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HomeMy WebLinkAboutORD 6657 RICHMOND EMPLOYEES 1945 PENSION FUND � • �. S-� ORDINANCE NO. 6657 � � � � \ RICHMOND EMPLOYEES PENSION FUND As Amended and Restated Effective January l, 1997 . <,� * CONTENTS PAGE SECTION 1 DEFINITIONS ................................................................................................. 6 1 .01 Accrued Benefit .................................................................................................... 6 1.02 Actuarial Equivalent ..................................................................:.......................... 6 1 .03 Average Earnings ................................................................................................... 6 1 .04 Beneficiary ............................................................................................................ 6 1 .05 Code ...................................................................................................................... 6 1 .06 Commission ........................................................................................................... 6 1 .07 Contributions ........................................................................................................6 1 .08 Credited Service ..................................................................................................... 6 1 .09 Earnings ................................................................................................................. 7 1 .10 Effective Date ....................................................................................................... 8 1 .11 Employee ............................................................................................................... 8 1 .12 Employer or County ...............................................................................:............... 8 1 .13 Fund ....................................................................................................................... 8 1 .14 Interest .................................................................................................................. 8 1 .15 Joint Annuitant ...................................................................................................... 8 l .lb Participant .............................................................................................................9 1 .17 Payee ...................:................................................................................................. 9 1 .18 Plan ..........................................................:............................................................ 9 1 .19 P1an Year ............................................................................................................... 9 1.20 Total and Permanent Disability ............................................................................ 9 1.21 Trust Agreement or Trust ...................................................................................... 9 1 .22 Trustee ................................................................................................................. 10 SECTION 2 ELIGIBILITY AND PARTICIPATION ....................................................... 10 2 .01 Eligibility .............................................................................................:...............10 SECTION 3 RETIREMENT DATES AND BENEFITS .:.:..............................................: 10 3.01 Normal Retirement ..................................................................................:........... 10 3 .02 Early Retirement .................................................................:................................ 10 3 .03 Disability Retirement .............................:............................................................. 11 3 .04 Delayed Retirement ............................................................................................. 13 3.05 Termination of Employment ................................................................................ 13 3.06 Cost-of-Living Adjustment of Benefits ............................................................... 14 --- _ � r �. � 3.07 Required Distribution Rules ...........................................,.................................... 15 3 .08 Code Section 415 Limit ....................................................................................... 3.09 Enhanced Early Retirement for 1996 ................................................................... 18 3.10 Special Unreduced Early Retirement ................................................................... 19 3.11 Roliover Distributions .......................................................................................... 20 3.12 Normal Forms of Benefits for Married Participants ............................................ 21 3.13 Supplemental Retirement Benefit ........................................................................ 25 3 .14 Past Increases ....................................................................................................... 25 SECTION4 DEATH BENEFITS ...................................................................................... 25 4.01 Death Prior to Retirement .................................................................................... 25 4.02 Death After Retirement ................................:..............:........................................ 27 4.03 Adjusted Benefit .................................................................................................. 27 4.04 Designation of Beneficiaries ................................................................................ 27 SECTION CONTRIBUTIONS ....................................................................................... 27 5.01 County Contributions ......:.................................................................................... 27 5.02 Participant Contributions ..........................:.......................................................... 28 SECTION 6 ADMINISTRATION OF PLAN ................................................................... 28 6.01 Administration ..................................................................................................... 28 SECTION 7 TRiJST FUND AND TRUSTEES ................................................................ 29 7.01 Trust Fund ............................................................................................................ 29 7.02 Amendment of Trust ............................................................................................ 30 7.03 Discontinuance of Trust and Vesting ................................................................... 30 7.04 Powers of the Commission .........................................................................:........ 30 7.05 Investment of Fund .............................................................................................. 31 7.06 T�ation ............................................................................................................... 31 7.07 Resignation of Trustee ......................................................................................... 32 7.08 Successor Trustees ............................................................................................... 32 7.09 Disbursements ......................................................................................................32 SECTION 8 AMENDMENT AND TERMINATION ......:................................................ 32 8.01 Amendment of the Plan ....................................................................................... 32 8.02 Termination of the Plan ....................................................................................... 33 SECTION 9 MISCELLANEOUS ..................................................:........................,.......... 35 9.01 Headings ............................................................._................................................ 3S ii t ` 9.02 Construction .........................................................................................................35 9.03 Nonalienation .......................................................................................................35 9.04 Legally Incompetent ............................................................................................ 35 9.05 Benefits Supported Only By Fund ....................................................................... 36 9.06 Discrimination ..................................................................................................... 36 9.07 Limitation of Liability; Legal Actions ................................................................. 36 9.08 Claims .................................................................................................................. 36 9.09 Forfeitures ............................................................................................................3 9.10 Maximum of One Benefit at a Time .................................................................... 36 9.11 Applications .........................................................................................................3 9.12 Report of Treasurer .............................................................................................. 37 9.13 Consequence of Plan Violation ............................................................................ 37 iii ., . RICHMOND EMPLOYEES PENSION FUND 1NTRODUCTION Effective March 1, 1945, the Board of Commissioners of Richmond County established the "Richmond Employees Pension Fund", hereinafter referred to as the Plan. T'he Plan covers Employees hired on or before September 30, 1975, meaning no one hired after that date is eligible to participate in the Plan. On February 20, 2002, the Augusta-Richmond County Commission, as successor to the Richmond County Board of Commissioners approved this restatement of the Plan effective January l, 1997 so as to conform the Plan with relevant provisions of the Uruguay Round Agreements Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Comr�unity Renewal Tax Relief Act of 2000 (collectively the "GUST" Amendments), and to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"), with such EGTRRA amendments being made as good faith compliance with the requirements of EGTRRA, to be construed in accordance with EGTRR.A and guidance issued thereunder. The Plan is also restated in accordance with past practices required to maintain the Plan's tax- qualified status under the Internal Revenue Code of 1986, as amended, and includes a few other changes designed to facilitate its administration. The EGTRRA amendments set forth in Sections 3.08 and 3.09 shall cease to be effective as of December 31, 2010 unless they are otherwise extended by law. It is the County's intention to fully honor all benefits and rights that Plan Participants have accrued under the Plan prior to this restatement. The Plan shall be administered and construed accordingly, and the Plan's administrator shall construe and interpret every provision of the Plan's restatement as effective January 1, 1997 in a manner that preserves each Plan Participant's benefits or rights that accrued prior to February 20, 2002. 