[Adopted 7-3-1984 as Ch. 1, Part 2B, of the 1984 Code]
As used in this article, the following terms shall have the meanings indicated:
ACTUARY
A member of the American Academy of Actuaries or an individual who has demonstrated to the satisfaction of the Insurance Commissioner of Pennsylvania that he or she has the educational background necessary for the practice of actuarial science and has had at least seven years of actuarial experience, or a firm, partnership or corporation of which one or more members meet the above requirements.
SALARY
The fixed, stated amount of compensation paid at periodic intervals, longevity payments, education pay, and overtime compensation for hours actually worked to a full-time police officer by the Township. The term salary shall not include any other payments made by the Township to a full-time police officer including, but not limited to, payments for unused vacation time, personal days, etc.
[Added 6-5-2001 by Ord. No. 2-01; amended 9-1-2009 by Ord. No. 2-09]
The Supervisors shall employ or retain the services of an actuary to conduct and file the actuarial study required to be filed with the Department of Community Affairs of Pennsylvania pursuant to Act 293 of 1972, as amended.[1]
[1]
Editor's Note: See 53 P.S. § 730.2 et seq.
The Police Pension Fund shall be maintained by:
A. 
A charge against each full-time member of the police force.
B. 
Annual appropriations made by the Township.
C. 
Payments made by the State Treasurer to the Township Treasurer from moneys received from taxes paid upon premiums by foreign casualty insurance companies for purposes of pension retirement for policemen.
D. 
Gifts, grants, devises or bequests granted to the pension fund.
A. 
Each full-time police officer who has been in the employ of the Township as a full-time police officer for 25 years in the aggregate, except as otherwise provided herein, and who has attained the age of 50 years may retire and shall, upon his or her actual retirement from employment with the Township, be entitled to receive pension or retirement benefits as are hereinafter provided.
B. 
Any full-time member of the police force who has been a regularly appointed employee of this Township for a period of at least six months and who thereafter shall enter into the military service of the United States shall have credited to his or her employment record for pension or retirement benefits all of the time spent by him or her in such military service, if such person returns or has heretofore returned to his or her employment within six months after his or her separation from the service.
C. 
Any participant retiring under this article shall be subject to serve, from time to time, as a police reserve in case of riot, tumult or preservation of the public peace, until unfitted for such service, whereupon he or she may be finally discharged from reserve service by reason of age or disability.
[Amended 7-2-1991 by Ord. No. 4-91; 6-5-2001 by Ord. No. 2-01]
The amount of pension or retirement benefits payable under this article shall be as follows:
A. 
Full-time police officers who retired on or before December 31, 1992, shall have retirement benefits computed in accordance with the Police Pension Ordinance in effect upon the date of such full-time police officer's retirement.
B. 
Full-time police officers who retired on or after January 1, 1993, but on or before December 31, 1999, shall have retirement benefits computed in accordance with the Police Pension Ordinance in effect upon the date of such full-time police officer's retirement.
C. 
Full-time police officers shall be entitled to a pension or retirement benefit payable monthly during the balance of the full-time officer's life following actual retirement computed as follows:
(1) 
One-half of the monthly average salary of the full-time police officer during the officer's last 36 months of employment with the Township.
(2) 
If the full-time police officer shall have a minimum period of total service with the Township of 26 or more years, such full-time police officer shall receive a service increment in the amount of $100 per month which shall be added to the monthly pension benefit computed in accordance with § 25-9C(1).
A. 
A full-time policeman becomes a participant in the fund and liable for contributions immediately upon employment.
(1) 
Since the positions covered by the Police Pension Fund are also under the Federal Social Security Act and since an offset is provided for by § 25-9A(1), each participant shall contribute monthly into the pension fund established hereunder an amount equal to the sum of:
(a) 
The product determined by multiplying the total monthly compensation on which the social security taxes are payable by 2.75%; plus
(b) 
The product obtained by multiplying the amount of total monthly compensation in excess of that on which social security taxes are payable, if any, by 5%.
(2) 
All such contributions by the participant shall be deducted by the Township from the participant's salary. Any balance of needed annual contributions shall become the obligation of the Township and shall be paid to the pension fund by annual appropriations.
B. 
Effective January 1, 1993, the offset of Federal Social Security Act payments is eliminated. Therefore, in accordance with the requirements of 53 P.S. § 771, as amended, each participant shall contribute monthly into the pension plan established hereunder an amount equal to the sum of 5% of the officer's total compensation. All such contributions by participants shall be deducted by the Township from the participant's salary. Any balance of needed annual contributions shall become the obligation of the Township and shall be paid to the pension fund by annual appropriations.
[Amended 7-2-1991 by Ord. No. 4-91]
C. 
