Upon discontinuance of the employer’s contributions or termination of the plan, the trustee shall revalue the trust and, after satisfying current obligations of the plan and setting aside funds for anticipated future obligations of the trust, shall inform the committee in order that it may make the necessary adjustments to all participants’ accounts in the ratio that the balance in each such account bears to the total amount in all such accounts.

Upon termination, of the plan, if contributions made under Section 4.36.301 to provide disability benefits under Article 7 have remained in the trust, an annuity shall be purchased for each then disabled participant. If assets are not sufficient to provide the full benefits payable under Article 7, each participant’s benefit shall be reduced proportionately to the amount of total monthly benefit. Any excess assets remaining after satisfaction of all liabilities under Article 7 shall be added to participant’s account balances in the ratio that the balance in each such account bears to the total amount in all such accounts.

The committee in its sole discretion may elect, with respect to the account balances of participants, any method of distribution or combination thereof, including but not limited to, the transfer to a trust for the benefit of the former participants and their beneficiaries or a continuation of the trust associated with this plan to provide for benefits commencing at their normal retirement dates.

The committee shall then furnish instructions to the trustee concerning distribution of the balance of the accounts of the participants, former participants and their beneficiaries. (Ord. 6747-NS § 1, 2003)