San Jose Municipal Code § 3.54.600 Amendment

This chapter may be amended by the city council at any time and in any manner permitted by applicable law and not inconsistent with GASB 43 and GASB 45 or IRC Section 115. Notice of such amendment shall be promptly provided to the trustees, administrator, and custodian.

(Ord. 29065.)

The trust created by this chapter is irrevocable.

(Ord. 29065.)

The trust shall have perpetual existence, except if dissolved by the city council. Following any such dissolution, the trustees shall proceed to wind up the affairs of the trust in an orderly manner and within a reasonable period of time considering relevant circumstances. After paying or making reasonable provision for the payment of all liabilities of the trust, and upon receipt of such releases, indemnities or like documentation as the trustees may reasonably deem necessary for the protection of the trust and the trustees, the trustees shall distribute the remaining property of the trust to the city, in cash or in kind or partly each. This distribution shall be made for the sole purpose of assisting the city in the payment of health and welfare benefits for retirees and their dependents who are eligible for a benefit as determined under Parts 14 and 15 of Chapter 3.36 and any other health and welfare benefits as approved by the city council, and the payment of reasonable expenses of the plan and the trust. In making the distribution, the trustees may retain an amount for reasonable, allocated administrative fees and expenses. In no event will trust assets be distributed to or revert to any entity that is not the State of California, a political subdivision of the state, or an entity whose income is excluded from gross income under IRC Section 115.

(Ord. 29065.)