[Adopted 12-29-1977 by Ord. No. 1431 as part of Ch. 1, Art. IV of the Cheltenham Code; amended in its entirety 5-17-1988 by Ord. No. 1671]
A. 
Employee pension plans are hereby established for the benefit of Township employees. All employees becoming members of the plans shall retire in accordance with the appropriate plan; provided, however, that the Board of Commissioners reserves the right to employ on a temporary basis any retired employee whose services, in the judgment of the Board, are so skilled that the Township would benefit by such continued temporary employment.
B. 
All employees who are members of the plans shall, upon retirement, receive such monthly pension as shall be adopted by the Pension Board.
C. 
The plans shall be administered by a Pension Board, appointed as provided in § 5-42 of Chapter 5, Administration of Government.
D. 
The Board of Commissioners reserves the right to amend, modify or wholly discontinue the pension plans at any time.
[1]
Editor's Note: Amended at time of adoption of Code; see Ch. 1, General Provisions, Art. I.
A. 
Definitions. As used in this Article, the following terms shall have the meanings indicated:
ACT OF APRIL 13, 1972, P.L.
184, AS AMENDED -- 53 P.S. § 1-101 et seq., Home Rule Charter and Optional Plans Law.
ADMINISTRATOR
The body which is to perform the administrative functions of this plan, as established in accordance with § 40-15 of this Article.
AVERAGE MONTHLY EARNINGS (AME)
An employee's monthly salary or wage paid or accrued as recorded by the employer to the Internal Revenue Service for income tax purposes, including any deferred compensation, averaged over the highest three consecutive years during the last five years of his employment with the employer; and will also include an amount equal to moneys that would have been paid for the continuous and approved absence.
[Amended 6-20-1989 by Ord. No. 1694]
CONTINUOUS SERVICE
The period of uninterrupted employment of an employee with the employer.[1]
EFFECTIVE DATE
For this revised plan, January 1, 1986.
EMPLOYEE
Any person other than policemen or salaried employees enrolled on an hourly basis on the active employment rolls of the employer on or after the effective date of this plan who meets the requirements in § 40-6 hereof and who is customarily employed on a full-time hourly basis and who is covered under a collective bargaining agreement between the employer and the Chairman Township Employees Association.
EMPLOYER
Cheltenham Township.
EQUIVALENT ACTUARIAL VALUE
Value when computed on the basis of the following actuarial table:
MORTALITY:
1971 Group Annuity Mortality Table
female age set back five years
INTEREST: 8% Compounded Annually
GROUP ANNUITY CONTRACT
A contract issued by the insurance company providing for the payment of retirement benefits who become entitled to such benefits in accordance with the provisions of this plan.
INSURANCE COMPANY
A legal reserve life insurance company organized or incorporated under the laws of any one of the United States of America and duly licensed in the Commonwealth of Pennsylvania.
MUNICIPAL PENSION PLAN FUNDING STANDARD AND RECOVERY ACT OF DECEMBER 18, 1984, P.L.
1005, No. 205, 53 P.S. § 895.101 ET SEQ. -- An act to provide for the annual distribution of state aid to municipalities to offset employee pension costs.
PLAN
The retirement plan for hourly employees of Cheltenham Township as revised on January 1, 1986, and it may from time to time be amended thereafter, which is established by the employer for the purpose of providing retirement benefits for employees of the employer who are eligible to participate herein in accordance with the provisions of this plan.
RETIRED EMPLOYEE
A former employee who is retired under this plan and who is receiving retirement benefits provided for hereunder.
RETIREMENT BENEFIT
The monthly payments to which an employee shall become entitled hereunder.
VESTING
A right that an employee who has at least five years of service acquired in all or a portion (depending on his length of service) of employer contributions made on his behalf. Such right is not contingent on his continuing in employment with the employer but is contingent on his reaching his normal retirement date and his leaving his employee contributions under this plan.
[1]
Editor's Note: The definition of "covered compensation," which immediately followed this definition, was repealed 6-20-1989 by Ord. No. 1694.
B. 
Word usage. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise, and wherever used herein, a pronoun in the singular form shall be considered as being in the plural form unless the context clearly indicates otherwise.
A. 
