1, Plan No. 2 and Plan No. 3, which plans shall be managed by one board of trustees to be known as the Wichita employees' retirement board of trustees. Plan No. 1 shall apply to all employees who were employed prior to July 18, 1981 and who chose to remain in this plan by making an election in writing prior to December 18, 1981. Plan No. 2 shall apply to all employees hired or rehired on or after July 18, 1981 and prior to January 1, 1994, those employees who voluntarily elected, in writing, to convert from Plan No. 1 to Plan No. 2 prior to December 18, 1981, and those employees who transfer from Plan No. 3. Plan No. 3 shall apply to all employees hired on or after January 1, 1994, who have not become members of Plan No. 2.

It is the intent that the Wichita employees' retirement plan be established as a qualified governmental pension plan under Section 401(a) and 414(d) of the Internal Revenue Code. Retirement plan assets are to be held in a trust as required under Section 401(a) of the Internal Revenue Code. The board shall distribute the corpus and income of the retirement plan to the members and their beneficiaries in accordance with the retirement plan's law. At no time prior to the satisfaction of all liabilities with respect to members and their beneficiaries shall any part of the corpus and income be used for, or diverted to, purposes other than the exclusive benefit of the members and their beneficiaries. Upon complete or partial termination of the retirement plan, the rights of members to benefits accrued to the date of termination, to the extent funded, or to the amounts in their accounts are nonforfeitable, and amounts in their accounts may be distributed to them.

(Ord. No. 44-812 § 1)