A. Any member who, for any reason whatsoever, shall be ineligible to receive pension benefits under this pension plan shall be entitled to a refund of any required contributions he made to the pension fund when the member discontinues his employment with the township as a police officer.
B. Amount of refund. All refunds pursuant to Subsection A shall be equal to the total amount of a member's required contributions contributed pursuant to § A261-51, plus the prorated amount of the net interest earned by the member's required contributions while in the pension fund.
C. Form of payment. All refunds of required contributions shall be in the form of a single lump sum payment.
D. Death of member. If a member's discontinuance of employment with the township is due to the member's death, any refund of required contributions shall be paid to the deceased member's designated beneficiary or, in the absence thereof, to his estate.
E. Termination of pension plan or complete discontinuance of required contributing. In the event that the pension plan may be terminated under applicable state law and is terminated, or in the event of a complete discontinuance of all required members' contributions to the pension fund, the right of each member to his required contributions shall be nonforfeitable. The nonforfeitable amount of each member's required contributions shall be the amount described in Subsection B. Members shall be entitled to receive their nonforfeitable required contributions in accordance with the terms of the pension plan.