If an actuarial study shows that the condition of the Police Pension Fund of the Township is such that payments into the fund by members may be reduced below the minimum percentages hereinbefore prescribed or be eliminated and that if such payments are reduced or eliminated contributions by the Township will not be required to keep the fund actuarially sound, the Board of Supervisors may on an annual basis, by resolution, reduce or eliminate payments into the fund by policemen.
D. 
Any payments made by the Commonwealth of Pennsylvania to the Township from moneys received from taxes paid upon premiums by foreign casualty insurance companies for police pension purposes shall be used as follows: to reduce the unfunded liability of the Township on account of pensions payable hereunder and, after such liability has been funded, to apply against the annual obligation of the Township for future service cost or, to the extent that the payment may be in excess of such obligation, to reduce the participant's contributions as provided for by § 25-10.
[1]
Editor's Note: Resolutions which suspended payments by members of the police force into the Police Pension Fund for specific years are on file in the office of the Township Manager.
A. 
The Township shall be the owner of all moneys or property paid into the fund or annuities or policies purchased from insurance companies hereunder and the owner and designated beneficiary of any insurance and retirement income contracts acquired hereunder; and no participant prior to retirement shall have any right or interest in any portion of said moneys or property; provided, however, that each participant who is for any reason whatsoever ineligible to receive a pension after having contributed any charges to the Police Pension Fund established pursuant to this article shall be entitled to a refund of all such moneys paid by him or her into the pension fund, with interest at the rate of 4% per annum simple interest or actual interest if said interest is segregated as part of the charges collected from an individual police officer immediately upon discontinuance of his or her employment. If such termination or discontinuance of employment is due to death, such refund of money shall be paid to the participant's designated beneficiary or, in the absence thereof, to his or her estate.
B. 
Notwithstanding any language in this article to the contrary, a vested benefit as described in this section is hereby authorized, provided that such vested benefit does not impair the actuarial soundness of the fund as determined by an actuary. Under the provisions of such benefit, should a police officer, before completing superannuation retirement age and service requirements but after having completed 12 years of total service, for any reason cease to be employed as a full-time police officer by the Township, he or she shall be entitled to vest his or her retirement benefits by filing with the Board of Supervisors within 90 days of the date he or she ceases to be a full-time police officer a written notice of his or her intention to vest. Upon reaching the date which would have been his or her superannuation retirement date if he or she had continued to be employed as a full-time police officer, he or she shall be paid a partial superannuation retirement allowance determined by applying the percentage his or her years of service bears to the years of service which he or she would have rendered had he or she continued to work until his or her superannuation retirement date to the gross pension established by § 25-9, using, however, the monthly average salary during the appropriate period prior to his or her termination of employment. Such pension or retirement benefits for any month shall be up to 1/2 the average monthly salary as set forth in § 25-9 to the extent necessary to bring the total benefits in any month up to his or her partial superannuation retirement allowance as outlined herein. It is the intent of this section to provide a vested benefit as and to the extent authorized by Act No. 1979-99.[1] Examples of vesting are as follows:
(1) 
Full retirement vesting. A person, age 30, begins to work for the Township. He or she must work for 25 years with the Township and be age 50 to vest and collect his or her pension of 50% of salary averaged over the last 60 months of employment. If his or her final sixty-month average salary was $1,000 per month, he or she would receive a pension of $500 per month.
(2) 
Twelve-year vesting. If this same police officer left the Township after 12 years of continuous service, he or she could vest in his or her accrued pension benefits. The accrued pension benefit is determined by taking the total number of years of service [12] and dividing by the total number of years he or she would have normally worked for full pension [25]. This fraction (12/25) is then applied against 50% of the police officer's average monthly salary over the last 60 months of employment. In this example, let us assume the final average to be $1,000 per month. This would result in an accrued pension benefit of $240 per month (12/25 1000/2). This $240 per month pension now becomes a liability to the pension fund since the police officer is not eligible to receive the pension until his or her normal retirement age of 50.
[1]
Editor's Note: See 53 P.S. § 771.
[Added 6-14-1989 by Ord. No. 3-89; amended 7-2-1991 by Ord. No. 4-91; 1-6-2003 by Ord. No. 2-03; 4-6-2010 by Ord. No. 2-10]
Any full-time police officer who is totally and permanently disabled from injuries incurred in service as a police officer of the Township shall be entitled to monthly disability benefits equal to 50% of the participant's monthly salary at the time of total and permanent disability. There shall be no offset of worker's compensation benefits. This disability benefit shall be subject to the Social Security offset established by Act 600, as amended by Act 30. Monthly disability payments shall commence upon the expiration of any payments under disability insurance provided by the Township or on the 121st day following the inception of such total and permanent disability, whichever occurs later.
