§ 1.17. Repeal of entire Act.

In event of repeal of this Act in its entirety including amendatory Acts thereto, the pension commission shall prepare a list of all members, retired members, survivors, contingent annuitants and beneficiaries, showing for each, as of the date of such repeal, the following:

(1)

For each retired member, survivor, beneficiary or contingent annuitant receiving benefits, the amount and terms of payment of such benefits.

(2)

For each member of Division A entitled to a deferred benefit as provided in Section 2.16 or Section 2.25, the amount and terms of payment of such benefit; and for each terminated member of Division B entitled to a deferred benefit as provided in Section 3.15(c)(2), the amount and terms of payment of such benefit.

(3)

For each member of Division B, the amount of his accrued benefit computed as of the date of such repeal in the same manner as set forth in Section 3.10; and for each member of Division A, the amount of his accrued benefit computed as of the date of repeal in the same manner as set forth in Section 2.12.

The terms of payment of such benefit for a member of Division A shall be the same as those of the deferred benefit described in Section 2.16 or Section 2.25, unless modified by a previous election of an option as provided in Section 2.26.

The benefits shown on the above list will then be separated into 'priority classes' as follows:

Priority Class A: Benefits for members who have reached their sixty-fifth birthdays, benefits for retired members who have reached their sixty-fifth birthdays, and benefits for survivors, beneficiaries and contingent annuitants of all deceased members or retired members.

Priority Class B: Benefits for members, retired members who are receiving benefits, terminated members of Division B entitled to a deferred benefit as provided in Section 3.15(c)(2), and members of Division A entitled to a deferred benefit as provided in Section 2.16 or Section 2.25; provided, however, that they have reached their fifty-fifth but not their sixty-fifth birthdays and have completed twenty (20) years of credited service.

Priority Class C: Benefit for all members, terminated members and retired members.

The commission will then arrange for the liquidation of all assets held in the fund maintained in connection with the system and prepare a statement of the liquidated value of such assets. The commission will then arrange for the application of the assets of the fund to purchase annuities from an insurance company or companies, to provide in full, if such assets are sufficient to do so, the benefits in Priority Class A. If such assets are not sufficient to purchase one hundred percent (100%) of benefits in Priority Class A, they shall be applied in full to purchase such uniform percentage as can be purchased. If the assets of the Fund are more than sufficient to purchase one hundred percent (100%) of the benefits in Priority Class A, the remainder shall be applied in the same manner to purchase all or a uniform percentage of benefits in Priority Class B. If the remaining assets are more than sufficient to purchase one hundred percent (100%) of the benefits in Priority Class B, the remainder shall be applied in the same manner to purchase all or a uniform percentage of benefits in Priority Class C. If the remaining assets are more than sufficient to purchase one hundred percent (100%) of the benefits in Priority Class C, the remainder shall revert to the employer. Upon completion of the steps specified above, this Act shall be considered repealed, and no member, retired member, survivor, beneficiary or contingent annuitant shall have any further right or claim to benefits under this Act.