§47-2-301.1.

§47-2-301.1.
   
   (1) In the event the System is terminated or partially terminated the
   right of all participants or in the event of partial termination the
   rights of the affected participants, whether retired or otherwise,
   shall become fully vested.
   
   (2) In the event of termination of the System, the Board shall
   distribute the net assets of the fund, allowing a period of not less
   than six (6) nor more than nine (9) months for dissolution of
   disability claims, as follows:
   
   (a) First, accumulated contributions shall be allocated to each
   respective participant, former participant, retired member joint
   annuitant or beneficiary then receiving payments. If these assets are
   insufficient for this purpose, they shall be allocated to each such
   person in the proportion which his accumulated contributions bear to
   the total of all such participants' accumulated contributions. For
   purposes of this section, contribution means payment into the System
   by an employer or employee for the benefit of an individual employee.
   
   (b) The balance of such assets, if any, remaining after making the
   allocations provided in subparagraph (a) of this section shall be
   disposed of by allocating to each person then having an interest in
   the fund the excess of his retirement income under the System less the
   retirement income which is equal to the actuarial equivalent of the
   amount allocated to him under subparagraph (a) of this section. Such
   allocation shall be made with the full amount of the remaining assets
   to be allocated to the persons in each group in the following order of
   precedence:
   
   (i) those retired members, joint annuitants or beneficiaries receiving
   benefits,
   
   (ii) those members eligible to retire,
   
   (iii) those members eligible for early retirement,
   
   (iv) former participants electing to receive a vested benefit, and
   
   (v) all other members.
   
   In the event the balance of the fund remaining after all allocations
   have been made with respect to all retirement income in a preceding
   group is insufficient to allocate the full actuarial equivalent of
   such retirement income to all persons in the group for which it is
   then being applied, such balance of the fund shall be allocated to
   each person in such group in the proportion which the actuarial
   equivalent of the retirement income allocable to him pursuant to such
   group bears to the total actuarial equivalent of the retirement income
   so allocable to all persons in such group.
   
   Provided no discrimination in value results, the Board shall
   distribute the amounts so allocated in one of the following manners as
   the Board in their discretion may determine:
   
   (i) by continuing payment of benefits as they become due, or
   
   (ii) by paying, in cash, the amount allocated to any such person.