Each employee will become eligible to be included in this revised plan on the first day of the month following his date of hire. The earliest date of inclusion is the effective date.
B. 
In order to become a participant under this plan, each eligible employee must sign the appropriate forms, including an authorization for payroll deduction, as may be required by the employer.
A. 
"Credited service" shall mean the number of full years of continuous service and fraction thereof with the employer, as determined by the administrator, completed by the employee from his last date of employment to the date of termination of employment.
B. 
Continuous service.
(1) 
Continuous service with the employer shall not be broken in the event of:
(a) 
Absence with the consent of the administrator during any period not in excess of one year, except that the administrator may consent to extend the period of leave.
(b) 
Absence from work due to legitimate and provable illness as determined by the employer.
(c) 
Absence in the service of the Armed Forces of the United States, provided that the employee shall reenter the employ of the employer within the statutory period during which his right to reemployment is guaranteed after he has first become eligible for discharge or separation from active duty.
(2) 
In interpreting this Subsection B, the administrator will apply uniform rules in a like manner to all employees under similar circumstances.
C. 
An employee shall not receive credited service in the case of any of the periods of absence set forth in Subsection B above but shall retain credited service accrued prior to such absence. Upon return to employment after an approved absence, the employee will again accrue credited service.
D. 
Failure to return to the employ of the employer by the end of any period specified in Subsection B above shall be considered a termination of employment. Any other absence shall also be considered a termination of employment. Any employee whose employment has been terminated shall, for the purpose of this plan, be deemed a new employee upon resumption of his employment unless he is vested in accordance with § 40-13 hereof.
A. 
Normal retirement date. An employee's normal retirement date shall be the first day of the month coincident with or next following his 65th anniversary of his date of birth. An employee's retirement age shall be reduced one year for each year of credited service in excess of 20 years, to a maximum reduction of 10 years.
[Amended 6-20-1989 by Ord. No. 1694]
B. 
Early retirement date. Upon written notice to the administrator, an employee may elect to terminate employment and retire on an early retirement date which may be the first day of any month within 10 years prior to his normal retirement date. For employees hired after December 31, 2013, the minimum (early) retirement age shall be set at age 60 with 20 years of service.
[Amended 11-19-2014 by Ord. No. 2291-14]
C. 
Deferred retirement date. An employee may continue in employment beyond his normal retirement date to a deferred retirement date which may be the first day of any month subsequent to his normal retirement date.
[Amended 6-20-1989 by Ord. No. 1694; 11-19-2014 by Ord. No. 2291-14; 7-19-2023 by Ord. No. 2460-23]
A. 
Normal retirement benefit. The monthly amount of normal retirement benefit payable to an employee retiring on his normal retirement date shall be an amount equal to 2% of average monthly earnings for the last 36 months of the employee's earnings multiplied by the number of years of credited service. For employees hired after December 31, 2013, the Township Pension Plan shall provide a monthly benefit of 1.5% of average monthly earnings in the last 36 months of the employee's earnings multiplied by the number of years of credited service. The pension shall be capped at 100% of the employee's salary.
B. 
Early retirement benefit.
(1) 
The monthly amount of early retirement benefit payable to an employee retiring on his early retirement date shall be determined in the same manner as his normal retirement benefit, based on his credited service to his early retirement date, subject to the amount of benefit in which the employee is vested under § 40-13, Termination of employment, and reduced in accordance with the following:
Number of Years Early Retirement Date Precedes Normal Retirement Date
Percent Reduction
0
100.0
1
93.3
2
86.6
3
79.9
4
73.2
5
66.5
6
63.2
7
59.9
8
56.6
9
53.3
10
50.0
(2) 
If the period between the early retirement date and normal retirement date is not an integral number of years, the percentage to be applied shall be the percentage for the next higher integral number of years, increased by a proportionate part of the difference between that percentage and the percentage for the next lower integral number of years.
C. 
Deferred retirement benefit. The monthly amount of deferred retirement benefit payable to an employee retiring on his deferred retirement date shall be determined in the same manner as his normal retirement benefit, based on his credited service and average monthly earnings to his deferred retirement date.
D. 
Minimum retirement benefit. In no event will the monthly retirement benefit payable to an employee who isn't covered on January 1, 1974, on his early, normal or deferred retirement date be less than that which he would have received under the plan as funded by the Aetna Group Annuity Contract GA-2342.
