Can a Participating Employer withdraw its membership in the Plan?
For adverse factors beyond its control, a Participating Employer may withdraw at any time from its participation in the Plan by serving written notice and submission of a Board Resolution with the Retirement Commission of its intention to withdraw. The withdrawal shall become effective within fifteen (15) days after the acceptance thereof by the Retirement Commission. Under no circumstances whatsoever shall such withdrawal permit the return to the Participating Employer of any portion of the contributions made by it to the Fund, nor allow any part of the assets of the Fund to be used for, or diverted to purposes other than the exclusive benefit of the members of the withdrawing Participating Employer or their beneficiaries.
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