4 t • Specifically, the restated Plan honors the following pre-2002 Plan provisions in the following manner: Plan Provision Prior Plan Section 2002 Plan Section Continued Participation for those 4 2.01 employed on 9/30/1975 Funding: Creation and Administration 5 ' Plan Administration 6 6 Benefit Payments 7 7.09 County Contribution 8 5.01 Employee Contributions 9 5.02 Funding Adjustments per Actuary 10 5.01 Levyin of Taxes 11 7.06 Fund Assets not County Property 12 7.01 Uniform Administration 13 9.06 Normal Retirement Benefits 14-(b) 3.01 Early Retirement Benefits 14-(b) 3.02 Delayed Retirement Benefits 14-(b) 3.04 Calculation of Benefits and Credited 14-(b); Paragraph N 3.05 Service Cost of Living Adjustments 14-(b); Paragra h V 3.06 Enhanced Earl Retirement Benefits 14.1 3.09 Age 35 limit on participation 15 Superseded and inapplicable Special Unreduced Early Retirement 16 3.10 (20+ years) Age 65 retirement 17 Inco orated into 3.01 Disability Retirement Benefits 18 3.03 Disability if 12+ years of service 19 3.03(A,) (see arentheses) Past Increases to be honored 20 3.14 Return of Em loyee Contributions 20(A) 5.02(c) Cost of Living A�justments 20(A) 3.06 Survivorshi Benefit 21 4A1(a) Reem ioyment 22 1.08 (4th ara). Honor Past Provisions 23 Introduction Surviving Spouse Benefits; Benefits 24(A); 24(B); and 24-C 3.12A; 4.02; and for Widows of Employees Killed in 4.01(B)(1) Line of Duty The Plan will be administered by the Commission as described in Section 6. All benefits to be provided under the Plan will be funded under a trust established in accordance with Section 7. None of the retirement provisions of the Plan sha11 be construed to repeal or in any manner interfere with the Acts of the Extra Session of Georgia Laws, 1937-1938, pages 875-880, inclusive, designated "Richmond Officers and Employees Act" and amendments thereof; or hereafter made, provided, this Plan shall not be construed to include within the Plan any employee not heretofore covered by the "Richmond Officers and Employees Act." 5 SECTION 1 DEFINITIONS As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meanings indicated: 1.01 Accrued Benefit - The retirement benefit which the Participant has earned as of the date of determination, calculated under Subsection 3.01(b) on the basis of his Average Earnings and Credited Service, which is payable as of his Normal Retirement Date in the form of a life annuity, with a guarantee of the refund of Employee Contributions with interest for the Participant who dies before receiving an amount of benefit payments that at least equal his Employee Contributions with interest. 1:02 Actuarial Equivalent - A benefit of equal value computed on the basis of (a) the 1971 Group Annuity Mortality Table, and (b) interest at 6% compounded annually for forms of payrnent other than lump sum; the interest rate used to determine the equivalent lump sum value of monthly benefits will be in PBGC schedule of immediate and graded deferred rates in effect on the first day of the Plan Year in which the benefit is calculated. 1.03 Average Earnin�s - The monthly average of the Participant's Earnings for the five consecutive calendar years, immediately preceding the earlier to occur of: (a) the date on which the Participant's employment with the employer terminates for any reason or_ (b) the Participant's actual retirement date. Average Earnings shall be determined by dividing the total earnings received by the Participant during the appropriate five year period, or lesser number of years if applicable, by the number of months for which he received earnings in such period. 1.04 Beneficiary - The person(s) designated by the Participant in accordance with Section 4.04 who is entitled to receive benefits at the death of a Participant under Section 3 or 4. 1.05 Code - The Internal Revenue Code of 1986 as amended from time to time, and regulations or rulings issued thereunder. 1.06 Commission - Augusta-Richmond County Commission, as successor to the Richmond County Board of Commissioners, which shall act in the dual capacity of administrator of the Plan and Trustee of the Fund. 1.07 Contributions - The payments made by the Participants to the Fund in accordance with Section 5. - 1.08 Credited Service - The number of years of uninterrupted and continuous ernployment (completed months expressed as a fractional year) of the Employee with the Employer from (a) the date he last entered the employment of the Employer, to (b) the earlier of his date of termination of employment for any reason or his actual retirement date. Credited Service will not be interrupted by: (a) vacation, or approved leave of absence authorized by the Employer in accordance with a uniform policy applied on a nondiscriminatory basis to all Ernployees similarly situated; 6 (b) voluntary or involuntary service in the Armed Forces of the United States, provided the Employee retains statutory reemployrnent rights under applicable state or federal law, and resumes employment after his honorable discharge from military duty within the time required by such law; (c) reelection or reappointment at the end of a term; or (d) periods during which the Employee incurs a Total and Permanent Disability within the meaning of Section 3.03, provided that he recovers from a Total and Permanent Disability and is reemployed by the Employer as required under Section 3.03(a)(7) or 3.03(b)(4). For benefit purposes, no Participant will receive any credit for any period of inactive employment. For vesting purposes, an Employee who has one or more breaks in employrnent will receive credit only from his most recent date of reemployment. Notwithstanding anything in this Section to the contrary, any Participant who before retirement, voluntarily separates from his employment as provided for in this Act, or is discharged, or his office or position abolished, as provided by the "Richmond OfFicers and Employees Act" appearing in Georgia Laws, Extra Session 1937-1938, pages 875-880, inclusive, as amended or hereafter amended, or is discharged by an elective officer of Richxnond County under whom he is employed, and is thereafter re-employed as an Employee, upon the presentation to the Commission of a certificate from the County Physician of Richmond County, certifying that such Employee is in good health and able to perform actively the duties of his employment, his services prior to such separation or discharge shall be counted in his length of continuous permanent employment after being so re-employed, provided he shall pay back into the Fund, by paying the Treasurer, within twelve months of filing such certificate with the Commission, the amount refunded to such Participant by reason of such separation or discharge. Effective December 12, 1994, notwithstanding anything in the Plan to the contrary, contributions, benefits, and Credited Service with respect to qualified military service shall be provided in accordance with Section 414(u) of the Code. 1.09 Earnin�s - The total salary, wages, or remuneration paid to the Participant by the Employer during any period of 12 consecutive months. Effective as of January l, 1998, the term "Earnings" shall also include any elective deferral (within the meaning of Code Section 402(g)(3)) and any amounts that are deferred by the Employer at the election of the Employee that are not included in the Employee's gross income pursuant to Code Section 125 or 457. Effective January 1, 2001, Earnings shall also include elective amounts that are not includable in the Employee's gross income by reason of Code Section 132( fl(4). The Participant's Earnings taken into account for purposes of the Plan shall be limited to $150,000 for any determination period beginning in 1996 or earlier; $160,000 for any Plan Year beginning in 1997, 1998, or 1999; $170,000 for any Plan Year beginning in 2000. Notwithstanding the preceding sentence, if the Participant has completed one hour of Credited Service on or after January 1, 2002, the Participant's Earnings taken into 7 account for _ purposes of the Plan_ shall not_ exceed $200,000 as adjusted under Code Section 401{a)(17)(B). Notwithstanding anything in this Section to the contrary, benefits for any retired County Attorney who retired under this Act prior to October 1, 1975 shall be computed as if the Earnings for the County Attorney of Richmond County, Georgia is $20,000.00 per annum, notwithstanding what amount the County incurred or spent per annum for legal services, and the benefits shall be computed from January 1, 1973. 1.10 Effective Date - January 1, 1997. l.11 Emplo� - Any employee, officer, appointee or electee of the Commission as now constituted or hereafter constituted, and any employee, officer, appointee under any official of the County as now constituted or hereafter constituted, by excluding: (a) any person for whom the County makes contributions directly to another retirement system or pension fund, including the Social Security retirement system; (b) any person whose customary employment is for less than thirty hours a week or an aggregate of less than six months in any calendar year; (c) employees of the Richmond County Department of Health and Department of Family and Children's Services of Richmond County; (d) the County Agent, County Home Demonstration Agent and the employees thereof; (e) officers elected by vote of the electorate; (f} the employees, officers, appointees and electees of the Department of Public Welfare of Richmond County, (g) the employees, officers, appointees and electees of the Richmond County Board of Health; and (h} the County Agent and County Home Demonstration Agent of Richmond County; 1.12 Emplover or County - Augusta-Richmond County, Georgia. 1.13 Fund - The Richmond County Pension Fund trust fund created in accordance with the Plan and Trust. 1.14 Interest - Interest credited on Contributions from the January 1 next following the date of which such Contributions are made to the earlier of: (a) the date of the Participant's termination of employment for any reason and (b) the Participant's Normal Retirement Date, with such interest compounded annually at the rate of 5%. 1.15 Joint Annuitant - The person designated by the Participant to receive payments after the death of the Participant as provided in accordance with Section 3. 8 ___ _ T 1.16 Participant - An Employee who becomes eligible to participate in the Plan as provided in Section 2. 1.17 Payee - The Beneficiary or Joint Annuitant designated by the Participant in accordance with Section 1.16 or 1.17 to receive benefits under the Plan after his death. 1.18 Plan - The Richmond Employees Pension Fund as contained herein, all amendments thereto which may hereafter be made, and any existing acts of the General Assembly of Georgia pertaining to the Richmond Employees Pension Fund. The Plan shall include the Trust as hereinafter defined. 1.19 Plan Year - The twelve month period ending December 31 of each year. 1.20 Total and Permanent Disabilitv - The Commission shall determine whether a Participant shall be considered Totally and Permanently Disabled and the Commission shall declare in its findings whether or not such disability is permanent and total. The Commission shall base its determination as to whether a Participant is Totally and Permanently Disabled on whether the Participant is not able, on account of disability received in the discharge of his duties, to adequately discharge the duties of his job or office, nor ever will be; provided that no Participant shall be declared to be Totally and Permanently Disabled to discharge the duties of his job or office, except upon the recommendation of three (3) reputable physicians, after examination, who shall consider the case and make their findings. One of the physicians shall be selected by the Commission, one by the Participant, and these two shall select the third. The recommendation of the physicians shall state that they "find the Participant totally and permanently disabled from performing the duties of his job or office" and or that they "do not find the Participant totally and permanently disabled from performing the duties of his job or office" and the majority report of the physicians shall govern. Should the report of the physicians state that they "find the Participant totally and permanently disabled from performing the duties of his job or office", then the Employee shall be declared Totally and Permanently Disabled, and entitled to receive the benefit is provided in Section 3.03, and his right to receive the benefits shall date back to the time of injury. If, after the Employee is declared Totally and Permanently Disabled, he desires to aceept other employment offered him by the Commission, with the County or under a County- elected official, and he is also able to perform such employment, as such duties, he shall be paid at least as much as he would receive from his pension but shall not receive a pension. If, after the Employee has accepted such new employment, he wishes to leave such employment far any reason fit he may be returned immediately to the pension list at the sum that he was retired on, and the Commission may strike him from the payroll and return him to the pension list at any time it sees fit. Notwithstanding anything in this Section to the contrary, whether a Participant is Totally and Permanently Disabled shall be subject to the exclusions set forth in Section 3.03. 