1967 Ordinances - Laserfiche WebLink

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(a) ,~'~ co%au, cil the r~at ~ .L~e reserves ~o at~ amend or reoeal a~v provision of t~s c~pver~ or saay application thereof vo person~ pro~ded~ nowever~ ~na~ the amo~mv of benefits which at the ' t~me o~ ~y such aiteratio~ amen~me~fo or re-oea! shall have accrued to the extent ~ - ~ ~ ~owa~ ~naer subsection (c) of ~ ' section for the men, sets or b~nezmcm~=me~ shrall no~ be aff~c .... ne~e~y (b) If the comacii re~eals the provisions of tlnis sPtic!e.~ the bosrd shall contir~se vo a~.nimister the systam in accord~_nce v~th the provisiors of this article for tlne sole benefit of the then members, stay beneficiaries then entitled to receive here~mader~ and sm~y future beneficis_~ies -~fno become entitled to receive benefits ~mder the joint and last s'~u~ivor o~tion vrovided for in this article. (c) In the event of re,cai as provided iD s,~section (b) of this section the assets of ~he sysvem sb~!i be allocated by the board in mn eofait&ote ~s~mer to provide benefits fbr the persons desi~ed in subsection (b) of this section in accordance ~,M~th the provisions of t_his article~ am..d in the foiiow~ order: (1) For the benefit of the then msmoers not yes _retired ~o the exter~ of their acc~,~ulated contributions, if mny. if Omnds re~in~ then (2) For the benefit of the ret~ed =~mfoers m~d the then bene- ficiaz~ies entitled ~o receive benefits hereum~der ~nd bene- ficis~ies al=~ead}l desigm~ted tundor the joint s~nd last stu~vi~;or option pro,sided for in this article by the-th~n retL~ed mevfoers ~ r~o the extent of the then actuarial value of their ret'?emsnt el!owances. If any Oomds remsin~ then (3) For the senefit of members not then retired 8~nd benefi- ¢iaPies~ if ~ny~ desio~ated by such members tunder the joint ~nd last sumvi-v-or option provided for in this artic!e, to the extent~ not provided ~under paraga~aph (I) above~ of the then actusmial valu. e of their accFaed retiPement ailo-~or~ces~ based on years }f credits:s!e seF~ice s~nd average fi~oal. coP~oe~isation as of the date ~f repeal. Zne allocation u~ader tbis ps.c~agraph (3) shall be on the basis of the oldest ages f~st method~ In the event the assets at such date of reDea! irsufficient to ~rovide all of the benefits of paragraph (!) or (2) above or both~ then the e.mployer vS~!! con- tribute to the assets from time to tLle~ as and v~nen required~ the e~momnt necessa~if to namke up such insufficier:cy. -3-