Columbia Creation of police retirement plan and fund ordinance (§ 18-39)

There is hereby created, pursuant to the constitution and laws of Missouri, the police retirement plan for the retirement of covered police employees. The plan of retirement includes benefits paid on account of age, service, disability, and death. In order to maintain such benefits, a police retirement fund is hereby created and shall be maintained as the council deems appropriate from public funds appropriated by the council, from the contributions of covered employees and from such other funds and sources as have been previously set forth.

This fund shall be a trust, within the meaning of section 401(a) of the Code, created for the exclusive benefit of covered police employees, retirees, their spouses and minor children. At no time prior to the satisfaction of all liabilities with respect to covered police employees, retirees and their beneficiaries under the trusts, shall any part of the corpus or income be used for, or diverted to, purposes other than for the exclusive benefit of covered police employees, retirees or their beneficiaries.

Except as otherwise provided in this plan, the trust fund shall be retained for the exclusive benefit of covered employees and their beneficiaries, shall be used to pay benefits to such persons, to pay administrative expenses to the extent not paid by the city, and shall not revert to or inure to the benefit of the city.