[Ord. No. 545,
§ 7.01, 8-12-1968]
The Township hopes and expects to continue the plan and the
payment of contributions hereunder indefinitely; but such continuance
is not assumed as a contractual obligation, and in order to protect
both participants and the Township against unforeseen contingencies,
the Township expressly reserves the right to amend or to terminate
the plan at any time and without the consent of any other party.
[Ord. No. 545,
§ 7.02, 8-12-1968]
If the plan is terminated or if contributions hereunder are
completely discontinued, the Township shall have no further obligation
hereunder and all funds then held in the trust shall be used to provide
pensions hereunder, to the extent sufficient, in such manner as may
be determined by the Pension Committee with the approval of the appropriate
agency of the Internal Revenue Service, or in the absence of such
determination within six months after such termination, then in order
of priority by classes as follows:
(1) To continue the payment of pensions to all retired participants (and
their beneficiaries and copensioners) who are receiving pension payments;
(2) To provide for the payment of pensions to or on account of each other
participant who has attained his normal retirement date;
(3) To provide for the payment of pensions to or on account of all other
participants who are entitled to receive such pensions if their continuous
service were then terminated;
(4) To provide for the payment of pensions to or on account of all other
participants who are entitled to receive deferred pensions or who
would be entitled to receive such pensions if their continuous service
were then terminated;
(5) To provide for the payment of pensions to or on account of all other
participants in such manner as may be determined by the Pension Committee
with the approval of the appropriate agency of the Internal Revenue
Service.
If the funds remaining for any class are not sufficient to provide
full benefits within such class, the funds available for such class
shall be allocated among such class in the same proportion that the
actuarial value of the benefit for each participant bears to the total
actuarial value of all benefits for all participants within such class.
Any funds remaining after the satisfaction of all liabilities under
the plan with respect to participants or their beneficiaries and copensioners
shall be returned to the Township.
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[Ord. No. 545,
§ 7.03, 8-12-1968]
The Township reserves the right to change the medium of funding
the plan or to substitute another plan at any time and without the
consent of any other party. The plan shall not be considered as having
terminated nor shall any benefits be considered as having vested because
of such change or substitution.