No. 0279 authorizing/adopting an insurance, retirement plan for employees of the Department of Redevelopment, COSB

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preceding his Normal Retirement Date. 1.18. "Postponed Retirement Date" means, with respect to any Participant, the first day of the month coinciding with or otherwise next following the date of such Partic pant's retirement after his Normal Retirement Date. Employer consent shall be required for a Participant to continue in employment beyond his Normal Retirement Date. 1.19. "Retirement Date" means, with respect to any Participant, including a Participant whose service with the Employer has terminated and who remains entitled to a pension or other benefit in accordance with Section 6.5, the first day of the month coinciding with his Normal, Early or Postponed Retirement Date, whichever is applicable. ARTICLE II ADMINISTRATION The Plan wil be administered by the Employer. Subject to the terms of the Plan and the group annuity contract or contracts between the Trustees and the Funding Agent and to Artic e X hereof headed "Delegation of Powers to Trustees ", the decision of the Employer upon any question of fact, interpretation, definition or administration under the P1 n shall be conclusive, but each Participant shall be granted the same treatment un er similar circumstances. The determination of payments to be made by the Funding gent shall be made in accordance with the terms of such group annuity contract or ontracts. ARTICLE III ELIGIBILITY FOR COVERAGE, PENSIONS AND OTHER BENEFITS 3.1. Each E ployee in the employ of the Employer on the Effective Date who agrees to makE the required contributions shall become covered hereunder as a Participant on the first day of the month coinciding with or otherwise next following the date or which he completes the eligibility requirements with the Employer specified in Iten 4 of the Specifications Supplement. Each other Employee of the Employer shall Lecome covered hereunder as a Participant on the first day of the month coinciding with or otherwise next following the date on which he completes the eligibility requirements with the Employer specified in Item 4 of the Specifications Supplement. 3.2. A Participant who attains his Retirement Date shall be eligible to receive a pensio or other benefit in accordance with Section 6.1. 3.3. The ri hts of Participants arising with respect to Employer contributions shall be non forfeitable at the time the Participant fulfills the vesting requirements specified in Item 7 of the Specifications Supplement. The rights of Participants arisinc with respect to their own contributions shall be non - forfeitable. ARTICLE IV CONTRIBUTIONS 4.1. For each Plan Year the Employer shall, on behalf of each Participant make a contribution or contributions aggregating a percentage, as specified in Item 5 of the Specifications Supplement, of the Participant's earnings during such Plan Year received after the Participant`became ' a Participant, provided, how- ever, that no contributions sh-all be made by or on behalf of a Participant on or after his Normal Retirement Date. A permanent discontinuance of Employer contributions shall constitute a termination of the Plan with respect to such Employer. Should such a dis- continuance occur, Section 8.2 of the Plan shall become operative. -3-