(a) Thirteenth check supplement created. A benefit is hereby created to be provided in the form of a thirteenth monthly retirement payment to each beneficiary and retiree of the Plan. Payment shall only be made in those years in which an actuarial gain has been determined to exist by the Board of Trustees, following consultation with the actuary to the Board.
(b) Determination of actuarial gains. The actuary for the Retirement Fund shall perform an annual calculation to determine on the basis of all actuarial factors used to measure the Plan whether or not the Plan has sustained an actuarial gain or loss. The actuary shall report annually at a special meeting of the Board regarding the actuarial gain or loss for the year. Once certified by the actuary, the Board shall notify retirees regarding the availability of a thirteenth check payment for the year. In any year in which the Board of Trustees, following consultation with the actuary, determines that no actuarial gain has occurred, no benefit shall be payable. In years in which the Plan's actuarial gain is sufficient to support the payment of a thirteenth check, the payment shall be made in December.
(c) Creation of thirteenth check fund. Following the determination of actuarial gain, a fund is hereby created, within the assets of the Retirement System, which shall consist of the portion of the actuarial gain attributable to retirees and beneficiaries. This portion shall be equal to the total actuarial gain multiplied by the ratio of the present value of benefits for retirees and beneficiaries to the present value of all future benefits for all members of the System. The fund shall be co-mingled with other assets of the System but shall be measured for accounting purposes as a separate fund within the Retirement System for the exclusive purpose of providing benefits under this section.
(d) Distribution of benefits; limitations. In any year in which the Board determines that a distribution may be made in accordance with the provisions of this section, a supplemental benefit shall be paid in the form of a thirteenth monthly pension payment to each retiree or beneficiary of a deceased retiree. The payment for each retiree shall be determined by the Board, but the total amount payable may not exceed the thirteenth check fund.
(e) Non-guarantee of benefits. By acceptance of a supplemental benefit under this section, each retiree and beneficiary acknowledges that they have no right, title or interest in any such benefits except as may be determined by the Board of Trustees. The payment of a thirteenth check in any year shall not create any right, title or interest in any person to the payment of a thirteenth check in any other year. The Board of Trustees reserves the exclusive right to alter the manner of payment of this benefit or, to decline the payment of such benefit in any year in which the Board, in the exercise of its fiduciary responsibility and its sole discretion, determines it is in the best interest of the Plan to forego such payment.
(f) Rule-making authority. The Board of Trustees shall have authority to make such uniform rules as it deems appropriate to facilitate the payment of benefits under this system.
(Ord. No. 02-005, § 3, 2-5-02)
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