1.21 Trust A�eement or Trust - The agreement of trust between the Commission, in its capacity as the governing body of the Employer and the Commission, in its capacity as Trustee, which shall govern the continuation and maintenance of the trust fund, and all amendments thereto. 9 1.22 Trustee - The Commission in its capacity as trustee. SECTION 2 ELIGIBILITY AND PARTICIPATION 2.01 Eli 'bgi ilitv. Each Participant in the Plan on December 31, 1996 (according to the Plan terms then in effect) shall continue to be a Participant, and no other Employee is eligible to become a Participant in this Plan, and no other Employee shall be eligible to participate (because 1976 Ga. Laws, p. 4500, § 2 provides that no Employee hired after September 30, 1975 is eligible to become a Participant in this Plan). SECTION 3 RETIREMENT DATES AND BENEFITS 3.01 Normal Retirement Normal retirement under the Plan is retirement from the employ of the County on the Normal Retirement Date. In the event of normal retirement, payment of the retirement benefit shall be governed by the following provisians of this Section. A. Normal Retirement Date The Normal Retirement Date of a Participant shall be the first day of the month coincident with or next following the date he reaches age sixty (60). B. Amount of Retirement Benefit: The monthly retirement benefit payable to a Participant who retires on his Normal Retirement Date shall be an amount equal to 2% of the Participant's highest Earnings received as an Employee within the period of seventy-two (72) months immediately preceding his retirement for each year of Credited Service for up to a ma�cimum if sixty percent (60%) of his highest Earnings. C. Pavment of Retirement Benefit: The retirement benefit payable in the event of normal retirement shall be payable on the first day of each month. The first payment shall be made on the Participant's Normal Retirement Date and the last payment shall be the payment due next preceding his date of death, subject to Sections 3.12 and 4.02. 3.02 Earlv Retirement Early retirement under the Plan is retirement from the employ of the County prior to the Normal Retirement Date. Early retirement shall be authorized only in the event that the Participant shall have both attained age 50 and completed at least 15 years of Credited Service. In the event of early retirement under these conditions, payment of the retirement benefit shall be governed by the following provisions of this Section. Notwithstanding the foregoing, if a Participant receives special early retirement benefits 10 under Section 3.09 or 3.10, the Participant shall be ineligible far benefifs under Section 3.02. A. Earlv Retirement Date: The Early Retirement Date of a Participant shall be the first day of the month coincident with or next following the date he retires from the employ of the County under the provision of this Section. B. Amount of Retirement Benefit: A Participant at retirement on his Early Retirement Date shall at his option receive either: (1) a deferred monthly retirement benefit commencing on his Normal Retirement Date, provided he is then alive, equal to an amount computed in the same manner as for normal retirement in accordance with Section 3.01-B, but based on Credited Service and Average Earnings as of his Early Retirement Date; or (2) an immediate monthly retirement commencing on his Early Retirement Date equal to the benefit determined in Section 3 A2-B above, reduced by 5/12% for each complete month by which the Early Retirement Date of a Participant precedes his Normal Retirement Date. C. Payment of Retirement Benefit: The monthly retirement benefit payable in the event of early retirement shall be payable on the first day of each month. The first payment shall be made on the optional date elected by the Participant under Section 3.02-B above and the last payment shall be the payment due next preceding his date of death, subject to Sections 3.12 and 4.02. 3.03 Disabilitv Retirement A Participant may retire under the Plan if he becomes Totally and Permanently Disabled from a cause arising out of and in the course of employment whether the Total and Permanent Disability is caused by injury or illness; and provided that he has, prior to his Total and Permanent Disability, continuously, actively performed the duties of his employment for at least one year as of March 1, 1945. Notwithstanding anything in this Section to the contrary, a Participant shall not be entitled to receive any disability retirement benefit if the Participant's Disability is a result of any of the following: (1) the Participant's willful misconduct, (2) the Participant's self-inflicted injury, (3) the Participant's attempt to injure another, (4) Participant's intoxication or (5) the Participant's commission of a crime under the laws of this sta.te or another state of the United States. 11 A. Disability Retirement Date: The Disability Retirement Date of a Participant shall be the first day of the month which coincides with or next follows the date the Commission approves payment of the Participant's disability benefit. B. Disability Retirement Benefit: The monthly retirement benefit payable to a Participant on his Disability Retirement Date shall be equal to one half of the highest Earnings that the Participant has received as a Participant within the period of seventy-two (72) months immediately preceding his Total and Permanent Disability; provided however, that should such Participant receive any Workmen's Compensation while so disabled, such Workmen's Compensation so received, excluding, medical, doctor, nursing and hospitalization, shall be subtracted from any pension voucher paid to the Participant, and he shall receive only the excess of any pension due him after the subtraction of the amount of Workmen's Compensation received by him, less any other indebtedness due the County by the Participant. Such retirement shall herein be referred to as disability retirement and payment of the disability retirement benefit shall be governed by the following provisions of this Section. C. Payment of Disability Retirement Benefit: The retirement benefit to which a Participant is entitled in the event of his Total and Permanent Disability shall be , payable on the first day of each month. The first payment shall be made on the Participant's Disability Retirement Date and the last payment shall be the payrnent due next preceding the earlier of: (a) his date of death (subject to the provisions of Sections 3.12 and 4.02), or (b) the cessation of his Total and Permanent Disability priorto his Normal Retirement Date. D. Termination of Disabilitv Retirement Benefit: If the Participant's Total and Permanent Disability ceases prior to his Normal Retirement Date and he does not reenter the employ of the County within 60 days after his recovery, all rights of the Participant in and to a disability retirement benefit shall cease and he shall be entitled solely to the benefits, if any, provided in: (1) Section 3.02, if he had satisfied the requirements for early retirement as of the date of inception of Total and Permanent Disability, or (2) Section 3.05, if he had not satisfied the requirements for early retirement, ,*: and either such benefit shall be based on his Credited Service and Earnings as of . , .�� _, ,: .: �. ._ ..> the date of inception of Total and Permanent Disability. If the Participant's Total and Permanent Disability ceases prior to his Normal Retirement Date and he is re-employed by the County within 60 days following the date such Total and Permanent Disability ceases, his employment will be deemed to have been continuous; provided that the period beginning with the first month for which he received a disability payment and ending with the date of reemployrnent will not be considered as Credited Service for purposes of the Plan. 12 3.04 Delayed Retirement Delayed retirement under the Plan is retirement from the employ of the County after the Normal Retirement Date. A Participant may remain in the active employ of the County beyond his Normal Retirement Date only at the request of the Commission and for such periods of additional employment as shall be mutually agreed upon; provided that the Plan's administrator shall not interpret this sentence in a manner that would violate the Age Discrimination in Employment Amendments of 1986, as amended. In the event of delayed retirement, payment of the retirement benefit shall be governed by the following provisions of this Section. A. Delayed Retirement Date: The Delayed Retirement Date of a Participant shall be the first day of the month coincident with or next following the date he actually retires from the employ of the County after his Normal Retirement Date. B. Amount of Retirement Benefit: The monthly retirement benefit payable to a Participant who retires on his Delayed Retirement Date sha11 be an amount computed in the same manner as for normal retirement in accordance with Section 3.01-B, but based on Credited Service and Average Earnings as of his actual retirement date; provided, however, such amount shall not be less than the monthly benefit the Participant would have received had he retired on his Normal Retirement Date. C. Payment of Retirement Benefit: The retirement benefit payable in the event of delayed retirement shall be payable on the first day of each month. The first payment shall be made on the Participant's Delayed Retirement Date and the last payment shall be the payment due next preceding his date of death, subject to Sections 3.12 and 4A2. 3.05 Termination of Employment A. A Participant who terminates employment with the County prior to the completion of 10 years of Credited Service, for any reason other than death, disability (as defined within this act) or retirement, shall receive a lump-sum cash amount equal the total of his Contributions with 5% interest computed from January 1, 1977, payable within 60 days following his date of termination. B. A Participant who terminates employment with the County for any reason other than death, disability, or early retirement after the completion of at least 10 years of Credited Service, shall receive a deferred retirement benefit commencing on his Normal Retirement Date, provided he is then alive, equal to the monthly benefit computed in the same manner as for normal retirement in accordance with Section 3.01-B but determined as of his date of termination, multiplied by the applicable percentage based on completed years of Credited Service in accordance with the following tables: 13 Completed Years of Applicable Effective Credited Service at Percentages of Monthly Bene�t Rate Terminated Date Benefit Payable Less than 10 0% --�° 10 50 10.0% 11 60 13.2 12 70 16.8 13 80 20.8 14 90 25.2 15 of more 100% 30.0 + C. In lieu of the deferred monthly retirement benefit provided in Section 3.05(B), the terminated Participant may elect to receive a lump-sum amount equal to the total of his Contributions with 5% Interest computed from January l, 1977, such amount to be payable within 60 days following the date of termination. 3.06 Cost-of-Living Adiustrnent of Benefits: All retirement and disability benefits received under this Section 3 shall be adjusted annually pursuant to this Section 3.06. A. Definition of Terms Used in This Section . (1) "Current Cost-of-Living Index" means the average of the monthly Consumer Price Index for the 12 month period ending December 31 each year as determined by the Bureau of Labor Statistics of the United States Department of Labor for all items and major groups, United States city average. (2) "Participant Base Index" means (i) For any Participant who dies or retires under the provisions of this Plan on or after October 1, 1975, the average of the Consumer Price Index for the twelve-month period ending prior to the date of death or retirement; (ii) For any Participant who dies or retired under this Plan prior to October 1, 1975, the average of the Consumer Price Index forthe calendar year ending December 31, 1975. In the event the base year used in computing the monthly Consumer Price Index should be changed by the Bureau of Labor Statistics, the Commission, with the advice of the Plan actuary, shall adjust the Participant Base Index of each retired Participant with benefit payments commencing during the first year in which such change was made so as to effect the original intent of this Section in an equitable manner. 