[Adopted as Ord. No. 154-1987 (Ch. 12, Art. VI, of the 1979 Code)]
A. 
The City of Scranton, has established and maintained various pension plans for its employees and there are pension funds associated with these pension plans. The various pension plans are the policemen's pension plan, the firemen's pension plan, the nonuniform pension plan, the widows of deceased retired firemen and the widows of deceased retired policemen. The City of Scranton hereby aggregates the assets to the credit of the various pension funds into a single pension trust fund. Subsequent to the aggregation, the pension trust fund shall be the funding mechanism for all pension plans connected with the aggregation.
B. 
Each pension plan subject to the aggregation shall have an undivided participation in the assets of the combined pension trust fund. For accounting purposes, the value of the participation by each plan shall be calculated annually. The value for the initial year following aggregation shall be that portion, of the total value of the pension trust fund which bears the same relationship that the value of the assets of the pension plan as of the date of the aggregation plus the contributions received by the pension trust fund with respect to that pension plan since the date of aggregation and reduced by the amount of retirement annuities and benefits paid from the pension trust fund for annuitants and benefit recipients of that pension plan since the date of aggregation bears to the total value of all assets transferred to the pension trust fund as of the date of aggregation, plus the total contributions received by the pension trust fund since the date of aggregation and reduced by the total amount of retirement annuities and benefits paid for all annuitants and benefit recipients since the date of aggregation.
C. 
The value of the participation for each year subsequent to the initial year following aggregation shall be that portion of the total value of the pension trust fund which bears the same relationship that the value of the participation of the pension plan as of the close of the preceding year, plus the contributions received by the pension trust fund with respect to that pension plan during the year and reduced by the amount of retirement annuities and benefits paid from the pension trust fund for annuitants and benefit recipients of that pension plan during the year bears to the total value of all participation in the pension trust fund as of the close of the preceding year, plus the total contributions received by the pension trust fund during the year and reduced by the total amount of retirement annuities and benefits paid for all annuitants and benefits paid for all annuitants and benefit recipients during the year.
Legal title to assets in the aggregated pension trust fund should be in the name of the Third National Bank & Trust Company of Scranton as Trustee.
The assets of the aggregated pension trust fund shall be invested in securities in compliance with the trust agreement between the City of Scranton and the Third National Bank & Trust Company of Scranton.
Investment earning shall be allocated to each associated pension plan in proportion to the most recently determined participation value.
The valuation of assets shall be pursuant to the provisions of Section 202 (e)(1) of Act 205 of 1984[1] and any applicable rules and regulations issued by the Public Employee Retirement Study Commission.
[1]
Editor's Note: See 53 P.S. § 895.1 et seq.
[Amended 2-3-2003 by Ord. No. 113-2003]
The aggregated pension trust fund shall be managed by a Board of Trustees. The Board of Trustees shall be named the City of Scranton Composite Pension Board. The Board shall consist of 15 members as follows:
A. 
One member elected from the present Firemen's Pension Board and one member elected within the Bureau of Fire at large and contributing into the pension fund.
B. 
One member elected from the present Police Pension Board and one member elected within the Police Department at large and contributing to the pension fund.
C. 
One member elected from the present Municipal Pension Board and one member elected at large from all contributing municipal employees.
D. 
By virtue of the office they hold, the remaining Board members shall consist of the Mayor, City Controller, the President of City Council, the Business Administrator, the Human Resources Director, the Public Safety Director, the City Treasurer, the Police Chief and the Fire Chief. In each case, the role may be filled by the office holder or his/her designee.