§ 2-1395.3. Adoption of plans.

(a)

Authorization to adopt plans. The board, on behalf of the city and pursuant to the program is authorized to adopt, continue, cancel or allow to lapse a plan or plans, including plans that the city has contracted for as of the date of the current amendments to sections 2-1361 through 2-1365. Subject to the following restrictions:

(1)

The city shall not be responsible for any loss due to the investment or failure of the investment of funds and assets held pursuant to the program, nor shall the city be required to replace any loss whatsoever which may result from such investments, or failure to make investments.

(2)

All contributions pursuant to this program, together with interest, accumulations and increments thereon, shall be contributed to and held under the trust for the exclusive benefit of the participants until such time as such funds or assets are distributed to participants and beneficiaries in accordance with the provisions of a plan.

(Ord. No. 110219, § 1, 4-14-11)