eLaws | eCases | Connecticut General Statutes | Regulations of Connecticut State Agencies | Connecticut Courts | Counties & Cities of Connecticut | Code of Federal Regulations | United States Code |
 Danbury
 Code of Ordinances
 Chapter 32. PENSIONS AND RETIREMENT
 Article II. GENERAL EMPLOYEES

  § 32-33. Amendment to, termination of, or discontinuance or suspension of employer contributions to pension plan or retirement plan.  

Latest version.

  • (a)

    The employer reserves the right to modify or amend the pension plan or retirement plan or any of their provisions by delivery to the Retirement Board of a certified copy of the vote of the City Council making such modification or amendment; provided, however, that no such modification or amendment shall be made which would:

    (1)

    Increase the duties or liabilities of the trustee without its written consent;

    (2)

    Divest a member of any interest hereunder that has accrued to him or her; or

    (3)

    Cause or permit any portion of the trust fund or other fund comprising the plan to be converted to or become the property of the employer prior to the satisfaction of all liabilities with respect to such plan;

    unless such modification or amendment is necessary or appropriate to enable the plan or trust or fund to qualify under section 401 of the Internal Revenue Code as from time to time amended or under any corresponding section of the Internal Revenue Code as hereafter enacted.

    (b)

    In the event the pension plan at any time shall be terminated in whole or in part or contributions under the pension plan shall be discontinued, the value of the assets of the trust fund shall be determined. Such assets shall then be used in such way that each of the following provisions shall be given full effect before any later provision is carried out and in such way that if, in the carrying out of a provision, the value of the property remaining in the trust fund of the pension plan is insufficient to carry out such provision in full, the property available therefor shall be applied in the same proportions as the allocation which would be made if such property were sufficient to carry out the provisions in full:

    (1)

    To provide the retirement benefits under the pension plan still to be paid to any retired member, or contingent annuitant, or beneficiary of a deceased retired member.

    (2)

    To provide the retirement benefits under the pension plan which have accrued to members who have reached their normal retirement dates or who have reached the first day of the month following the birthday which causes the sum of their age and number of years of service as an employee of the City of Danbury to equal eighty-five (85) and who have not retired.

    (3)

    To provide the retirement benefits under the pension plan which have accrued to members who have reached a date upon which they could terminate employment without forfeiting all interest in the trust fund in accordance with section 32-29 .

    (4)

    If there is a balance of the fund remaining after the allocations provided for in subsections (b)(1), (b)(2) and (b)(3) of this section, to allocate such balance among the remaining members in the pension plan, the allocation to each such remaining member being in the proportion to which the then present value, actuarially computed, of the amount of normal retirement benefit which is accrued to his or her account for credited service to the date of termination of the pension plan or discontinuance of contributions to the pension plan bears to the then present value of the amount of normal retirement benefit under the pension plan which has so accrued to the account of all such members in the pension plan, but not in excess of one hundred (100) percent of the then present value of any member's retirement benefit under the pension plan.

    (5)

    To return to the employer any balance which shall remain after all liabilities under the pension plan with respect to retired members, members, contingent annuitants and beneficiaries under the pension plan have been fully satisfied as hereinbefore provided.

    (c)

    The value of the retirement benefits under the pension plan and the amount of actuarial reserves required to provide such retirement benefits shall be determined by the actuaries in accordance with section 32-35.

    (d)

    The Retirement Board may direct that the allocation so found to be due any person under the pension plan shall be:

    (1)

    Paid to him or, her as a retirement benefit through the continuance of the existing trust fund or a replacing trust fund;

    (2)

    Used to purchase an annuity contract from an insurance company for his or her benefit; or

    (3)

    Paid to him or her in cash forthwith or in installments over such period of time as the Retirement Board, at its sole discretion, may determine.

    (e)

    A temporary discontinuance of contributions by the employer to the pension plan or the retirement plan shall not be construed as, nor constitute, discontinuance of contributions for the purpose of the pension plan or the retirement plan.

(Code 1961, § 14-11; Ord. No. 19-1963, 12-5-1963; Ord. No. 189, §§ 14, 15, 7-3-1973; Ord. No. 312, 9-24-1984; Ord. No. 31, § 14-11, 12-6-2016)