(1) If a fire department dissolves and the services of volunteer firefighters or the fire department are discontinued:
The benefits paid under this part 11 to volunteer firefighters or their surviving spouses, dependent parents, children, and other beneficiaries at the time of the dissolution shall continue;
Assets of the fund shall be transferred with other assets of the fire department andshall be administered by the board of trustees of the successor pension fund;
In no event shall the rate of compensation be altered either after commencement ofproceedings for dissolution has occurred or after its completion;
A volunteer firefighter who has accrued ten or more years of active service at thetime of the dissolution shall be granted an annuity after the firefighter is fifty years of age. The annuity shall be prorated in accordance with the number of years of service and the amount of annuity being paid for age and service pensions by the board at the time of the dissolution.
Source: L. 95: Entire part added, p. 1380, § 2, effective June 5.