280.110 AMENDMENT OF THE PLAN
The employer may amend this plan at any time, or from time to time, by an instrument in writing executed in the name of the employer under its municipal seal by officers duly authorized to execute such instrument and delivered to the Board; provided, however:
(a) That no amendment shall deprive any participant or any beneficiary of a deceased participant of any of the benefits to which each is entitled under this plan with respect to contributions previously made;
(b) That no amendment shall provide for the use of funds or assets held under this plan other than for the benefit of employees, and no funds contributed to this plan or assets of this plan shall, except as provided in Section 280.114, ever revert to or be used or enjoyed by the employer; and
(c) That no amendment to the plan which provides for a benefit modification shall be made unless the cost estimate described in Section 280.122 has been prepared and presented to the Board in accordance with the Act.
280.111 TERMINATION OF THE PLAN
The employer shall have the power to terminate this plan in its entirety at any time by an instrument in writing executed in the name of the employer.
280.112 AUTOMATIC TERMINATION OF CONTRIBUTIONS
Subject to the provisions of the Act governing financially distressed municipalities, the liability of the employer to make contributions to the Pension Fund shall automatically terminate upon liquidation or dissolution of the employer, upon its adjudication as a bankrupt or upon the making of a general assignment for the benefit of its creditors.
280.113 DISTRIBUTION UPON TERMINATION
(a) In the event of the termination of the plan, all amounts of vested benefits accrued by the affected participants as of the date of such termination, to the extent funded on such date, shall be non-forfeitable hereunder. In the event of termination of the plan, the employer shall direct either that the Plan Administrator continue to hold the vested accrued benefits of participants in the Pension Fund in accordance with the provisions of the plan (other than those provisions related to forfeitures) without regard to such termination until all funds have been distributed in accordance with the provisions; or that the Plan Administrator immediately distribute to each participant an amount equal to the vested accrued benefit to the date.
(b) If there are insufficient assets in the Pension Fund to provide for all vested accrued benefits as of the date of plan termination, priority shall first be given to the distribution of any amounts attributable to mandatory or voluntary employee contributions before assets are applied to the distribution of any vested benefits attributable to other sources hereunder. All other assets attributable to the terminated plan shall be distributed and disposed of in accordance with the provisions of applicable law and the terms of any instrument adopted by the employer which effects such termination.
280.114 RESIDUAL ASSETS
If all liabilities to vested participants and any others entitled to receive a benefit under the terms of the plan have been satisfied and there remain any residual assets in the Pension Fund, such residual assets remaining shall be returned to the employer insofar as such return does not contravene any provision of law, and any remaining balance in excess of employer contributions, shall be returned to the Commonwealth.
280.115 EXCLUSIVE BENEFIT RULE
In the event of the discontinuance and termination of the plan as provided herein, the employer shall dispose of the Pension Fund in accordance with the terms of the plan and applicable law; at no time prior to the satisfaction of all liabilities under the plan shall any part of the corpus or income of the Pension Fund, after deducting any administrative or other expenses properly chargeable to the Pension Fund, be used for or diverted to purposes other than for the exclusive benefit of the participants in the plan, their beneficiaries, or their estates.