No employee contributions are required under
the plan.
The annual contributions required under the
provisions of the Act, as determined by the actuary in accordance
with the Act, shall become the obligation of the employer and shall
be paid into the pension fund by annual appropriations if financial
aid from the commonwealth is not sufficient to meet the contribution
required by the Act.
At no time shall it be possible for the plan
assets to be used for or diverted to any purpose other than for the
exclusive benefit of the participants and their beneficiaries, except
that contributions made by the employer may be returned to the employer
if:
A.Â
The Internal Revenue Service determines that this
plan is not initially qualified within the meaning of Code Section
401(a) and the contribution (reduced by any fund losses attributable
thereto) is returned within one year of such determination;
B.Â
The contribution was made due to a mistake of fact
and the contribution (reduced by any fund losses attributable thereto)
is returned within one year of the mistaken payment of the contribution;
or
