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System. The word "system" shall be taken to mean the <br />"Portsmouth Supplemental Retirement System" provided for in this <br />article. <br /> <br />Section 26-7. Alteration, amendment or repeal. <br /> <br /> (a) The council reserves the right to alter, amend or <br />repeal any provision of this chapter, or any application thereof <br />to any person; provided, however, that the amount of benefit <br />which at the time of any such alteration, amendment or repeal <br />shall have accrued to the extent provided under subsection (c) <br />of this section for the members or beneficiaries shall not be <br />affected thereby. <br /> <br /> (b) If the council repeals the provisions of this <br />article, the board shall continue to administer the system in ac- <br />cordance with the provisions of this article for the sole benefit <br />of the then members, any beneficiaries then entitled to receive <br />benefits hereunder, and any future beneficiaries who become entitled <br />to receive benefits under the joint and last survivor option pro- <br />vided for in this article. <br /> <br /> (c) In the event of repeal as provided in subsection <br />(b) of this section the assets of the system shall be allocated <br />by the board in an equitable manner to provide benefits for the <br />persons designated in subsection (b) of this section in accord- <br />ance with the provisions of this article, in the following order: <br /> <br /> (1) For the benefit of the then members not yet re- <br />tired to the extent of their accumulated contributions, if any. <br />If any funds remain, then <br /> <br /> (2) For the benefit of the retired members and the <br />then beneficiaries entitled to receive benefits hereunder and bene- <br />ficiaries already designated under the joint and last survivor op- <br />tion provided for in this article by the then retired members to <br />the extent of the then actuarial value of their retirement allow- <br />ances. If any funds remain, then <br /> <br /> (3) For the benefit of members not then retired and <br />beneficiaries, if any, designated by the members under the joint <br />and last survivor option provided for in this article, to the ex- <br />tent, not provided under paragraph one above, of the then actu- <br />arial value of accrued retirement allowances, based on years of <br />creditable service and average final compensation as of the date <br />of repeal. The aliocation under this paragraph three shall be <br />on the basis of the oldest ages first method. <br /> <br /> In the event the assets at such date of repeal are in- <br />sufficient to provide all of the benefits of paragraph one or two <br /> <br /> <br />