Conversion from Defined Benefit to Defined Contribution

(1) The Supervisor shall not approve an amendment converting defined benefits to defined contributions unless he is satisfied that the account balance for each member after the conversion is at least equal to the value of the defined benefits for each member as if the plan had terminated on the date of (2) A member shall not be required by the administrator or employer to convert defined benefits earned under a pension plan to a defined contribution account balance, but may opt to purchase an annuity that retains the original periodic pension benefit payment. (3) The Supervisor may set out additional conditions for the 51