E. 
Forfeitures. No part of any forfeitures resulting from the application of any provision of this plan shall be applied to increase the benefits any employee would otherwise receive under this plan.
F. 
Retired participants will continue to receive retirement benefits in the same amount as was being paid immediately prior to the effective date of this amended and restated plan. A participant who terminated employment prior to the effective date of this amended and restated plan, who is not subsequently reemployed, shall have such retirement benefits determined in accordance with the provisions of the plan in effect as of the date of such participant's termination of employment.
A. 
Normal form of retirement benefit: life annuity; modified cash refund.
(1) 
A retired employee's retirement benefit shall normally be payable in the form of a monthly life annuity commencing on his actual retirement date and ceasing with the last payment due immediately preceding the retired employee's death.
(2) 
At the time of the retired employee's death, his designated beneficiary shall become entitled to a cash refund equal to the excess, if any, of the total contributions made by the employee to this plan, plus interest thereon, over the total of all benefits which had been paid to the retired employee at the time of his death.
B. 
Contingent annuitant option.
(1) 
In lieu of the normal form of retirement benefit described in Subsection A above, an employee may elect a contingent annuitant option which provides for an actuarially reduced benefit payable to the retired employee during his lifetime and for the continuance of such retirement benefit payments in either the same or a percentage of such reduced amount of a contingent annuitant, if living, after the retired employee's death.
(2) 
If the contingent annuitant is the spouse of the retired employee or if the contingent annuitant is any other person not more than 30 years younger than the retired employee, the benefit payable under this option is payable without restriction. If, however, the contingent annuitant is a person other than the spouse of the retired employee and is more than 30 years younger than the retired employee, the benefit otherwise payable under this option to the contingent annuitant shall be limited so that the value of the annuity payable to the contingent annuitant shall be less than 50% of the value of the retired employee's total original benefit, both calculated as of the retired employee's actual retirement date.
(3) 
The monthly payment to the contingent annuitant shall commence on the first day of the month following the month in which the retired employee dies, if the contingent annuitant is then living, and shall continue monthly with the last payment due for the month in which the contingent annuitant's death occurs.
(4) 
If a contingent annuitant dies before the employee's actual retirement date, the normal form of retirement benefit will automatically become payable (unless the employee names another contingent annuitant before his actual retirement date) as if a contingent annuitant option had not been elected. If the contingent annuitant predeceases the retired employee after retirement, the retirement benefit payments will cease upon the retired employee's death. No monthly benefit will be payable to a contingent annuitant if the employee dies before his first retirement benefit payment becomes due.
(5) 
If an employee who has elected this option should die after his normal retirement date and prior to his deferred retirement date, the contingent annuitant, if living, shall become a survivor annuitant and shall be entitled to benefits, payable for such survivor annuitant's further lifetime, in a monthly amount equal to the amount which would have been payable to the contingent annuitant had the employee retired on the date of his death with the contingent annuitant option operative.
(6) 
Notwithstanding any of the provisions outlined above, the minimum total of all benefits payable under this option shall be an amount not less than the total of all the retired employee's contributions hereunder with credited interest to his annuity commencement date.
C. 
Option for life annuity with 120 payments guaranteed.
(1) 
In lieu of the normal form of retirement benefit described in Subsection A above, an employee may elect an option for life annuity with 120 payments guaranteed which provides for an actuarially reduced retirement benefit payable to the retired employee during his lifetime with the guaranty that not less than a total of 120 monthly retirement benefit payments will be made to the retired employee and his named beneficiary.
(2) 
If this option is elected and the retired employee dies prior to the receipt of the 120 guaranteed monthly payments, the balance of the guaranteed monthly payments will be paid to the retired employee's named beneficiary until a total of 120 monthly payments has been made to the retired employee and his named beneficiary. The first such payment to the beneficiary shall be due and payable as of the first day of the month following the retired employee's death.
(3) 
In the event that there is no named beneficiary living at the death of the retired employee, the balance of the 120 guaranteed monthly payments, which would otherwise have become payable to the retired employee's beneficiary, shall be commuted to a single sum and shall be paid to the retired employee's executors or administrators.