14 (3) "Adjusted Participant Index" means the Participant Base Index adjusted for all percentage adjustments made in benefits prior to the current Annual Adjustment Date. (4) "Annual Adjustment Date" means March 1 st of each year commencing (a) March 1, 1976 as to any Participant who dies or retires on or after October 1, 1975, and (b) March 1, 1976 as to any Participant who dies or retires on or before October 1, 1975. B. Annual Adiustment The Commission shall ascertain the Current Cost-of-Living Index as of January 1 each year and the benefits being paid under Sections 3, 4, or 5 to any Participants, Beneficiary, or Joint Annuitant, as previously adjusted under this Section, shall be further adjusted as of the Annual Adjustment Date as follows: (1} If the Current Cost-of-Living Index is more than 100% of the Adjusted Participant Index, the benefit shall be increased by a percentage equal to the difference between (a) the percentage representing the Current Cost- , of-Living Index divided by the Adjusted Participant Index and (b) 100%. (2) If the Current Cost-of-Living Index is less than 100% of the Adjusted Participant Index, the benefit shall remain unchanged. (3) Notwithstanding the foregoing provisions of this Section, no increase in the amount of the monthly retirement benefit due to changes in the Current Cost-of-Living Index, effective at any Annual Adjustment Date, shall be in excess of 5% of the amount of the monthly retirement benefit payable immediately prior to such date. 3.07 Required Distribution Rules The following provisions will be effective beginning as ot' the first day of the 1989 calendar year: (a) Pavment to the Participant: Any other provision of the Plan notwithstandzng, the Plan will cash-out each Participant's Accrued Benefit, or will begin annuity payments, no later than the April 1 following the calendar year in which he retires, or the Iater calendar year in which he reaches age 7Q-1/2. The Plan will pay the Accrued Benefit over a period not extending beyond the Participant's lifetime or life expectancy, or over a period not extending beyond the joint and last survivor life expectancies of the Participant and his or her spouse or other Beneficiary, using age(s) attained as of the end of the calendar year in which the Participant retires (or reaches age 70-ll2 if later), and the Accrued Benefit as of that date. However, if the Beneficiary of a joint and survivor annuity form of payment is not the spouse and is more than 10 years younger than the Participant, payments to the Beneficiary will not exceed the applicable percentage of the Participant's benefzt payments required by the incidental benefit rule. The Commission will not recalculate the life expectancy(ies). 15 (b) Participant's Death After Benefits Be�n: If the Participant dies after his payrnents have begun in a survivor annui�y form, the Commission wi11 pay the survivor benefits at least as rapidly as under the form of annuity in effect before his death. (c) Participant's Death Before Benefits Be�in: If the Participant dies before his payrnents have begun, the Commission will pay his entire Accrued Benefit no later than December 31 of the calendar year which contains the fifth anniversary of his death. However, this five-year rule will not apply if the primary beneficiary is an individual described below and circumstances permit the Commission to use the exception described below. (1) Surviving Spouse as Primarv Beneficiary: If the Participant's surviving spouse is the Beneficiary, the Commission will begin payments not later than the end of the calendar year during which the Participant would have reached age 70-1/2, and will continue payments over a period not extending beyond the spouse's life expectancy, using age attained as of that date and not recalculated. (2) Non-Spouse Primary Beneficiary: If the Beneficiary is an individual other tl�an the spouse, the Commissian will begin payrnents not later than the last day of the calendar year following the year in which the Participant's death occurs, and will continue payments over a period not extending beyond tl�e Beneficiary's life, or life expectancy determined as of that date and not recalculated. If the Beneficiary dies before receiving 120 payments under the ten years certain and life annuity described in Section 5.02, the Commission will continue to use the primary Beneficiary's life expectancy for purposes of making payments to an individual contingent Beneficiary. (d) Compliance with Code Section 401(a)(9): The intent of this Section is that the beginning dates and payment periods of benefits payable to each Participant and beneficiary will be within the limitations permitted under Code Section 401(a)(9). If there is any discrepancy between this Section and Code Section 401(a)(9), Code Section 401(a)(9) will prevail. With respect to distributions under the Plan on or after January 1, 2001, the Plan will apply the minimum distribution requirements of Section 401(a)(9) of the Code in accordance witl; the final regulations under Section 401(a)(9) that were adopted on April 16, 2002, notwithstanding any provision of the Plan to the contrary. 3.08 Code Section 415 Limit In no event will be annual benefits payable to any Participant exceed the limitations contained in Code Section 415. A. Limitation on Benefits. The remainder of this Section shall be effective as of January 1, 2002. B. Definitions 16 (i) Defined benefit dollar limitation. The "defined benefit dollar limitation" is $160,000 (subject to adjustments required under applicable Iaw for employee contributions) as adjusted, efFective January 1 of each year, under Section 415(d) of the Code in such manner as the Secretary of Treasury shall prescribe, and payable in the form of a straight Iife annuity. A limitation as adjusted under Section 415(d) will apply to limitation years ending with or within the calendar year for which the adjustment applies. (ii) Maximum permissible benefit. For purposes of this Section 3.08, the "maximum permissible benefit" is the lesser of the "defined benefit dollar limitation" or the "defined benefit compensation Iimitation" (both adjusted where required, as provided in paragraph (a) of this Section 3.08(b)(ii) and, if applicable, in paragraphs (b) or (c) of this Section 3.08(B)(ii). (a) If the Participant has fewer than 10 years of Credited Service, the defined benefit dollar limitation shall be multiplied by a fraction, (i) the numerator of which is the number of years of Credited Service and (ii) the denominator of which is 10. In the case of a Participant who has fewer than 10 years of Credited Service, the defined benefit compensation limitation shall be multiplied by a fraction, (i) the numerator of which is the number of years of Credited Service and (ii) the denominator of which is 10. (b) If the retirement benefit of a Participant begins prior to age 62, the defined benefit dollar Iimitation applicable to the Participant at such earlier age is an annual benefit payable in the form of a straight life annuity beginning at the earlier age that is the Actuarial Equivalent of the defined benefit dollar limitation applicable to the Participant at age 62 (adjusted under (a) above, if required). The defined benefit dollar limitation applicable at an age prior to age 62 is determined as the lesser of: (i) the actuarial equivalent (at such age) of the defined benefit dollar limitation computed using the interest rate and mortality table (or other tabular factor) specified in Section 1.02 of the Plan and (ii) the actuarial equivalent (at such age} of the defined benefit dollar Iimitation computed using a 5 percent interest rate and the applicable mortality table as defined in Section 1.02 of the Plan. Any decrease in the defined benefit dollar limitation determined in accordance with this Section 3.08(B)(ii)(b) shall not reflect a mortality decxement if benefits are not farfeited upon the death of the Participant. If any benefits are forfeited upon death, the full mortality decrement is taken into accaunt. (c} If the benefit of a Participant begins after the Participant attains age 65, the defined benefit dollar limitation applicable to the Participant at the later age is the annual benefit payable in the form of a straight life annuity beginning at the later age that is 17 actuarially equivalent to the defined benefit dollar limitation applicable to the Participant at age 65 (adjusted under Section 3.08(B)(ii)(a), if required). The actuarial equivalent of the defined benefit dollar limitation applicable at an age after age 65 is determined as: (i) the Iesser of the actuarial equivalent (at such age) of the defined benefit dollar limitation computed using the interest rate and mortality table (or other tabular factor) specified in Section 1.02 of the Plan and (ii) the actuarial equivalent (at such age) of the defined benefit dollar limitation computed using a 5 percent interest rate assumption and the applicable mortality table as defined in Section 1.02 of the Plan. For these purposes, mortality between age 65 and the age at which benefits commence shall be ignored. C. Notwithstanding anything in this Section 3.08 to the contrary, benefit increases resulting from the increase in the limitations of Section 415(b) of the Code shall be limited to aIl Employees participating in the Plan who have one hour of Credited Service on or after the first day of the first limitation year ending after December 31, 2001. D. For distributions commencing prior to January l, 2002 and for Participants who do not have one hour of Credited Service before this date, the County shall, to the extent required by the Economic Growth and Tax Relief Reconciliation Act and in accordance with the Code, appty the limitations contained in Code 415, as in effect at the time the distribution commenced; subject to the disregard of Code Section 415(e) for distributions occurring after January 1, 2000. E. In accordance with Code Section 415(b)(10), notwithstanding anything in this Section 3.08 to the contrary, for purposes af Employees who became Participants before January 1, 1990, the benefit limitations contained in this Section 3.08 shall not be less than such Participant's Accrued Benefit under the Plan (as determined without regard to any Plan amendment made after October 14, 1987). 3.09 Enhanced Earlv Retirement for 1996. Participants who have attained, or who will have attained, the age of 50 on or before December 31, 1996, and who have completed 5 years of Creditec3 Service as of July l, 1996, and who are employed by Augusta-Richmond County on October 1, 1975, may elect to receive retirements benefits under this Section. Such election must be made on a form designated by Augusta-Richmond County between October 1, 1996 and 4:00 p.m. on December 23, 1996. Any Participant electing to retire early pursuant to this Section shall have until 4:00 p.m. on the seventh (7th) day following such election to revoke same. A. Enhanced Early Retirement Date: The Enhanced Eaxly Retirement Date of a Participant shall be the first day of the month next follovc�ing the date he retires from the employ of the County under the provisions of this Section. 18 B. Amount of Retirement Benefit: The monthly retirement benefit payable to a Participant who retires on his Enhanced Early Retirement Date shall be an amount equal to 2% of the highest salary or wage or remuneration received as a Participant within the period of seventy-two (72) months immediately preceding his retirement for each year of Credited Service plus an additional ten (10) years of service to be added to the years of Credited Service for purposes of computing the amount of the retirement benefit, up to a m�imum of one hundred percent (100%) of Average Earnings for the Participant's high three (3) years of Earnings, any contrary provision of this Act notwithstanding. The amount of the monthly enhanced retirement benefit shall not be reduced for any month or time period by which the Early Retirement Date of a Participant precedes his Normal Retirement Date, notwithstanding any other provision of the Plan. C. Prereguisite for Electin� Early Retirement: Any Participant electing Enhanced Early Retirement shall be required to execute a covenant not to sue in favor of Richmond County, Georgia and Augusta-Richmond County, Georgia and their officials, agents, and employees for any and all claims arising out of such employee's employment by Richmond County, Georgia and/or Augusta- Richmond County, Georgia, and agreeing not to seek or accept any further employment by Augusta-Richmond County, or its constitutional and elected officials. This provision shall not be construed as prohibiting any such person from seeking any elective position by the State of Georgia or Augusta-Richmond County. 