§ 38. Creation of fund; origin of moneys.

There is hereby created in the City of Miami Beach, Florida, a special fund to be known as the Miami Beach Firefighters' Relief and Pension Fund, into which shall be paid all moneys previously received by the City of Miami Beach under the provisions of Chapter 19112, Acts of Florida, 1939, and Ordinance Number 558 of the City of Miami Beach, which moneys are now held in trust under Pension Ordinance Number 498 of the City of Miami Beach, and all moneys which subsequently inure to the City of Miami Beach under the provisions of Chapter 19112, Acts of Florida, 1939. Immediately upon taking office, the Board shall request, and the Board of Trustees of the Miami Beach Employees Retirement System shall make payment to the Miami Beach Firefighters' Relief and Pension Fund of the accumulated moneys referred to above and held in trust under Ordinance Number 498.

No part of the corpus or income of the Fund shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants and other persons entitled to benefits under the Fund and paying the expenses of the Fund not paid directly by any other party. No person shall have any interest in, or right to, any part of the earnings of the assets of the Fund, or any right in, or to, any part of the assets held under the Fund, except as and to the extent expressly provided in this ordinance.

There will be no reversion of the assets of the Fund or City or State contributions, except as permitted by Internal Revenue Service Revenue Ruling 91-4.

(Laws of Fla., 1949, ch. 26024, § 3; Ord. No. 2015-3945, § 3, 6-10-15)