(4) 
If the beneficiary of a deceased retired employee should die prior to receiving the balance of the 120 guaranteed monthly payments, the balance of the 120 guaranteed monthly payments which would otherwise have become payable to the retired employee's beneficiary shall be commuted to a single sum and shall be paid to the beneficiary's executors or administrators.
(5) 
If an employee who has elected this option should die after his normal retirement date and prior to his deferred retirement date, his beneficiary shall become a beneficiary annuitant and shall be entitled to benefits payable for 120 months in an amount equal to the amount which would have been payable to the employee had the employee retired on the date of his death with the option for life annuity with 120 payments guaranteed operative.
(6) 
Notwithstanding any of the provisions outlined above, the minimum total of all benefits payable under this option shall be an amount not less than the total of all the retired employee's contributions hereunder with credited interest to his annuity commencement date.
D. 
Social security option.
(1) 
Prior to an employee's annuity commencement date, if such date precedes his social security commencement date, he may elect the social security option. Under this option, the amount of the retirement annuity payments payable to the employee before his social security commencement date will be increased, and the amount of the retirement annuity payments payable to the employee on and after such date will be reduced.
(2) 
The yearly amount of such increased retirement annuity payments will be equal to the yearly amount of retirement annuity payments which would have been payable to the employee if this option had not been elected, plus a percentage of his social security benefit. Such percentage will be provided by the insurance company.
(3) 
The yearly amount of such reduced retirement annuity payments will be equal to the increased yearly amount of retirement annuity payments payable to the employee before his social security commencement date minus his social security benefit.
(4) 
This option may only be elected in conjunction with the normal form of annuity.
E. 
Any one option may be elected by the employee by written notice to the administrator at least one month before the employee's actual retirement date.
F. 
Once a choice as to a form of retirement benefit or a retirement date is made and accepted by the administrator, it cannot be rescinded by the employee without the written consent of the administrator, conditioned upon satisfactory evidence of the good health of the employee and any person entitled to receive payments upon the death of the employee. In no event shall the consent of any person entitled to receive upon the death of the employee be required as a condition to the right of an employee to revoke or change any option previously elected.
G. 
Anything in this plan to the contrary notwithstanding, the employee shall not have the right prior to his retirement irrevocably to elect to have all or a part of his interest in this plan, which would otherwise become available to him during his lifetime, paid only to his beneficiary after his death.
H. 
If a retired employee is reemployed by the employer, his retirement benefit payments shall cease with the last payment due prior to his reemployment. Retirement benefit payments shall again become payable on the first day of the month following subsequent termination of employment.
I. 
An employee who is a participant in this plan must have the entire interest in his retirement benefit:
(1) 
Distributed to him not later than the required beginning date; or
(2) 
Distributed commencing not later than the required beginning date in accordance with Internal Revenue Service regulations:
(a) 
Over the life of the participant;
(b) 
Over the lives of the participant and a designated beneficiary;
(c) 
Over a period not extending beyond the life expectancy of the participant; or
(d) 
Over a period not extending beyond the life expectancy of the participant and a designated beneficiary.
J. 
If a participant dies after he begins to receive his retirement benefit but before the entire interest in his retirement benefit has been distributed to him, the entire interest in his retirement benefit (or the remaining part of such retirement benefit) will be distributed at least as rapidly as under the method of distribution in effect prior to his death. If the participant dies before he begins to receive his retirement benefit, the entire interest in his retirement benefit will be distributed within five years after his death unless Subsection J(1) or (2) below apply:
(1) 
Any portion of the participant's retirement benefit is payable to a designated beneficiary, and the portion of the participant's retirement benefit will be distributed according to Subsection I above, and such distribution of the participant's retirement benefit begins no later than one year after the date of the participant's death (or such later date as the Secretary may prescribe).
(2) 
The designated beneficiary is the surviving spouse of the participant, and the participant's interest to which the surviving spouse is entitled will be distributed according to Subsection I(2) above. If the surviving spouse dies before payments are required to begin, the entire interest in the participant's retirement benefit will be distributed within five years of the death of the surviving spouse.
K. 
A retired participant who commenced to receive retirement benefits prior to the effective date of this amended and restated plan shall have such benefits continued in the same form as such benefits were being paid to him immediately preceding the effective date of this amended and restated plan.