3.10 Special Unreduced Earlv Retirement. If a Participant with at least twenty (20) years of Credited Service is permanently separated from the service involuntarily by action of the Commission or by action of the elective official under whom he is employed, the Participant may elect to collect Plan benefits under this Section in lieu of any other Section of this Plan; provided, however, no Participant shall draw any benefits under this Section, and such benefits shall be forfeited, if his involuntary separation from the services of the County is found by the Commission to have been caused by the Participant's willful misconduct, or self-inflicted injury, or growing out of his attempt to injure another, or due to intoxication or willful misconduct, or due to the commission of crime under the laws of this State, or any other State of the United States. (1) S�ecial Retirement Date: The Special Retirement Date of a Participant shall be the first day of the month which coincides with or next follows the date the Participant elects to retire underthe provision of this Section. (2) Amount of Special Unreduced Retirement Benefit. A Participant at retirement under this Section shall receive a monthly retirement benefit, commencing on his Special Retirement Date, provided he is then alive, equal to the amount computed in the same manner as for normal retirement in accordance wiYh Section 3.01-B, but based on Credited Service and Earnings as of the Special Retirement Date. 19 (3) Payment of S�ecial Retirement Benefit. The monthly retirement benefit payable in the event of special retirement shall be payable on the first day of each month. The first payment shall be made on the Special Retirement Date and the last payment shall be the payment due next preceding his date of death, subject to the provision of Sections 3.12 or 4.02. 3.11 Rollover Distributions Except where otherwise provided, Section 3.11 shall apply to benefits payable on or after January 1, 1993, but only to the extent required by the plan qualification rules of Section 401(a) of the Code. A. Notwithstanding any contrary provision of the Plan, a Distributee may elect, at the time and in the manner prescribed by the County, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover. B. The special capitalized terms used only in this Section 3.11 shall have the meanings specified below: "Direct Rollover" means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee. "Distributee" means an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are Distributees with regard to the interest of the spouse or former spouse. "Eligible Retirement Plan" means an individual retirement account described in Section 408(a) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity eontract described in Section 403(b) of the Code, or a qualified trust described in Section 401(a) of the Code that accepts the Distributee's Eligible Rollover Distribution. Effective for Plan Years ending before January l, 2002, in the case of an Eligible Rollover Distribution to the Employee's surviving spouse, an Eligible Retirement Plan shall mean only an individual retirement account or individual retirement annuity. Effective as of January 1, 2002, the definition of "Eligible Retirement Plan" shall also apply to an annuity contract described in Section 403(b) of the Code, an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency ar instrumentality of a state ar political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan, and in the case of a distribution to an Employee's surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code. "Eligible Rollover Distribution" means any distribution of all ar any portion of the Accrued Benefit to the credit of the Distributee, except that an Eligible Rollover Distribution does not include: (1) any distribution that is one of a series of 20 substantially equal periodic payments (not less frequently than annually) made far the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the Distributee and the Distributee's designated Beneficiary, or for a specified period of ten years or more; (2) any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and (3) the portion of any distribution that is not includible in gross income. Effective as of January 1, 2002, notwithstanding the foregoing, any amount that is distributed on account of hardship shall not constitute an Eligible Rollover Distribution. 3.12 Normal Forms of Benefits for Married Participants. The provisions of this Section 3.12 shall apply to Participants who have completed at least one hour of Credited Service on or after August 23, 1984 (with special definitions set forth herein for terms that begin with initial capital letters and are not elsewhere defined): A. Unless an optional form of benefit has been selected pursuant to Section 5 within the applicable election period pursuant to a Qualified Election, if a Participant dies after the Participant's Early Retirement Date, the Participant's Eligible Spouse, if any, will receive the same benefit that would be payable if the Participant had retired with an immediate Qualified Joint and Survivor Annuity on the day before the Participant's date of death. The Eligible Spouse may elect to commence payment under such death benefit within a reasonable period after the Participant's death. The Actuarial Equivalent of a Participant's Accrued Benefits which commence later than the date on which payments would have been made to the Eligible Spouse under a Qualified Joint and Survivor Annuity in accordance with this provision shall be adjusted to reflect the delayed payment. B. Unless the Qualified Preretirement Survivor Annuity has been waived within the election period pursuant to a Qualified Election, if a Participant dies on or before the Early Retirement Date, the Participant's Eligible Spouse, if any, will receive the same benefit that would be payable if the Participant had: (i) separated from service on the date of death (or date of separation of service, if earlier), (ii) survived to the Early Retirement Date, (iii) retired with an immediate Qualified Joint and Survivor Annuity at the Early Retirement Date, and (iv) died on the day after the Early Retirement Date. Notwithstanding any provision in the Plan to the contrary, any Participant whose retirement date is after December 31 1992 may not waive a Qualified Preretirement Survivor Annuity. 21 C. For purposes of this Section 3.12, Accrued Benefits under this Section 3.12 will be payable to a surviving Eligible Spouse commencing on the later of: (i) the date on which the Participant would have reached Early Retirement Date, or (ii) the date the Participant dies. Benefits commencing after the Early Retirement Date will be the Actuarial Equivalent of the Accrued Benefits to which the Eligible Spouse would have been entitled if Accrued Benefits had commenced at the Early Retirement Date under an immediate Qualified Joint and Survivor Annuity in accordance with Section 3.12(B). D. A former Participant who has not performed any service after August 22, 1984 but who had completed 10 years of Credited Service before terminating service and has reached the Early Retirement Date may elect Qualified Preretirement Survivor Annuity protection by filing a written election with the County. Such election shall remain in effect until revoked by the Participant. E. A Participant's retirement benefit shall not be reduced to take account of Survivor Annuity protection which is in effect during his or her service and before the first date which could have been such Participant's Early Retirement Date. However, with respect to any other period before the Participant's Normal Retirement Date but either on or after the Participant's termination of service or the Participant's Early Retirernent Date in which Qualified Preretirement Survivor Annuity protection is in effect, such Participant's Accrued Benefit shall be reduced pursuant to Section 3.02(b)(2). In applying the formula in this Section 3.12(E), the period for which Qualified Preretirement Survivor Annuity protection is in effect shall be computed to years and full months, and a Participant's retirement benefit shall be reduced proportionately for each month. Notwithstanding the foregoing, however, reductions shall not be made to Accrued Benefits for Participants who retire on or after December 31, 1992 for any period in which Qualified Preretirement Survivor Annuity Protection is in effect. F. 'The Employer shall provide each Participant a written explanatian of: (1) the terms and conditions of a Qualified Preretirement Survivor Annuity; (2) the " Participant's right to make and the effect of an election to waive the Qualified Preretirement Survivor Annuity; (3) the rights of a Participant's Eligible Spouse; and (4) the right to make, and the effect of, a revocation of a previous election to waive the Qualified Preretirement Survivor Annuity. Such notice shall be provided within the applicable period with respect to such Participant as defined in Code Section 417{a)(3)(B). A Participant may elect (with spousal consent) to waive the requirement that the written explanation be provided at least 30 days prior to the Annuity Starting Date if the distribution commences more than seven days after such explanation is provided. G. Certain Definitions (i) "Annuity Starting Date" means the Participant's date of retirement on either the Normal Retirement Date, Early Retirement Date, or Delayed Retirement Date, as the case may be. 22 (ii) "Eligible Spouse" means the spouse or surviving spouse of a Participant, provided that: (I) a Participant's former spouse will be treated as the Eligible Spouse and a Participant's current spouse will not be treated as the Eligible Spouse to the extent provided under a qualified domestic relations order as described in Section 414(p) of the Code, and (II) Accrued Benefits will not be payable to the Surviving Spouse of the Participant unless the Participant and such spouse had been married throughout the one-year period ending on the earlier of the Annuity Starting Date or the date of the Participant's death. (iii) "Qualified Election" means a waiver of a Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity provided under this Section 3.12. Any waiver of a Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity shall not be efFective unless: (a) the Participant's Eligible Spouse consents in writing to the election; (b) the election designates a specific alternative Beneficiary, including any class of beneficiaries or any contingent beneficiaries, which may not be changed without spousal consent (or the Eligible Spouse expressly permits designations by the Participant without any further spousal consent; (c) the Eligible Spouse's consent acknowledges the effect of the election; (d) the Eligible Spouse's consent is witnessed by a Plan representative or notary public; and (e) if the election is to waive the Qualified Preretirement Survivor Annuity provided under this Section 3.12, the Participant has either terminated service or completed service through the Early Retirement Date. