[Amended 2-13-2003 by Ord. No. 1534]
A.
As a condition of participation hereunder, each participant shall
contribute through payroll deduction an amount equal to 5% of his/her
regular monthly wages (base salary plus longevity pay plus shift-differential
pay) to the plan.
[Amended 5-24-2018 by Ord. No. 1759]
B.
Each participant shall also contribute $5 per month
for the service increment which will be deducted on a pro rata basis
from the participant's compensation as paid until the participant
attains age 65 or terminates employment, whichever shall first occur.
C.
In the event that the plan becomes fully funded, as hereinafter defined, participant percentage contributions, and not the $5 per month contributed for the service increment, shall be eliminated as of the date when employer contributions are eliminated. The participant contributions required under this § 57-145 shall be picked up by the employer and shall be treated as employer contributions pursuant to Code Section 414(h)(2).
D.
”Fully funded,” as used in this section,
shall mean that the plan's assets exceed the present value of future
benefits based upon the most recent biennial valuation report prepared
under Section 302 of Act 205, 53 P.S. § 895.302, for filing
with the Public Employee Retirement Commission. Any change in the
formulation of the pension plan fund, whether that change results
from benefit enhancements or an alteration in the funding mix, requires
the consideration of a cost estimate as provided by Section 305(a)
of Act 205, 53 P.S. § 895.305(a), and an actuarial report
under Section 302 of Act 205, 53 P.S. § 895.302. [See City
of Butler v. City of Butler Police Dept., Fraternal Order of Police,
Lodge #32, 780 A.2d 847, 855 Commonwealth Court of Pennsylvania, July
18, 2001, No. 2423 C.D. 2000, petition for allowance of appeal denied,
792 A.2d 1255 (Pennsylvania Supreme Court, December 28, 2001) Docket
No. 486 WAL 2001.]
[Amended 2-13-2003 by Ord. No. 1534]
The chief administrative officer, in accordance
with the Act, shall annually determine the minimum municipal obligation
of the employer. The employer shall pay into the pension fund, by
annual appropriations or otherwise, the contributions necessary to
satisfy the minimum municipal obligation. In addition to paying into
the pension fund an amount necessary to satisfy the minimum municipal
obligation, the employer agrees to contribute an amount equal to the
total employee contributions made by nonvested firefighters. Notwithstanding
the foregoing, nothing contained herein shall preclude the employer
from contributing an amount in excess of the minimum municipal obligation.
General municipal pension system state aid,
or any other amount of state aid received by the employer in accordance
with the Act from the commonwealth may be deposited into the pension
fund governed by this plan and shall be used to reduce the amount
of the minimum municipal obligation of the employer.
The Council is authorized to take by gift, grant,
devise or otherwise any money or property, real or personal, for the
benefit of the plan and cause the same to be held as a part of the
pension fund. The care, management, investment and disposal of such
amounts shall be vested in the Council or its delegate, the plan administrator,
subject to the direction of the donor and not inconsistent with applicable
laws and the terms of the plan.
At no time shall it be possible for the plan assets to be used for or diverted to any purpose other than for the exclusive benefit of the participants and their beneficiaries, except that contributions made by the employer may be returned to the employer if the contribution was made due to a mistake of fact and the contribution is returned within one year of the mistaken payment of the contribution or the plan is terminated, as provided in Article XXXVII.