A. 
Upon the death of any employee prior to his normal retirement date, there shall be payable to his named beneficiary a single sum death benefit equal to the total of the employee's contributions under this plan, plus credited interest thereon.
B. 
Upon the death of an employee on or after his normal retirement date, there shall be payable to his named beneficiary a death benefit payable in accordance with the provisions as outlined in § 40-10.
C. 
In addition to the benefit payable under Subsection B above, upon the death of any employee on or after his actual retirement date, there shall be payable to the participant's beneficiary a lump-sum death benefit in the amount of $1,000.
D. 
Payment of the death benefits as outlined above shall be in lieu of all obligations of the insurance company with regard to the retired employee under this plan.
A. 
An employee who has completed at least 10 years of credited service and is deemed to be permanently and totally disabled in accordance with the Federal Social Security Act shall be entitled to disability benefits as hereinafter outlined.
B. 
"Permanent and total disability" means presumably permanent incapacity occurring after the effective date, and resulting in an employee being unable to engage in any regular gainful employment or occupation by reasons of any medically demonstrable physical or mental condition, excluding, however, any incapacity which was contracted, suffered or incurred while the employee was engaged in or resulted from having engaged in a felonious enterprise, or consists of chronic alcoholism or addiction to narcotics, or results from an intentionally self-inflicted injury, or results from service in the armed forces of any country, for which a service-connected government disability benefit is payable. Proof of disability shall be submitted to the employer. Such disability will not be considered established unless it has continued for a period of not less than five consecutive months.
C. 
The employer may require proof of continued disability. Such proof may be required from time to time but not more frequently than once every six months.
D. 
The monthly amount of disability benefit payable to an employee eligible for such benefit shall be determined in the same manner as his normal retirement benefit based on the number of years of credited service as of the date of his disability.
E. 
The disability benefit shall be payable monthly commencing with the first day of the month following establishment of the disability and shall terminate with the last monthly payment due preceding the earliest of the following dates:
(1) 
The date of the death of the employee.
(2) 
The date that the employee is deemed to be no longer permanently and totally disabled.
(3) 
The employee's normal retirement date.
F. 
Upon occurrence of the earliest of the above events, the disability benefit shall cease. If such occurrence is Subsection E(3) above, payment of the normal retirement benefit shall commence on such date in the same amount as his disability benefit.
G. 
Upon reaching his normal retirement date, a disabled employee may elect the contingent annuitant option, and the provisions of that option shall determine the amount and duration of subsequent payments.
H. 
A participant who commenced to receive disability benefit payments prior to the effective date of this amended and restated plan shall have such benefits continued in the same amount and manner as such benefits were being paid to him immediately preceding the effective date of this amended and restated plan.
A. 
If an employee should terminate employment with the employer prior to his early or normal retirement, date he shall be entitled to elect either of the following two options:
[Amended 3-20-2001 by Ord. No. 1982-01[1]]
(1) 
Refund option. Under this option a terminated employee will receive a lump sum cash refund equal to the total of the employee's contributions under this plan plus credited interest thereon to the date of termination. Election of this option shall be in lieu of all other benefits which may have become due the terminated employee under this plan.
(2) 
Annuity option. Under this option an employee who terminates employment with the employer prior to his early or normal retirement date shall be entitled to a retirement benefit as determined in accordance with the provisions of § 40-9A based on his average monthly earnings and his credited service on the date of his termination of employment. Such benefit is subject to the percentage and requirements indicated in the vesting schedule below and shall be payable commencing on the employee's normal retirement date.
Years of Service
Vested Percentage
Less than 5
0%
5 or more
100%
[1]
Editor's Note: This ordinance also provided that it shall take effect 1-1-2001.
B. 
If an employee should terminate his employment after 55, he will have a vested percentage of 100%. For employees hired after December 31, 2014, there shall be pension vesting after five years of credited service.
[Amended 11-19-2014 by Ord. No. 2291-14]
C. 
A participant who terminated employment prior to the effective date of this amended and restated plan who is not subsequently reemployed and who retains a nonforfeitable right to retirement benefits hereunder shall have the amount of his nonforfeitable right determined in accordance with the provisions of the plan in effect as of the date of such participant's termination of employment.
