§ 54-55. Repeal or termination of system.

(a)

This article establishing the system and fund, and subsequent ordinances pertaining to the system and fund, may be modified, terminated or amended, in whole or in part; provided, that, if this article or any subsequent ordinance shall be amended or repealed in its application to any person benefiting hereunder, the amount of benefits which at the time of any such alteration, amendment or repeal shall have accrued to the member or beneficiary shall not be affected thereby.

(b)

If this article shall be repealed, or if contributions to the system are discontinued, the board and trustee shall continue to administer the system in accordance with the provisions of this article, for the sole benefit of the then members, former members, any beneficiaries then receiving retirement allowances, and any future persons entitled to receive benefits under this article who are so designated by any of such members. In the event of repeal, or if contributions to the system are discontinued, there shall be full vesting (100 percent) of all accounts as of the date of repeal and the assets of the system shall continue to be allocated in an equitable manner to provide benefits on a proportionate basis to the persons so entitled to benefits in accordance with the provisions hereof.

(c)

The allocation of the fund provided for in this section may, as determined by the board, be carried out through the purchase of insurance company contracts. The fund may be distributed in one sum to the persons entitled to the benefits, or the distribution may be carried out in such other equitable manner as the board may direct. The trust may be continued in existence for purposes of subsequent distributions.

(Code 1981, § 15-29)