Section 27-220-III-3.3 - PLAN TERMINATION BY A POLITICAL SUBDIVISIONa. A political subdivision that becomes a Participating Employer may terminate its participation in the Plan if it takes the following actions: (i) The governing body of the political subdivision must adopt a resolution terminating their participation in the Plan.(ii) The resolution must specify when the right to participate in the Plan shall end.(iii) The Joinder Agreement may be terminated by executing a Termination Agreement form as prescribed by the Board. The Board shall determine whether the resolution complies with this section and all applicable federal and state laws, shall determine an appropriate effective date and shall provide the appropriate forms to the Participating Employer and the Participants to terminate ongoing participation.
b. The Board may at any time terminate the Joinder Agreement for failure of the Employer to comply, in full, with the terms of the Plan and Participation Agreement or for any lawful cause.c. In the event of a termination of an employer's participation, the Participants in the Plan will be deemed to have withdrawn from future participation in the Plan as of the date of such termination. The Participant's full Compensation on a non-deferred basis will thereupon be restored. Plan benefits shall not be distributed at the time of such termination; rather benefits shall be paid in accordance with the terms of the Plan. If the Employer chooses to transfer assets of active employees from the Plan under the direction of the Board, to another plan, the Employer must provide satisfactory documentation and evidence to the Board that the rights of the Participants to Plan benefits will not be adversely affected, and documentation that the Board has been released from all obligations with respect to these benefits under the Plan.d. Only those assets of Participants who are active employees of the Employer as of the date of termination of the Joinder Agreement are eligible for transfer from the Plan. In addition, transfers from the Plan under this section will only be authorized by the Board for those Participants who make an affirmative election to transfer the assets representing their entire account from the Plan to another plan sponsored by their Employer, and are made in such form and manner as prescribed by the Board.27 Miss. Code. R. 220-III-3.3