Sec. 120.101. - Retirement system established; name; operative date; minimum benefits.

(a) A Retirement System is hereby established and placed under the exclusive administration and management of a Board of Trustees for the purpose of providing retirement benefits pursuant to the provisions of this Chapter and for defraying the reasonable expenses of the Retirement System. (b) The Retirement System established by this Chapter shall be known as the City of Jacksonville Retirement System. The System shall consist of two separate plans, administered by a common Board of Trustees. The plans shall be known as the City of Jacksonville General Employees Retirement Plan and the City of Jacksonville Corrections Officers Retirement Plan. (c) This System shall be the successor to all rights, privileges and obligations of the repealed ordinances and there shall be no gap between this System and the prior plan. (Ord. 2005-432-E, § 2)