If for reasons of economy or other reasons, it shall be deemed necessary
by the Township to reduce the number of full-time police officers
in the Department, then the Township shall apply the following procedure:
(1) if there are any employees eligible for retirement under the terms
of any retirement or pension law, then such reductions in numbers
shall be made by retirement of such employees starting with the oldest
police officer and following in order of age respectively; (2) if
the number of full-time police officers eligible for retirement is
insufficient to effect the necessary reductions in numbers, or if
there are no persons eligible for retirement, or if no retirement
or pension fund exists, then the reductions shall be effected by furloughing
the person or persons, including probationers, last appointed to the
force.