It is the present intention of the City to maintain the plan indefinitely. Nevertheless, the City reserves the right, at any time, to permanently discontinue further contributions to the plan or to terminate the entire plan consistent with the provisions of applicable law and the collective bargaining agreement.
A. 
In the event of the termination of the plan, all amounts of benefits accrued by the affected members to the date of such termination, to the extent funded on such date, shall immediately become fully vested and nonforfeitable. In the event of termination of the plan, the Board shall direct either:
(1) 
That the accrued benefits of members in the plan continue to be held in the 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 such provisions; or
(2) 
That distribution be made to each member in an amount equal to his accrued benefit as of such date in the form of a lump sum or such other form as may be approved by the Board.
B. 
If there are insufficient assets in the 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 member contributions before assets are applied to the distribution of vested benefits attributable to other sources hereunder.
If all liabilities under the plan to members and others entitled to receive a benefit have been satisfied and there remain any residual assets in the fund, the residual assets shall be returned to the City, insofar as such return does not contravene any provision of law, and any remaining balance shall be returned to the commonwealth.