(a) Upon withdrawal from the system, the retirement board retains in the system from contributions made by the members from the municipality and by the municipality the following amounts: (1) An amount equal to the actuarial value, determined in accordance with the actuarial tables in use by the system, of the retirement and disability allowances in force, being paid to former employees of the municipality who were granted allowances as members of the system or to the beneficiaries of those members; (2) An amount equal to the actuarial value of deferred annuities to members who have not retired but who have acquired a vested right to a retirement allowance who may desire to maintain that vested right; and (3) An amount equal to the accumulated contributions of the members who have not acquired a vested right which shall be refunded to those members. (b) Any remainder in the system after providing for the foregoing amounts shall be paid over to the municipality in such amount as the retirement board shall in its sole discretion determine to be prudent and legally permissible; provided, that if no remainder exists and a deficiency to pay those amounts has accumulated, the municipality is liable to the system for the amount of the deficiency as provided in this section.
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