Upon complete discontinuance of the Borough's contributions or full or partial termination of the Employees' Pension Plan, all members' rights to their accrued benefits shall become fully vested and shall not thereafter be subject to forfeiture, except to the extent that law or regulations may preclude such vesting in order to prevent discrimination in favor of highly compensated employees. However, a member's recourse toward satisfaction of his or her nonforfeitable benefits shall be limited to the Plan assets. Upon final termination of the Plan, the Borough shall direct the Trustee to distribute all assets remaining in the Trust, after payment of any expenses properly chargeable to the Trust, in accordance with the manner and priority described for allocation upon termination in Sections 284.37 through 284.43, but such allocation shall be reduced by the value of any prior payments under the Plan.
(Ord. 826. Passed 10-9-84.)