(a) The Township may amend this Plan from time to time as is necessary to maintain its actuarial soundness and to incorporate changes in Plan benefits or entitlements. However, no amendment shall be made which will in any manner divert any part of the Fund to any purpose other than the exclusive benefit of members or their beneficiaries (except that, upon termination, such diversion may be made after all of the fixed and contingent liabilities to members and their beneficiaries have been met); nor shall any amendment be made at any time which will in any manner divest any benefit then vested in a member or reduce or eliminate a benefit to which a member has been given an expectation by virtue of a pension ordinance or pension calculations for retiring officers who retired during the member's participation in this Plan.
(b) In the event of termination of this Plan, the Board shall allocate the assets then remaining in the Fund as follows:
(1) Sufficient funds shall be maintained to provide the pension benefits prescribed in Section 294.04 for all participants who have retired prior to termination or who are eligible for retirement at the time of the termination of this Plan.
(2) Contributions with interest at a rate established by the Board as provided in Section 294.03 shall be refunded to any and all participants who terminate service at the time of the termination of this Plan.
(3) Of the remaining funds, those which can be identified as Municipality contributions, or contributions other than from participants or from the Commonwealth allocation, shall be distributed as the Board sees fit, provided that such distribution is in compliance with Section 294.07.
(4) All funds in excess of the funds described in paragraphs (b)(1) through (3) hereof shall be returned to the Commonwealth as unused funds pursuant to the Act of May 12, 1943, P.L. 259, as amended, 72 P.S. 2263.1 et seq.
(Ord. 91-5. Passed 6-24-91.)