§ 40-46-25 — Procedure upon discontinuance of employees' pension or police pension plan

plan.
If the governing body of the city shall determine by a two-thirds vote as provided in section
40-46-23 that the employees' pension or police pension plan be discontinued, the plan shall be
discontinued in such city and the governing body shall proceed to liquidate the pension fund
created under such plan. Liquidation shall be accomplished by returning to each employee still
in the employ of the city ten days after the date of the adoption of the resolution, provided for in
section 40-46-23, the entire amount which has been deducted from the employee's salary as an
assessment or membership fee and then by payment of pension claims theretofore allowed in
the same amounts as are then in effect until the death or disqualification of the pension
claimant, and thereafter continuing such payments as would have accrued to survivors of such
pension claimant under the local pension provisions if the plan had been continued. If the fund
is insufficient to return the amount to which each employee is entitled as provided herein and to
pay such claims in full, the governing body shall make an annual tax levy, which shall be in
addition to any other tax levies authorized by law, in an amount sufficient to assure the payment
in full of the pension claims theretofore allowed. If the fund exceeds the amount required to
satisfy such returns and such claims, such excess shall be placed in the general fund of the city.