§ 18-53. Administration of system if chapter repealed.

(a)

If this chapter shall be repealed or if contributions to the system are discontinued, the board shall continue to administer the system in accordance with the provisions of this chapter, for the sole benefit of the then members, any beneficiaries then receiving retirement allowances, and any future persons entitled to receive benefits under one of the options provided for in this chapter who are designated by any of said members. In the event of repeal, there shall be full vesting one hundred (100) percent of benefits accrued to date of repeal and the assets of the system shall be allocated in an equitable manner to provide benefits on a proportionate basis to the persons so entitled to benefits in accordance with the provisions hereof, with prior preference being directed towards the return of accumulated contributions.

(b)

The following shall be the order of priority for purposes of allocating the assets of the system upon repeal of this chapter or if contributions to the system are discontinued:

(1)

The accumulated contributions of the members less any benefits received, in proportion to and to the extent of the then amount of accumulated member contributions. If any funds remain, then

(2)

Members already retired under the normal retirement provisions of the plan and those eligible for normal retirement but not actually retired, and their beneficiaries, in proportion to and to the extent of the then actuarially determined present value of the benefits payable less amounts received according to (1) above. If any funds remain, then

(3)

Members already retired or eligible for retirement under the early retirement provisions of this system and their beneficiaries in the same manner as in (2) above. If any funds remain, then

(4)

All other members and their beneficiaries in the same manner as in (2) but based upon credited service and average final compensation as of the date of termination of the system, and with any benefits vested given precedence.

(c)

The allocation of the fund provided for in this section may, as decided by the board be carried out through the purchase of insurance company contracts to provide the benefits determined in accordance with this section. The fund may be distributed in one (1) sum to the persons entitled to said benefits or the distribution may be carried out in such other equitable manner as the board may direct. The trust may be continued in existence for purposes of subsequent distributions.

(Code 1964, § 9A-9(4);Ord. No. 2271, § 9, 5-1-2002)