Withdrawal

1. A political subdivision may discontinue participation in the defined contribution retirement plan by providing the board a written resolution adopted by the governing authority authorizing the termination of participation in the defined contribution retirement plan. The resolution must be provided to the board at least sixty days prior to the effective date of discontinuation and discontinuation must always take effect on the first working day of a month. 2. The employees in the defined contribution retirement plan must be considered to have terminated from the plan as of the date the employer terminates participation in the plan. Employee deferrals and employer contributions must stop, and benefits must be made payable. All employees shall be one hundred percent vested in the employee and employer contributions as of the effective date of discontinuation.