§ 5.26.150. Return of Contributions to County.

A.

Except as provided in subsection B of this Section 5.26.150 or in Section 5.26.120, 5.26.140 or 5.26.540, the Investment Funds shall never inure to the benefit of the County and shall be held for the exclusive purpose of providing benefits to Participants and their Beneficiaries and defraying reasonable expenses of administering the Plan.

B.

If any County Contribution is made by the County due to a mistake of fact, such contribution (but not the earnings thereon) shall, to the extent permitted by applicable law, at the direction of the Administrative Committee, be returned to the County within one year after it is made; if such contribution constituted a Tax Deferred Contribution, After-Tax Contribution, Termination Pay Contribution or Rollover Contribution, it shall thereafter be returned to the Participant to the extent permitted by applicable law. Additionally, if the Plan, or a portion thereof, is determined by the Internal Revenue Service not to satisfy the requirements of Code Sections 401(a) and 401(k) for a qualified governmental plan containing a cash or deferred arrangement, any County Contributions attributable to that portion of the Plan that is determined to not be so qualified, and attributable to the period for which it is determined to not be so qualified, shall, at the direction of the Administrative Committee, be returned to the County. All amounts to be returned to the County must be returned from assets invested in Core Funds. If any Participant has insufficient assets invested in Core Funds, the Administrative Committee may transfer assets from Brokerage Investments to Core Funds as necessary.

(Ord. 2008-0071 § 3, 2008; Ord. 2004-0064 §§ 1, 2 (part), 2004.)