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity will not be effective unless such waiver designates a form of benefit payment which may not be changed without spousal consent (or the Eligible Spouse expressly permits designations by the Participant without any further spousal consent). If it is established to the Employer's satisfaction that such written consent may not be obtained because there is no Eligible Spouse or the Eligible Spouse cannot be located, a waiver will be deemed a Qualified election. Any consent by an Eligible Spouse obtained under this provision (or establishment that the consent of an Eligible Spouse may not be obtained) shall be effective only with respect to such Eligible Spouse. A consent that permits designations by the Participant without any requirement of further consent by the Eligible Spouse must acknowledge that the Eligible Spouse has tne right to limit consent to a specific Beneficiary, and a specific form of benefit where applicable, and that the Eligible Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver 23 may be made by a Participant without the consent of the Eligible Spouse at any time prior to commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in Section 3.12(H), and Section 3.12(I). (iv) "Qualified Joint and Survivor Annuity" means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Eligible Spouse which is 50 percent of the amount of the annuity which is payable during the joint lives of the Participant and the Eligible Spouse and which is the actuarial equivalent of a straight life annuity for the life of the Participant at his or her Normal Retirement Date. (v) "Qualified Preretirement Survivor Annuity" means the survivor annuity provided in Section 3.12(B). (vi) "Survivor Annuity" means a Qualified Joint and Survivor Annuity or Qualified Pre-retirement Survivor Annuity. H. The Employer shall provide each Participant no less than 30 days and no more than 90 days prior to Annuity Starting Date, a written explanation of: (1) the terms and conditions of a Qualified Joint and Survivor Annuity; (2) the Participant's right to make, and the effect of, an election to waive the Qualified Joint and Survivor Annuity form of benefit; (3) the rights of a Participant's. Eligible Spouse; (4) the right to make, and the effect of, a revocation of a previous election to wai�e the Qualified Joint and Survivor Annuity; and (5) the relative values of the various optional forms of benefit under the Plan. (i) Notwithstanding the foregoing, the County, to the extent permitted by applicable United States Department of Treasury regulations, may pro�ide the written explanation after the Annuity Starting Date, in which case the election period shall end on the 30th day after the date on which such explanation is provided. (ii) A Participant may elect (with spousal consent) to waive the requirement that the written explanation be provided at least 30 days prior to the Annuity Starting Date (or the 30-day election period described above in subparagraph (a)) if the distribution commences more than seven days after such explanation is provided. (iii) Notwithstanding the foregoing, effective as of January l, 1997, in accordance with Code Sections 417(a)(7)(A) and 417(a)(7)(B), a Participant may elect an Annuity Starting Date which is less than thirty (30) days after the written explanation, required by Code Section 417(a)(3), is furnished to the Participant and his or her spouse, provided the following requirements are met: (a) the 24 Employer provides information to the Participant clearly indicating that the Participant has a right to at least a 30-day period in which to consider whether to waive the automatic form of distribution and consent to another form of distribution; (b) the Participant is permitted to revoke an affirmative distribution election at least until the Annuity Starting Date or, if later, at any time prior to the expiration of the seven day period beginning with the day after such explanation is provided to the Participant; (c) the Annuity Starting Date must be a date after the date that the explanation is provided to the Participant, but may be a date before the date that an affirmative distribution election is made by the Participant; and (d) the distribution must not actually commence before the expiration of the foregoing seven day period. I. The Employer shall furnish or cause to be furnished to the Participant information concerning elections under Section 3.12 under procedures developed by the Employer in accordance with the Code. Any election under Section 3.12 or any modification or revocation of such election must be made by the Participant prior to the date that payments to the Participant commence pursuant to the provisions of the Plan; provided, however, that under such rules and procedures as may be adopted by the Employer and provided the Participant supplies such additional information as the Employer may request (including evidence of the Participant's or his or her Beneficiary's good health), a Participant may modify or revoke an election, subject to Sections 3.12(H) and 3.12(I), after the date payments axe to commence. 3.13 Supplemental Retirement Benefit: Participants who were currently Employees in active service and employment as of January 1, 1998, and Participants who have retired, other than those Participants who retired under the Enhanced Early Retirement provided for in Section 3.09 hereof, shall receive, in addition to their normal retirement benefit, a payment of One-Hundred Dollars ($100.00) per month until their death or termination of participation in the Plan. 3.14 Past Increases All increased retirement payments previously granted and adopted by the Commission pursuant to the provisions of Ga. L. 1971, pp. 3881 are hereby approved and authorized, and all subsequent increased retirement payments shall be pursuant to provisions of Section 3.06. SECTION 4 DEATH BENEFITS 4.01 Death Prior to Retirement A. Non-Dut Connected Death This paragraph shall only apply if any Plan benefits are paid pursuant to Section 3.12. If a Participant is separated from the service of his employment, as defined in the Plan, by death, there shall be returned to his or her surviving spouse if one, and if not, then to his or her next of kin upon application therefor, one hundred 25 (100) per centum of his or her Contributions, less any payments made to him or her by reason or any other provision of this Plan, and less any suxn that might be due by him or her to Richmond County, which amount so due shall be paid to the County; and when one hundred per centum of his or her Contributions, less authorized deductions, if any, is returned, then his or her estate, or his or her personal representative shall receive from the Fund, no other sums whatsoever. Notwithstanding the foregoing, if a terminated Participant entitled to the deferred monthly retirement benefit provided in Section 3.01-B dies prior to the commencement of such benefit, his Beneficiary shall receive any payment or payrnents due under Section 3.12 and a lump sum amount equal to the total of his contributions with 5% interest, computed from January 1, 1977, such amount to be payable with 60 days following his date of death. B. Duty Connected Death This paragraph shall only apply if any Plan benefits are paid pursuant to Section 3.12. The widow of a Participant who is killed in line of duty, as hereinafter defined; may elect, in lieu of receiving a refiznd of pension contributions under the provisions of the Plan, to receive a pension computed at twenty-five percent (25%) of the Participant's monthly salary or wages at the time of his death; which shall be payable monthly to the widow, until her death or remarriage, or in the event of her death leaving a child or children of the Participant surviving her, who have not reached their 18th birthday, pension shall be continued to be paid for the benefit of such child or children as long as they remain unmarried and until they reach their 18th birthday; and if there be no widow living at the time of the death of such Participant killed is herein defined, but there be a child or children of Participant living as of date who have not reached their 18th birthday, the guardian of children may make a similar election as that provided for a widow and, in the event such election is made, a pension in amount shall be paid for the benefit of such child or children as long as they remain unmarried and until they reach their 18th birthday. As used herein, "killed in line of duty" shall mean killed while actively performing the prescribed duties of the Partici�ant's job and not resulting from any misconduct or negligence of such Participant; provided, however, that no payments shall be made under the provisions of this section until such date as any monthly benefits provided under the Workmen's Compensation Laws of Georgia shall have ceased. 4.02 Death After Retirement If a Participant dies subsequent to his retirement and had elected to receive a deferred benefit under Section 3.02-B(1) or Section 3.05-B but such benefit had not commenced, his Beneficiary shall receive a lump-sum cash amount equal to one-half of the benefits of the deceased Employee, under the provisions of this Plan; provided that no benefits shall payable hereunder if Plan benefits are paid under Section 3.12 or 4.01. 26 4.03 Adjusted Benefit The amount of monthly retirement benefit provided under this Section 4 shall be adjusted by the cost-of-living adjustment as provided in Section 3.06 upon commencement of such benefit. 4.04 Designation of Beneficiaries A. Each Participant shall designate a Beneficiary to receive the benefits, if any, which may be payable in the event of his death pursuant to the provision of Section 3 or 4. Such designation shall be made in writing on a form provided by the Commission and shall be signed and filed with the Commission. The Participant may change his designation from time to time by filing the proper form with the Commission, and each change shall revoke all prior designations by the Participant. In each such designation the Participant may name one or more primary Beneficiaries and one or more contingent Beneficiaries. If no Beneficiary designated by the Participant survives him, the Commission may direct the payment of such benefits to (a) the spouse of the deceased, if living; otherwise, to (b) the descendents of the deceased Participant per stirpes or on their behalf as provided in Section 10.04; or if none, to (c) the legal representative of the estate of the deceased Participant. B. In the event of the death of a Beneficiary who survives the Participant and who, at his or her death, is receiving benefits as described in paragraph A of this Section, the remaining benefits, if any, shall be payable to a person designated by the Participant to receive the remaining benefits, or, if no person was so designated, then to a person designated by the Beneficiary of the deceased Participant; provided, however, that if no person so designated be Iiving upon the occurrence of such contingency, the rexnaining benefits, if any, shall be payable to (a) the spouse of the deceased Participant, if living; otherwise to (b) the descendents of the deceased Beneficiary per stirpes or on their behalf as provided in Section 10.04; or if none, to (c) the legal representative of the estate of the deceased Beneficiary, as the Commission in its sole discretion may determine. C. In the event the Commission does not direct the payments as specified in paragraph A or B of this Section, the Commission may elect to have a court of applicable jurisdiction determine to whom payments should be made, and the Cornmission shall follow such instructions as the court may give. . SECTION 5 CONTRIBUTIONS S.Q1 Countv Contributions Contributions by the County shall equal five percent (5%) of the aggregate of any Participant's Earnings, plus such additional amounts as shall be determined by the County, based upon the recommendations of an actuary. County contributions shall be paid to the Fund and shall be used only for the benefit of the Participants and 27 Beneficiaries of the Plan; provided that on the recommendation of the County's actuary, who shall be a member of the American Academy of Actuaries, or an organization of which one or more members is a member of the American Academy of Actuaries, the Commission may increase or decrease the County's contributions as recommended by such actuary. 