[Adopted 3-13-2012 by Ord. No. 2544]
The plan benefits of the CVB shall be as currently administered by PMRS which includes the following specific items:
A. 
Coverage. The plan will cover all full-time permanent employees of the CVB.
B. 
Credited service.
(1) 
Credited service, including both benefit accrual service and vesting credit service shall accrue from the member's original hire date by the CVB or the expiration of the member's probationary period if one applied, provided that a member pays into the plan any participant contributions required under the plan, including all amounts which are returned to the member by PMRS.
(2) 
Other than purchase of military service pursuant to Subsection K hereof, no credited service time shall be granted for time employed in a status other than as an active employee of the CVB.
C. 
Final salary. The final salary shall be the average annual compensation earned and paid during the member's final three years of employment, or if not so long employed, then the average annual compensation earned and paid during the whole period of such employment.
D. 
Basic benefit. The basic annual benefit shall be equal to 2% of the member's final salary multiplied by all years of credited service; provided, however, in no event shall the basic benefit exceed 65% of the member's final salary.
E. 
Superannuation (normal retirement). Permitted on or after the attainment of age 65 or after 20 years of credited service.
F. 
Early retirement. There is no provision for early retirement.
G. 
Benefits payable upon superannuation retirement: 2% multiplied by years of credited service multiplied by final salary; maximum benefit limited to 65% of final salary.
H. 
Permanent disability benefits.
(1) 
A member who has 10 or more years of credited service may, upon application or on application of one acting in the member's behalf be retired by the CVB on a disability allowance if the physician designated by the CVB, after medical examination of the member shall certify to the CVB that the individual is unable to engage in any gainful employment and that said member ought to be retired. When the disability of a member is determined to be service-connected, as defined in Act 15 of 1974,[1] no minimum period of service shall be required for eligibility.
[1]
Editor's Note: See 53 P.S. § 881.101 et seq.
(2) 
A disability annuity shall be payable which, together with the Municipal annuity and the member's annuity, if any, shall be sufficient to produce a retirement allowance of 30% of the member's final salary. Where the disability of the member is determined to be service-connected, the disability allowance shall equal 50% of the member's final salary. The disability annuity shall be reduced by any amount which the member is eligible for under the Pennsylvania Workers' Compensation Act[2] or the Pennsylvania Occupational Disease Act.[3]
[2]
Editor's Note: See 77 P.S. § 1 et seq.
[3]
Editor's Note: See 77 P.S. § 1201 et seq.
(3) 
Should a disability annuitant die before the total disability retirement allowance received equals the amount of the member's accumulated deductions at the time of disability retirement, the CVB shall pay to the named beneficiary (if living, or if the named beneficiary predeceases the annuitant, or if no beneficiary was named, then the annuitant's estate) an amount equal to the difference between such total retirement allowance received and the annuitant's accumulated deductions. If such difference is less than $100 and no letters have been taken out on the estate within six months after the disability annuitant's death, such difference may be paid to the undertaker or to any person or municipality who or which shall have paid the claim of the undertaker.
I. 
Death benefits.
(1) 
A member, who is entitled to a superannuation retirement allowance because of meeting the superannuation retirement requirements, may file a written application for retirement requesting that such retirement become effective at the time of death.
(2) 
When applying for retirement, the member may elect one of the options provided in the benefit options section of this article (Subsection N) and nominate a beneficiary. The application shall be held by the CVB until the member files a later application for a retirement allowance or the death of the member while in CVB service.
(3) 
If a member entitled to a retirement allowance dies while in CVB service, benefits become effective as if the member had retired on the day immediately preceding death. The beneficiary receives the annuity option elected before the member's death. If an option was not filed with the CVB, it shall be considered that the member elected Option 1. In such event, payment under Option 1 shall be made to the beneficiary designated in the nomination of beneficiary form on file with the CVB.
J. 
Employee contributions. Members shall contribute 6% of compensation which shall be treated as picked up by the employer under the Internal Revenue Code. If a member terminates prior to eligibility for vesting retirement benefits and without entitlement to benefits, the member shall receive all member contributions plus interest at an annual rate of 6% in a lump sum.
K. 
Military service.
(1) 
Any member employed by the CVB who enters the uniformed services as defined by the 1994 Uniformed Services Employment and Reemployment Rights Act and returns to the CVB to again be a member of the plan within the authorized time provided by law shall have the authorized time spent in such service credited to the member's employment record for pension or retirement benefits if the individual makes the required employee contributions.
(2) 
An active member may also purchase credit for other than intervening military service performed for the United States in times of war, armed conflict or national emergency, so proclaimed by the President of the United States, for a period not to exceed five years, provided the member has completed five years of service to the CVB subsequent to such military service. An active member may file an application with the CVB for permission to purchase credit for nonintervening military service upon completion of five years of subsequent service to the CVB.
(3) 
The amount due from the member shall be certified by the CVB in accordance with methods approved by the actuary. It may be paid in a lump sum within 30 days or it may be amortized with additional interest through salary deductions in amounts agreed upon by the member and the CVB.
(4) 
The rate of interest to be charged to a member on purchase of credit for nonintervening military service shall be the rate being credited to the member's accounts in effect on the date of the member's application, compounded annually.
(5) 
A member may purchase credit for intervening or nonintervening military service only if discharge or separation from the service was granted under other than dishonorable conditions. A member may not purchase military credit for any service that is covered by another retirement system administered and wholly or partially paid for by any other government agency or private employer.
L. 
Vesting. After 10 years of credited service, a member may vest by filing an application with the CVB within 90 days of separation from employment. Upon attainment of the superannuation age requirement found in Subsection E of this article, a basic benefit will be calculated in accordance with Subsection D of this article.
M. 
Social security. Benefits are not reduced in any way because of a member's entitlement to social security benefits.
N. 
Options on superannuation or vesting.
(1) 
At the time a member elects to receive a retirement benefit allowance, the benefit may be payable throughout the member's life, in which case the benefit is known as a single life annuity. The member may alternatively elect at the time of retirement to receive the equivalent actuarial value in a lesser allowance, payable throughout life with provisions that:
(a) 
Option 1: If the member dies before receiving in payments the present value of the retirement allowance as it was at the time of retirement, the balance, if less than $5,000 shall be paid in a lump-sum to the designated beneficiary if living, or, if the named beneficiary predeceased the member or if no beneficiary was named, then to the member's estate. If the balance is $5,000 or more, the beneficiary may elect, by application duly acknowledged and filed with the CVB, to receive payment of such balance according to any one of the following provisions in:
[1] 
A lump sum;
[2] 
An annuity having a present value equal to the balance payable; or
[3] 
A lump sum payment and an annuity. Such annuity shall be of equivalent actuarial value to the balance payable less the amount of the lump-sum payment specified by the beneficiary.
(b) 
Option 2: Upon the annuitant's death, the retirement allowance shall be continued throughout the life and paid to the survivor annuitant, if then living.
(c) 
Option 3: Upon the annuitant's death, 1/2 of the retirement allowance shall be continued throughout the life of and paid to the survivor annuitant, if then living.
(2) 
Should a member who has elected a single life annuity die before receiving in annuity payments the full amount of the total accumulated deductions standing to the member's credit in the member account on the effective date of retirement, the balance shall be paid to the designated beneficiary.
The proper officers of the CVB are granted the requisite powers and authority to effectuate this article and operate and maintain the plan, including establishing and maintaining the accounts, policies, trust agreement and plan document to effectuate this pension arrangement.