A. 
For the purpose of funding the retirement benefits provided for herein, the employer will enter into a group annuity contract of the deposit administration type, with the insurance company.
B. 
The employer will make periodic payments to the insurance company determined on the basis of annual actuarial estimates furnished by a qualified actuary chosen by the administrator which shall be in such amounts as the Township deems necessary for the accumulation to be sufficient to purchase applicable retirement benefits and as amended by Act 205.[1]
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
C. 
Each participating employee will be required to make regular contributions to this plan through payroll deductions equal to 5% of total yearly wages. An employee’s contribution shall be suspended until such time that the Commonwealth of Pennsylvania, pursuant to Act 205,[2] does not provide the necessary funds to actuarially maintain this pension plan.
[Amended 6-20-1989 by Ord. No. 1694; 11-19-2014 by Ord. No. 2291-14]
[2]
Editor's Note: See 53 P.S. § 895.101 et seq.
D. 
Interest will be credited on each employee contribution at the rate of 4.5% per annum.
E. 
No part of the funds held by the plan shall be used for or diverted to purposes other than for the exclusive benefit of employees covered under this plan prior to the satisfaction of all liabilities hereunder with respect to them.
F. 
No person shall have any interest in or right to any of the funds contributed to or held under the plan except as expressly provided in this plan and the group annuity contract and then only to the extent that such funds have been contributed by the employer to the plan.
G. 
The plan shall pay the full administrative costs approved by Act 205[3] under this plan, and any and all other costs required for the operation of this plan shall be the obligation of the employer.
[3]
Editor's Note: See 53 P.S. § 895.101 et seq.
A. 
This plan shall be administered by the employer in accordance with this plan and the group annuity contract. All decisions of the employer with respect to the administration of this plan which are consistent in all respects with the intent and purposes of this plan shall be conclusive and binding on all concerned.
B. 
The employer shall determine the benefits payable under this plan and shall have the right to make rules as may be necessary for such administration, shall require employees to file written applications for retirement, to produce satisfactory evidence of their date of birth, and furnish such other information as may from time to time be deemed necessary.
A. 
The employer intends to continue this plan and payment of contributions therefor indefinitely; but continuance of this plan is not assumed as a contractual obligation, or other obligation, of the employer, and the right is reserved by the employer to reduce, suspend or discontinue its contributions hereunder at any time. In the event of a suspension which results in a discontinuance, such discontinuance shall be retroactive to the date the last suspension of contributions commenced.
B. 
The employer shall have the right to amend this plan at any time and to any extent that it may deem advisable. No such amendment, however, shall:
(1) 
Vest in the employer any interest in or control over the funds accumulated in accordance with this plan.
(2) 
Deprive any employee who has retired under this plan, prior to the date of amendment, of any retirement benefit under this plan or change the provisions thereof; provided, however, that any change or modification for the purpose of conforming this plan to the requirements of the Internal Revenue Code of the United States or of any other pertinent provisions of federal or state law, or of any regulation or ruling of any duly constituted authority in connection therewith, may be made effective at any time with retroactive effect.
A. 
This plan shall be discontinued upon written notice by the employer to the employees covered hereunder and upon written notice to the insurance company of discontinuance of this plan. A complete discontinuance of contributions by the employer shall be deemed a discontinuance of this plan.
B. 
In the event that this plan shall be discontinued or if contributions hereunder are discontinued permanently by the employer, no further payments shall be made to the insurance company, and any funds derived from contributions which are available for the purchase of retirement benefits for employees and former employees retaining a vested interest under this plan remaining in the hands of the insurance company shall become vested in said employees covered under this plan at the date of discontinuance in the manner hereinafter indicated.
(1) 
Any funds which shall be available for distribution upon discontinuance of this plan shall be applied to purchase retirement benefits, at the date of such discontinuance, for employees eligible on that date for normal retirement hereunder in amounts to which said employees shall be entitled under this plan to the extent that sufficient funds therefor shall be available.
(2) 
Any funds which shall be available for distribution after the distribution after the purchase of retirement benefits described in Subsection B(1) above shall be applied to purchase retirement benefits, at the date of such discontinuance, for persons who are receiving disability retirement benefits under this plan in amounts to which said persons were receiving to the extent that sufficient funds therefor shall be available.
