Upon termination of the supplemental plan for any reason, or upon written notice to the Board of Trustees that contributions thereunder are being permanently discontinued, Employees' Retirement Fund assets attributable to supplemental plan members shall be apportioned and distributed in accordance with the following procedures:
(A) The Board shall determine the date of distribution and the asset value to be distributed after taking into account expenses of distribution.
(B) The Board shall determine the method of distribution, that is, whether distribution shall be by payment in cash, the maintenance of another or substituted trust fund, by the purchase of insured annuities or otherwise, for each member entitled to benefits under the plan.
(C) The Board shall apportion the asset value as of date of termination in the manner set forth below, on the basis that the amount required to provide any member's retirement income shall mean the actuarially computed single-sum value thereof, except that if the method of distribution determined under division (B) involves the purchase of an insured annuity, the amount required shall mean the single premium payable for such annuity.
(1) Apportionment shall first be made in respect of each retired member receiving a retirement income hereunder on such date, each person receiving a retirement income on such date on account of a retired (but since deceased) member, and each member who has, by such date, become eligible for normal retirement but has not yet retired, in the amount required to provide such retirement income, provided that if such asset value be less than the aggregate of such amounts, such amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such asset value.
(2) If there be any asset value remaining after the apportionment under this division (C)(1), apportionment shall next be made in respect of each member in the service of the city on such date who has completed at least ten years of continuous service and who is not entitled to an apportionment under this division (C)(1), in the amount required to provide the actuarial equivalent of the accrued normal retirement income, based on the members continuous service and earnings to such date, and each former member then entitled to a benefit under the provisions of this subchapter who has not, by such date, reached his normal retirement date, in the amount required to provide the actuarial equivalent of the accrued normal retirement income to which he is entitled under this act; provided that, if such remaining asset value be less than the aggregate of the amounts apportioned hereunder, such latter amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such remaining asset value.
(3) If there be any asset value after the apportionments under this division (C)(1) and (2), apportionment shall lastly be made on a proportionate basis so as to reflect the relative accrued service of each of the remaining members in service of the city on such date who are not otherwise entitled to a benefit per this division (C)(1) and (2);
(4) In the event that there be asset value remaining after full apportionment specified in this division (C)(1), (2) and (3) such excess shall be returned to the city, unless return of state's contributions to the state, provided that, if the excess is less than the total contributions made by the city and the state to date of termination of the plan, such excess shall be divided proportionately to the total contributions made by the city and the state.
(D) The Board shall distribute, in accordance with the manner of distribution determined under division (B), the amounts apportioned under division (C).
('72 Code, § 24-85) (Ord. O-76-93, passed 12-1-76)