5.02 Participant Contributions A. Each Participant shall contribute to the Fund an amount equal to five (5%) per cent of his Earnings. Contributions by the _Participant shall cease at the earlier of (a) his date of termination of employrnent for any reason, and (b) his actual retirement date. Participant contributions shall be made by payroll deduction and in such manner as determined by the Commission. B. Withdrawals of Participant Contributions: In all cases where previously adopted provisions of the 1945 act as amended call for participant contributions to be refunded that such refiznding will be with "interest" as computed in subsection A of this Section. C. Return of Contributions: Any Participant who voluntarily absolutely separates from the service of the Commission or from the service of the elective officer by whom he is employed or who is discharged as provided by the "Richmond Officers and Employees' Act" in Ga. L. E.S., 1937-1938, pp. 875-880 inclusive, as amended, or who was discharged by the elective officer under whom he is employed before being retired under any provisions of the Plan, shall have returned to the Participant or his estate, within ninety (90) days of the date of application after he is absolutely separated or his discharge becomes final, the entire amount of his Contributions, without Interest, less any disability payments he has received. Once the sum is returned to the Employee, he shall not have any further claim or right to receive any fund, or payments whatsoever of any kind of character from the Fund. SECTION 6 ADMINISTRATION OF PLAN 6.01 Administration A. Powers of the Commission The Commission shall control the administration of the Plan hereunder, with all powers necessary to enable it properly to carry out its duties in that respect. Not in limitation, but in amplification of the foregoing, the Commission shall have the power to construe the Plan and to determine all questions that shall arise thereunder, and shall also have all the powers elsewhere herein conferred upon it. It shall decide all questions relating to the eligibility of Employees to participate in the benefits of the Plan, and shall determine the benefits to which any Participant, Beneficiary, or Joint Annuitant may be entitled under the Plan. The decisions of the Commission upon all matters within the scope of its authority shall be final and binding upon all parties to this instrument, Participants, and Participant's Beneficiaries and Joint Annuitants. 28 B. Records of the Commission All acts and determination of the Commission shall be duly recorded by the County clerk, or under his supervision, and ail such records, together with such other documents as may be necessary for the administration of the Plan sha11 be preserved in the custody of such clerk. C. Exemption from Liabilitv of the Commission. The members of the Comrnission, and each of them, shall be free from all liability, joint, and several, for their acts, omissions and conduct, and for the acts, omissions and conduct of their duly constituted agents, in the administration of the Plan, and the County shall indemnify and save each of them harmless from the efFects and consequences of their acts, omissions, and conduct in their official capacity, except to the extent that such effects and consequences shall result from their own willful misconduct. D. Miscellaneous: The Commission shall prepare and distribute to the Employees information concerning the Plan, at the expense of the County, in such manner as it shall deem appropriate. To enable the Commission to perform its functions, the County shall supply full and timely information of all matters relating to the compensation and length of service of all Participants, their retirement, death or other cause of termination of employment, and such other pertinent facts as the Commission may require. The Commission shall be entitled to rely upon all tables, valuations, certificates, and reports furnished by an actuary, who shall be a member of the American Academy of Actuaries, or an organization which one or more members is a member of the American Academy of Actuaries and upon all certificates and reports made by an accountant selected or approved by the Commission. The Commission shall be fully protected in respect to any action taken or suffered by it in good faith in reliance upon the advice or opinion of any actuary, accountant, or attorney, and all action so taken or suffered shall be conclusive upon each member of the Commission and upon all persons interested in the Plan. SECTION 7 TRUST FUND AND TRUSTEES 7.01 Trust Fund There is created a permanent pension Fund for the benefit of each Participant covered by this Plan, and the Fund shall be known as the "Richmond County Employees' Pension Fund" and shall be kept in a separate account earmarked "Richmond County Employees' Pension Fund", with a separate, permanent record thereof. The assets of the Fund shall be held and administered by the Commission. The Fund shall consist of all payrnents by the County and Participants to the Fund and earnings from investments. The assets of the Fund shall be valued as of the end of each plan year, and at any other time required by the Commission, and at the then existing book and market value. The Fund is hereby declared not to be the property of the Commission or the County, and this includes any sum paid in or directed to be paid in by the Commission and it shall reserve no property in any sum raised or due by virtue of the Plan. 29 The Commission shall maintain a separate and permanent record of the Fund. All decisions of the Commission in regard to the Fund or any payments or withdrawals therefrom shall be recorded in the minutes of the Commission and also entered on the permanent record kept by the Commission and such permanent record shall be open to inspection by any interested person at all regular business hours. The Commission shall keep the Treasurer and Clerk of the Commission bonded at all times and in an amount equal to the total Fund in possession of or under the control of either; provided, however, that such bond sha11 not exceed Two-Hundred Thousand Dollars ($200,000.00) as to each party. The bond shall also cover any acting Treasurer or Clerk. 7.02 Amendment of Trust The County shall have the right at any time, by an instrument in writing duly executed by the Commission and to the Trustee, to modify, alter, or amend this Plan and Trust in whole or in part; provided, however, that the duties, powers, and liability of the Trustee hereunder shall not be substantially increased without its written consent, and provided further, that no such amendment shall have the effect of revesting in the County any part of the principal or income of the Fund. 7.03 Discontinuance of Trust and Vestin� The County expressly reserves the right to terminate this Plan and Trust Agreement at any time. Upon termination of the Plan by the County, or complete discontinuance of Contributions thereunder, having the effect of termination, the rights of each Participant to benefits accrued to the date of such termination or discontinuance, to the extent then funded, shall be nonforfeitable. In either case the Commission shall, upon instructions from the County, continue to administer the Fund as provided in Section 7. No part of the Fund shall at any time revert to the County unless a11 benefits for Participants and their Payees have been provided. 7.04 Powers of the Commission The Commission shall have the following power and authority in the administration of the Fund to be exercised in accordance with and subject to the provisions of Section 7.05 hereof (a) control the administration of the Plan hereunder, with all powers necessary to enable it to properly carry out its duties in that respect. Not in limitation, but in amplification of the foregoing, the Commission shall have the power to construe the Plan and to determine a11 questions that shall arise thereunder, and shall also have all the powers elsewhere herein conferred upon it; (b) decide all questions relating to the eligibility of Employees to participate in the benefits of the Plan; and (c) determine the benefits to which any Participarit or Beneficiary may be entitled under the Plan. 30 The decisions of the Commission upon all matters within the scope of this authority shall be final and binding upon all parties to this instrument, participants and their beneficiaries. All acts and determinations of the Commission shall be duly recorded by the County clerk, or under his supervision and all such records, together with such other documents as may be necessary for the administration of the Plan, shall be preserved in the custody of such clerk. The Commission shall prepare and distribute to the Employees information concerning the Plan at the expense of the County, in such manner as it shall deem appropriate. To enable the Commission to perform its functions, the County shall supply full and timely information of all matters relating to the compensation and length of service of all Participants, their retirement, death or other cause of termination of employment, and such other pertinent facts as the Commission may require. 7.05 Investment of Eund The County comptroller shall be the custodian of such Fund and shall deposit the same in a bank or banks, and, pursuant to the direction of the pension fund investment committee, which committee shall consist of the members of the Augusta-Richmond County Commission, shall invest and reinvest, from time to time, any portion thereof not immediately needed for the payrnent of pensions, in securities approved by law for the investment of trust funds; and, in such securities other than those specifically approved - by law for the investment of trust funds, as the pension fund investment committee shall deem proper, from time to time; provided, however, that the amount of the pension fund which may be invested in such securities other than those specifically approved by law for the investment of trust funds may not exceed fifty percent (50%) of the total amount of the fund then outstanding; and in addition thereto, the investment committee may invest such funds in bonds and debentures assumed or guaranteed by such existing corporation or institution existing under the laws of the United States of America, or any state thereof, provided such bonds or debentures are rated at the time of their purchase, by a nationally recognized securities rating service, as AAA (Aaa), AA (Aa) or A(a) in lieu thereof, provided such bonds or debentures are the type in which domestic life insurance companies are permitted to invest under the provisions of Section 33-11-20 of the Official Code of Georgia Annotated (Ga. Code Ann. § 56-1016), as amended. The amount of the pension fund which may be invested in the bonds and debentures of any one corporation may not exceed ten percent (10%} of the total amount of such fund then outstanding. Withdrawal from the fund for investment purposes shall be accomplished by vouchers drawn by the Treasurer, counter-signed by the mayor of the County or the mayor's designee. 7.06 Taxation 'I'he Commission is hereby authorized to levy a tax from time to time to raise a sufficient sum to meet the requirements of the Plan for paying into the Fund an amount equal to the 31 amount contributed by Participants to the Fund; and in the event such amount contributed by the Participants should be increased to five percent (5%) Earnings and the five percent (5%) contributed by the Commission, shall be insufficient to pay the pensions provided for in the Plan, then and in that event the Commission shall levy a sufficient tax to meet all payments as required by the Plan, and from time to time to continue to do so. 7.07 Resi�nation of Trustee The Trustee may resign as Trustee of the Trust at any time by giving sixty (60) days written notice to the County, or with the consent of the County, may resign at any time. At such time as the resignation becomes effective, the Trustee shall render to the County an account of its administration of the Fund during the period following that covered by its last annual account, and shall perform all acts necessary to transfer and deliver the assets of the Fund to its successor. 7.08 Successor Trustees In the event of vacancy of one or more individuals in the Trusteeship of this Trust occurring at any time, the Commission shall designate and appoint qualified successor Trustee(s) until such individuals are elected by the electorate. 7.09 Disbursements Upon written direction (which may be a continuing one) from the Commission as to the name of any person to whom money is to be paid from the Fund and the amount thereof, checks shall be drawn by the Trustee in the name of the person designated by the Commission and deliver such checks in such manner and amounts and at such time as the Commission shall direct. In the event the Trustee shall deem it necessary to withhold any distribution pending compliance with legal requirements with respect to probate of wills, appointment of personal representatives, payment of or provision for estate or inheritance t�es, or for death duties or otherwise, the Trustee shall withhold payment pending receipt of the instructions from the County Attorney to make such distribution. SECTION 8 AMENDMENT AND TERMINATION This Section 8 shall apply only to the extent that it does not otherwise conflict with applicable Georgia law, including, but not limited to, Article I, Section I, Paragraph X of the Georgia Constitution. 