In the event the plan is terminated, the board of trustees shall cause the assets of the plan to be valued as of the date of termination. Upon termination of the plan, all of the members are 100% vested in their accrued benefit. Such assets shall be allocated to active employees first to the extent of their individual contributions to the plan. Any assets in excess of employee contributions shall then be allocated to retired employees in the proportion that such assets bear to the actuarial value of the benefit which the retired employees are receiving. If after such allocation, any assets then remain, such additional assets shall be allocated to active employees in the ratio that the liability for benefits accrued by such employee which is in excess of their individual contribution bears to the aggregate liability for all such employees.
(Code 1958, § 21-28.2; Ord. No. 10-028, § 4, 11-3-10)