Each Participant shall as a requirement of participation pay regular contributions to the Pension Fund in an amount equal to 5% of the Participant's Compensation (subject to reduction pursuant to § 57-15 hereof). Each Participant shall complete the necessary forms to authorize the payment of Participant contributions by way of payroll deduction.
Notwithstanding the preceding § 57-14, if an actuarial study performed by the Plan Actuary shows that the condition of the Pension Fund is such that payments into the Pension Fund by Participants may be reduced below the minimum percentages prescribed in § 57-14, or may be eliminated, and that, if such payments are reduced or eliminated, contributions by the Employer will not be required to keep the Pension Fund actuarially sound, the Employer may, on an annual basis, by ordinance or resolution, reduce or eliminate payments into the Pension Fund by Participants.
Interest shall accrue to Member Contributions at the rate of 5% per annum. Such interest shall be credited from the mid point of the year (or part of the year) when made through the date of Participant's termination of Eligible Employment.
A. 
Member Contributions, in addition to the interest accrued thereon (hereinafter referred to collectively as the "Member Contribution Account"), may be withdrawn from the Plan by or on behalf of a Member only under the following circumstances:
(1) 
Where the Member fails to complete Service until Normal Retirement Date;
(2) 
Where the Member fails to elect to vest in a Retirement Benefit to which he has become entitled, pursuant to § 57-3B;
(3) 
Where the Member dies without satisfying the requirements of entitlement to a Death Benefit, as detailed in § 57-12 hereof; and
(4) 
Where the Retirement or Disability Benefit of such Member has not yet commenced.
B. 
Where the above conditions for the withdrawal of the Member Contribution Account have been satisfied, payment of the Member Contribution Account shall be made to the Member, or, in the event of the Member's death, to the Member's Beneficiary. In the absence of a designation, the Beneficiary of a Participant shall be his spouse, if surviving, or, if spouse predeceases, his children under the age of 18, or, effective as of April 17, 2002, if attending college under age 23, if any, and if none, his estate. Such payment shall commence on or after the first day of the calendar month coincident with or next following the date on which the Member: (1) became a Former Participant; or (2) failed to elect vesting in a retirement benefit to which he had become entitled, whichever is later.
C. 
Upon the distribution of the Member Contribution Account, the entitlement of the Member, his spouse or his Beneficiary to any future Retirement Benefit, Deferred Vested Benefit, Disability Benefit, or Death Benefit shall cease. If the Member again becomes an Eligible Employee, he shall pay to the Fund the Member Contribution Account under the terms and conditions and with such earnings as may be determined by the Township.