§ 2.28.300. Reservation of right to amend or repeal chapter-vested rights.

The city council expressly saves and reserves unto itself the power and authority to amend, modify, supplement, repeal or abolish this chapter, and the retirement system created and re-established hereby, at any time. No person shall acquire any vested rights hereunder, save and except those persons whose right to retire by reason of age and length of service shall not have those rights reduced or abridged. Provided, however, that in the event of termination or partial termination of the retirement system created by this chapter, all affected participants' interest under the plan as of the date of such termination or partial termination shall be nonforfeitable to the extent funded. And further, that no funds contributed to the retirement system created by this chapter, by either the participants or the city, shall revert to the city for use for other purposes unless and until all obligations under the retirement system have been fully and finally satisfied.

(Ord. No. 44-812 § 31)