The employer may amend this plan at any time
or from time to time by an instrument in writing executed in the name
of the employer under its Municipal Seal by officers duly authorized
to execute such instrument and delivered to the Council; provided,
however:
A. That no amendment shall deprive any participant or
any beneficiary of a deceased participant of any of the benefits to
which each is entitled under this plan with respect to contributions
previously made;
B. That no amendment shall provide for the use of funds or assets held under this plan other than for the benefit of employees and no funds contributed to this plan or assets of this plan shall, except as provided in §
33-127, ever revert to or be used or enjoyed by the employer; and
C. That no amendment to the plan which provides for a benefit modification shall be made unless the cost estimate described in §
33-131 has been prepared and presented to the Council in accordance with the Act.
The employer shall have the power to terminate
this plan in its entirety at any time by an instrument in writing
executed in the name of the employer.
Subject to the provisions of the Act governing
financially distressed municipalities, the liability of the employer
to make contributions to the pension fund shall automatically terminate
upon liquidation or dissolution of the employer, upon its adjudication
as a bankrupt or upon the making of a general assignment for the benefit
of its creditors.
If all liabilities to vested participants and
any others entitled to receive a benefit under the terms of the plan
have been satisfied and there remain any residual assets in the pension
fund, such residual assets remaining shall be returned to the employer
insofar as such return does not contravene any provision of law, and
any remaining balance, in excess of employer contributions, shall
be returned to the Commonwealth of Pennsylvania.
In the event of the discontinuance and termination
of the plan as provided herein, the employer shall dispose of the
pension fund in accordance with the terms of the plan and applicable
law; at no time prior to the satisfaction of all liabilities under
the plan shall any part of the corpus or income of the pension fund,
after deducting any administrative or other expenses properly chargeable
to the pension fund, be used for or diverted to purposes other than
for the exclusive benefit of the participants in the plan, their beneficiaries
or their estates.