(a) Right to Amend. The County Government expects to continue the retirement savings plan, but it assumes no contractual obligation to continue the plan and reserves the right at any time for any reason to amend the retirement savings plan.
(b) Qualification amendments. The retirement savings plan and any related trust agreement, investment advisory agreement, custodial agreement, annuity contract, or similar agreement may be amended by the County Government at any time, either prospectively or retroactively, to conform to the Internal Revenue Code.
(c) Termination of the retirement savings plan. The County Government has established the retirement savings plan with the expectation that the County Government will be able to make contributions indefinitely, but the County Government is not under any obligation to continue contributions, or maintain the retirement savings plan for any length of time, and may terminate the retirement savings plan. In the event of a termination of the retirement savings plan, a participant will become 100% vested in the County contributions account on the effective date of a termination of the retirement savings plan.
(d) Termination of participation by a participating agency. If a participating agency decides to withdraw or otherwise terminate its participation in the retirement savings plan, the agency must notify the Chief Administrative Officer in writing. The Chief Administrative Officer and the appropriate officer of the withdrawing agency must agree on a date for withdrawal. Any transfer of assets pursuant to the withdrawal must satisfy the requirements of the Internal Revenue Code. (1994 L.M.C., ch. 13, § 2.)
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