8.01 Amendment of the Plan The County shall have the right at any time pursuant to authorization of the Commission, to amend any or all of the provisions of the Plan; provided, however, that no such amendment shall authorize or permit any part of the Fund to be diverted to purposes other than for the exclusive benefit of Participants and their Payees; and further provided, that no amendment shall have the effect of revesting in the County any portion of such Fund except such amounts which remain in the Fund after termination of the Plan and after all liabilities under the Plan have been satisfied. 32 8.02 Termination of the Plan The County expects this Plan to be continued indefinitely but, of necessity, reserves the right to terminate the Plan and its contributions thereunder at any time by action of the Commission; provided, however, that should the County terminate the Plan ar completely discontinue contributions hereunder so as the amount to a Plan termination, the accrued benefit of each Participant, to the extent then fi�nded, shall become fully vested and nonforfeitable as the date of termination. In the event of termination of the Plan and upon receipt of written notice of such termination, the Commission shall arrange for the Fund to be apportioned and distributed in accordance with the following procedure: A. The Commissio� shall determine the date of distribution and asset value of the Fund to be distributed, taking into account the expenses of distribution. B. The Coxnmission shall determine the method of distribution of the asset value -- that is, whether distribution to each Participant or Payee entitled to benefits shall be by payrnent in a lump-sum cash amount, the purchase of an annuity from an insurance company, or otherwise. C. The Commission shall apportion the asset value in the priority and manner set forth below, on the basis that the amount required to provide any given retirement benefit shall mean the actuarially computed single-sum value of such benefit, except that if the method of distribution determined under paragraph B of this Section involves the purchase of an insured annuity, the amount required to provide the given retirement benefit shall mean the single premium payable for such annuity: (1) An amount equai to each Participant's Contributions under the Plan with interest, less the aggregate amount of any benefit payrnents previously made with respect to such Participant, will be determined and such amount apportioned from the asset value. Such asset value, if insufficient to provide such amounts in fu11 will be apportioned among such Participants in proportion to the amounts determined with respect to them. (2) If there be any asset value remaining after the apportionment under (1) above, apportionment sha11 next be made with respect to each retired Participant receiving a retirement benefit hereunder an such date, each person receiving a retirement benefit on such date on account of a retired {but since deceased) Participant, each Participant who has, by such date, reached his Normal Retirement Date but has not yet retired, in the amount required to provide such retirement benefit as of the date of termination of the P1an, less any apportionment made in (1) above, provided that, if such remaining asset value be less than the aggregate of such amounts, such amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such asset value. 33 (3) If there be any asset value remaining after the apportionments under (1) and (2) above, apportionment shall next be made with respect to each active Participant on such date who has reached his Early Retirement Date but has not yet retired, in the amount required to provide such retirement benefit as of the termination date of the Plan, less any apportionment in (1) above, provided that, if such remaining asset value be less than the aggregate of the amounts apportioned hereunder, such latter amounts shall be proportionately reduced so that the aggregate of such reduced values will be equal to such remaining asset value. (4) If there be any asset value remaining after the apportionments under (1), (2), and (3) above, apportionment shall next be made with respect to each active Participant on such date who has completed at lease 10 years of Credited Service and each former Participant then entitled to a deferred benefit under Section 3.05-B hereof who has not, by such date, reached his Normal Retirement Date, none of whom is entitled to an apportionment under (2) above, in the amount required to provide the actuarially determined value of the accrued benefit as of the termination date of the Plan, less any apportionment in (1) above; provided that, if such remaining asset value be less than the aggregate of the amounts apportioned hereunder, such latter amounts shall be proportionately reduced so that the aggregate of such reduced values will be equal to such remaining asset value. (5) If there be any asset value remaining after apportionments under (1), (2), (3), and (4) above, apportionment shall lastly be made with respect to each active Participant on such date who is not entitled to an apportionment under (2), (3), or (4) above, in the amount required to provide the actuarially determined value of the accrued benefit as of the date of termination of the Plan, less any apportionment in (1) above; provided that, if such remaining asset value be less than the aggregate of the amounts apportioned hereunder, such latter amounts shall be proportionately reduced so that the aggregate of such reduced values will be equal to such remaining asset value. (6) In the event that any asset value rernains after the full apportionments specified in paragraphs (1), (2), (3), (4), and (5) above, such excess shall _ revert to the County. D. The Commission shall cause to be distributed, in accordance with the manner of distribution determined under paragraph B of this Section, the amounts apportioned under paragraph C of this Section. 34 SECTION 9 MISCELLANEOUS 9.01 Headings The headings and subheadings in this Plan have been inserted for convenience of reference only and are to be ignored in any construction of the provisions hereof. 9.02 Construction In the construction of this Plan the masculine shall include the feminine and the singular the plural in all cases where such meanings would be appropriate. Each Section of this Plan and every part of each Section are declared to be independent Sections and the holding of any Section or part of any section to be void shall not affect the other Sections or parts of such Sections, and it is declared that the other Sections not so held to be void, or parts of Sections not held to be void would have been enacted regardless of any Section or part of any Section being held void. The Plan constitutes a contract, from the effective date of this Act, between the Commission and the County and each Employee who is or who may hereafter become entitled to benefits under the Plan, which includes Participants now existing or that hereafter exist. This Plan shall be construed in accordance with the laws of the State of Georgia. 9.03 Nonalienation No benefits payable under the Plan will be subject to the claim or legal process of any creditor of any Participant or beneficiary, and no Participant or beneficiary will alienate, transfer, anticipate, or assign any benefits under the Plan, except that distributions will be made pursuant to (a) qualified domestic relations orders issued in accordance with Code Section 414 (p), (b) judgments resulting from federal tax assessments, and (c) as otherwise required by law. 9.04 Le�allv Incompetent If any Participant or Payee is a minor, or, in the judgment of the Commission is otherwise legally incapable of personally receiving and giving a valid receipt for any payment due him hereunder, the Commission may, unless and until claim shall have been made by a duly appointed guardian or committee of such person, direct that such payment or any part thereof be made to such person's spouse, child, parent, brother, or sister or other person deemed by the Commission to have incurred expense for or assumed responsibility for the expenses of such person. Any payment so made shall be a complete discharge of any liability under this Plan for such payment. 35 9.05 Benefits Supported Only By Fund Any person having any claim under the Plan will look solely to the assets of the Fund for satisfaction. In no event will the County, or any of its officers, members of the Commission, or agents, be liable in their individual capacities to any person whomsoever, under the provisions of the Plan. 9.06 Discrimination The County, through the Commission, shall administer the plan in a uniform and consistent manner with respect to all Employees and shall not permit discrimination in favor of officers, supervisory or highly-paid employees. 9.07 Limitation of Liability; Legal Actions It is expressly understood and agreed by each Employee who becomes a Participant hereunder, that except for its or their willful negligence or fraud, neither the County, the Trustee, nor the Commission shall be in any way subject to any suit or litigation, or to any legal liability, for any cause or reason whatsoever, in connection with this Plan or its operation, and each such Participant hereby releases the County, Trustee, Commission, and all its officers and agents from any and all liability or obligation. 9.08 Claims Any payment to a Participant, Joint Annuitant, or Beneficiary, or to their legal representatives, in accordance with the provision of this Plan, shall to the extent thereof be in full satisfaction of all claims hereunder against the Commission, Trustee, and the County, any of whom may require such Participant, Beneficiary, or legal representative, as a condition precedent to such payrnent, to execute a receipt and release therefore in such form as shall be determined by the Commission. 9.09 Forfeitures Forfeitures arising from any cause whatsoever under this Plan shall not be applied to increase the benefits any Participant would otherwise receive under the Plan at any time prior to the termination of the Plan or the complete discontinuance of County contributions hereunder; forfeitures shall be applied to reduce the County's contributions under the Plan in the then current or subsequent years. 9.10 Maximum of One Benefit at a Time There shall not be paid to any person more than one benefit at a time under the Plan. 9.11 Applications All applications for pensions shall be made to the Clerk of the Commission on forms prescribed by the Commission and printed for use in such cases, and it shall be the duty of the Commission to provide such forms at all times and the Clerk of the Commission 36 shall immediately transmit such application to the County Attorney for his approval as to form and procedure, and upon his approval, same shall be presented to the Commission. 9.12 Report of Treasurer At the close of each year the Treasurer shall make a written report to the Commission of fixnds on hand and liabilities of the Fund, both accrued and contingent. 9.13 Consequence of Plan Violation Should any person subject to the Plan or administering the Plan violate the provisions of the Plan, in addition to any other applicable penalties, such person shall be guilty of a misdemeanor for such violation, and shall be punished accordingly under the laws of the state of Georgia. 37 � • PHJW DRAFT IN WITNESS WHEREOF, the County has caused this amended Plan to be duly executed as of the ��a�' day of ���w , 2002, but effective as of January 1, 1997. AUGUSTA-RICHMOND COUNTY COIVIlVIISSION, AS SUCCESSOR TO THE ATTE T: RIC l�D COUNTY BOARD OF RS, AS EMPLOYER e ) y Clerk AUGUSTA-RICHMOND COUNTY CONIlVIISSION, AS SUCCESSOR TO T'I� RIC OND COUNTY BOARD OF RS, AS TRITSTEE 6�" Mayor This Ordinance shall be effective as of January 1, 1997. All ordinances and parts of Ordinances in conflict with the provisions of this Ordinance are hereby repealed. APPROVED AND ENACTED by the Augusta-Richmond County Commission, on the ��� day of February, 2002. � Mayor ATTE T: % C er 38 VJDC1201339.2 00480.00002