Pennsburg Borough (the `Borough"), being a member municipality
of the Pennsylvania Municipal Retirement System (the "system"), hereby
elects to amend its Municipal Pension Plan administered by the system
in accordance with Article IV of the Pennsylvania Municipal Retirement
Law, 53 P.S. § 881.101 et seq. (Retirement Law), and does
hereby agree to be bound by all the requirements and provisions of
the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act, 53 P.S. § 895.101 et seq., and to assume
all obligations, financial and otherwise, placed upon member municipalities.
As part of this chapter, the Borough agrees that the system
shall administer and provide the benefits set forth in the amended
municipal pension plan contract entered into between the Pennsylvania
Municipal Retirement Board and the Borough effective December 1, 2013
(the "contract").
The passage and adoption of this chapter by the Borough is an
official acceptance of the contract and the financial obligations
resulting from the administration of the contract.
Payment for any obligation established by the adoption of this
chapter and the contract shall be made by the Borough in accordance
with the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act. The Borough hereby assumes all liability for any
unfundedness created due to the benefit structure set forth in the
contract.
The Borough intends this chapter to be the complete authorization
of the contract and it shall become effective and specifically repeal
Ordinance No. 8-94 and repeal Ordinance No. 6-04 ab initio either
immediately or on December 1, 2013, which is-the effective date of
the contract, whichever is later.
A duly certified copy of this chapter and an executed contract
shall be filed with the system.