(A) Amendments. This plan may be discontinued or amended in any respect at any time by action of the Legislative Council of the town, subject to applicable general laws and special acts of the State of Connecticut, provided that no such discontinuance or amendment shall adversely affect the rights of members or their beneficiaries which had become fully vested at the date of discontinuance or amendment, nor to make it possible for any part of the funds of the plan to be used for or diverted to purposes other than for the exclusive benefit of members and their beneficiaries or contingent annuitants under the plan, prior to the satisfaction of all liabilities under the plan with respect to them.
(B) Termination. The town, by action of its Legislative Council, may terminate the plan for any reason at any time. In case of termination of the plan, the funds of the plan on the date of termination shall be used for the exclusive benefit of members or their beneficiaries and contingent annuitants as of the last date of payment of any contributions hereunder, except that any funds not required to satisfy all liabilities of the plan for benefits because of erroneous actuarial calculations shall be returned to the town. Each member not yet retired shall be entitled to a share equal to his/her accumulated contributions, and each retired member or his/her contingent annuitant in receipt of a retirement pension shall be entitled to a share equal to any excess of the accumulated contributions at retirement over the amount of benefits received. Each such member, retired member or contingent annuitant shall then be entitled to the additional share required to provide a total share equal to such proportionate part of the funds of the plan as the reserve computed to be required for his/her credits bears to the total of all such reserves required under the plan, as determined by the Retirement Board on the basis of actuarial valuation; provided that if the funds remaining are insufficient to provide in full for such additional shares, the additional shares shall be reduced proportionately. The Retirement Board may require that any such share be withdrawn in cash, or in immediate or deferred annuities or other periodic payments, as it may determine.
(Ord. 435, passed 3-12-01; Am. Ord. 666, passed 12-7-15)