(3) 
Any funds which shall be available for distribution after the purchase of the retirement benefits described in Subsection B(1) and (2) above shall be applied to purchase retirement benefits, at the date of such discontinuance, for employees and former employees not included in Subsection B(1) and (2) above but who retain a vested interest in this plan in amounts to which said employees shall be entitled under this plan to the extent that sufficient funds therefor shall be available.
(4) 
Any funds which shall be available for distribution after the purchase of the retirement benefits described in Subsection B(1), (2) and (3) above shall be applied to purchase retirement benefits, at the date of such discontinuance, for employees and former employees not included in Subsection B(1), (2) and (3) above but who retain a vested interest in this plan in amounts to which said employees shall be entitled under this plan to the extent that sufficient funds therefor shall be available.
(5) 
Any funds which shall be available for distribution after the purchase of the retirement benefits described in Subsection B(1), (2), (3) and (4) above shall be applied to purchase retirement benefits, at the date of such discontinuance for all other employees in amounts to which said employees shall be entitled under this plan to the extent that sufficient funds therefor shall be available.
C. 
Said available funds shall be used to completely purchase the retirement benefits in any one class, as described above, before being used for subsequent classes. In the event that the funds available for a class are insufficient to completely purchase the retirement benefits for such class, they shall be applied pro rata within the class to purchase such benefits to the extent that such funds are sufficient.
D. 
Any funds paid by the employer to the insurance company which shall be available for distribution after the purchase in full of all the retirement benefits described in Subsection B above shall be deemed to have become available as a result of actuarial error and shall be paid in cash to the employer.
E. 
Upon the discontinuance of this plan, any funds derived from employee contributions shall remain fully vested in those employees. These funds may be applied in either of the forms outlined in § 40-13A.
A. 
In addition to those contributions required to be made by the employer and the employee, each employee may make voluntary additional contributions in a total amount each year not to exceed 10% of his compensation. Voluntary contributions may commence at any time subsequent to an employee's entry into the plan and shall be made by means of payroll deductions. These contributions shall be invested under the group annuity contract and shall receive interest at the rate credited under the group annuity contract. Each employee's voluntary additional contribution account shall be valued annually.
B. 
The voluntary additional contributions of any employee shall be delivered by the employer to the insurance company. The employer may mingle such voluntary additional contributions with those contributions otherwise required hereunder but shall keep records of the amounts of each and shall advise the insurance company as each contribution is paid to the insurance company as to the amounts of any voluntary additional contributions included herein and the employees by whom they have been made and the requested disposition thereof.
C. 
If an employee has made any voluntary additional contributions on his own behalf, then the employee may at any time, upon 30 days' written notice to the insurance company, have distributed to him all or any portion of such contributions, together with interest earnings thereon. Any balance shall be retained in the employee's voluntary additional contributions accounts. An employee may not elect such a withdrawal more frequently than once in any twelve-month period.
D. 
In determining the required benefits or interest of any employee or his beneficiary for any purpose hereunder, no account shall be taken of any amounts attributable to his voluntary additional contributions unless specific reference is made thereto, and any amounts shall be in addition to the benefits or interest of the employee or his beneficiary as otherwise determined.
E. 
An employee may elect, at any time, to change the rate of his voluntary additional contributions. Such an increase or decrease in voluntary contributions may not be elected more frequently than once in any twelve-month period.
A. 
Inclusion in this plan shall be construed as giving an employee or participant any right to be retained in the service of the employer without its consent, nor shall it interfere with the right to the employer to discharge an employee or participant, nor shall it give an employee or participant any right, claim or interest in any retirement benefits herein described except upon fulfillment of the provisions and requirements of this plan.
B. 
Under certain circumstances, retirement benefit payments may be paid to a retired participant or the person designated by him to receive payments upon his death, if applicable, in a lump sum where such monthly benefit would be less than $10, such lump sum payment to be the actuarial equivalent of such monthly retirement benefit.
C. 
No person entitled to benefits under this plan shall have the right to assign, commute or encumber the benefits herein provided. To the maximum extent permitted by law, the benefits or payments herein provided shall not in any way be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process, to pay any debt or liability of such person.