(a) This system and the fund, and subsequent ordinances pertaining to said system and fund, may be modified, terminated or amended in whole or in part; provided, that if these provisions or any subsequent ordinance shall be amended or repealed in its application to any person or entity benefitting hereunder, the amount of benefits which at the time of any such alteration, amendment, or repeal shall have accrued to the entity or beneficiary who shall not be affected thereby, except to the extent that the assets of the fund may be determined to be inadequate.
(b) If these provisions shall be repealed and the system terminated, or if contributions to the system are discontinued, the Board shall continue to administer the system in accordance with these provisions, until all such funds have been expended. When all funds have been paid out to the beneficiary and all debts and liabilities satisfied, then and in such event shall the residuary funds revert to the general fund of the town.
(Ord. 99-05, passed 9-15-99)