It is the present hope of the employer to maintain the plan indefinitely. Nevertheless, the employer reserves the right, at any time, to permanently discontinue further contributions to the plan or to terminate the entire plan.
If the plan terminates for any reason or if payments are permanently discontinued by the employer, the amount in the pension fund will be applied, as of the effective date of termination, in the following manner and order. Each employee who receives a benefit under this section shall be fully vested in such benefit.
A. 
Immediate benefits will be provided for each participant who has attained his normal retirement date, whether he/she has actually retired. Subject to the sufficiency of the pension fund, each such benefit will be the full monthly normal retirement benefit payable to the participant under § 23-29 on the effective date of plan termination. If the amount in the pension fund is not sufficient to provide full benefits under this section, then each participant's benefit will be reduced to an amount that can be provided by a portion of the pension fund which bears the same ratio to the total pension fund as:
(1) 
The immediate single premium required to purchase the participant's benefit as compared to the total single premium required to purchase the benefits of all participants covered by this subsection (The immediate single premiums referred to shall be those which are then applicable under the insurance company's group deposit administration contract.); or
(2) 
If there is no contract, the participant's benefit bears to the total benefits of all participants covered by this Subsection A.
B. 
If, after application of Subsection A above, there is a balance remaining in the pension fund, benefits deferred to normal retirement date will be provided for all active participants who did not qualify for a benefit under Subsection A. Subject to the sufficiency of the pension fund, each such participant's monthly deferred benefit shall be equal to the monthly normal retirement benefit credited to him/her under § 23-29 on the effective date of plan termination. If the amount in the pension fund is not sufficient to provide full benefits under this subsection, then each participant's benefit will be reduced to the amount that can be provided by a portion of the pension fund which bears the same ratio to the total amount in the pension fund as:
(1) 
The deferred single premium required to purchase the participant's benefit as compared to the total deferred single premium required to purchase the benefits of all participants covered by this Subsection B (The deferred single premiums referred to shall be those which are then applicable under the insurance company's group deposit administration contract.); or
(2) 
If there is no contract, the participant's benefit bears to the total benefits of all participants covered by this Subsection B.
If all liabilities under the plan to participants and others entitled to receive a benefit have been satisfied and there remain any residual assets in the pension fund, the residual assets 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.