[Added 6-14-1989 by Ord. No. 3-89; amended 1-6-2003 by Ord. No. 2-03; 4-6-2010 by Ord. No. 2-10]
A. 
Upon the death of a participant who is receiving a retirement benefit or upon the death of a participant who is eligible to receive retirement benefits (other than a participant who is killed in the performance of police duties), the surviving spouse shall be entitled, during his or her lifetime, to receive a pension equal to 50% of the pension the participant was receiving or would have been receiving had the participant been retired at the time of the participant's death. If there is no surviving spouse, or if the surviving spouse subsequently dies, then the child or children of the participant under the age of 18, or, if attending college, under the age of 23 years, shall be entitled to receive a pension equal to 50% of the pension the participant was receiving or would have been receiving had the participant been retired at the time of death. Such pension to the child or children shall continue until the child or children reach the age of 18 years or, if attending college, reach the age of 23 years.
B. 
For the purposes of this § 25-13 the phrase "attending college" shall mean the eligible child is registered at an accredited institution of higher learning and is carrying a minimum course load of seven credit hours per semester.
C. 
Participants who are killed in the line of service shall receive benefits pursuant to the Act of October 9, 2009 (P.L. ____, No. 51), which amended the Act of June 24, 1976 (P.L. 424, No. 101), referred to as the Emergency and Law Enforcement Personnel Death Benefits Act, as previously amended April 2, 2002 (P.L. 213, No. 20), October 6, 2005 (P.L. 319, No. 59) and July 2, 2007 (P.L. 68, No. 21).
[Added 12-1-1992 by Ord. No. 9-92]
On or after January 1, 1993, a participant may obtain full service credit for each year of military service or fraction thereof, not to exceed three years, for military service completed prior to employment of the participant by the Township as a full-time police officer. The amount due for the purchase of credit for military service other than intervening military service shall be computed by applying the average normal cost rate for borough and Township police pension plans as certified by the Public Employee Retirement Study Commission, but not to exceed 10%, to the participant's average annual rate of compensation over the first three years of municipal service and multiplying the result by the number of years and fractional part of a year of creditable nonintervening military service being purchased together with interest at the rate of 4.75%, compounded annually, from the date the participant became a full-time police officer of the Township to the date of payment for the purchase of such credit for military service. Notwithstanding the foregoing, a participant shall not be able to purchase credit for nonintervening military service if the participant is entitled to receive, eligible to receive now or in the future or is receiving retirement benefits for such service under a retirement system administered and wholly or partially paid for by any other government agency, with the exception of a participant eligible to receive or receiving military retirement pay earned by a combination of active duty and nonactive duty with a reserve or National Guard component of the armed forces, which retirement pay is payable only upon the attainment of a specified age and period of service under 10 U.S.C. Chapter 67.
The Police Pension Fund shall be maintained under the direction of the Board of Supervisors of this Township who shall act as trustees of the pension fund, and they shall have full responsibility for the administration of the program established hereunder and shall hold, invest, reinvest and distribute all funds or other property received pursuant hereto in trust for the purpose of this article. The Supervisors may receive at any time and from time to time gifts, grants, devises or bequests to the pension fund or any money or property, real or personal or mixed, to be held by them in trust for the benefit of the fund and in accordance with the provisions hereof. The Supervisors shall have full power and authority by a majority action of their members to do all acts, to execute, acknowledge and deliver all instruments and to exercise for the sole benefit of the participants hereunder any and all powers and discretions necessary to implement and effectuate the purpose of this article, including, for purposes of illustration but not limited to, any and all of the following:
A. 
To hold, invest and reinvest all funds received pursuant to this article in such legal investments as may be authorized as legal investments under the laws of the Commonwealth of Pennsylvania.
B. 
To enter into contracts or deposit agreements on behalf of this Township with one or more banks, trust companies, savings and loan associations or insurance companies, in order to provide the pension and other benefits herein set forth, and to pay the premiums and deposits required by the purchase of said contracts.
C. 
To retain or purchase as an investment any form of annuity or contracts of similar nature and to exercise with respect thereto any right or incident of ownership.
D. 
To retain any property which may at any time become an asset of the fund, as long as said Supervisors may consider it advisable.
E. 
To make distribution of moneys in the fund, in accordance with the terms of this article.
The pension payments herein provided for shall not be subject to attachment, execution, levy, garnishment or other legal process and shall be payable only to the participant or his or her designated beneficiary. No participant or his or her beneficiary shall have any right to alienate, encumber or assign any assets of the fund held by the Supervisors on his or her behalf or any of the benefits or payments or proceeds of any contract or agreement purchased or acquired by the Township hereunder. Any contract or agreement purchased or acquired pursuant to this article upon the life of such participant shall contain a provision, in substance, that to the extent permitted by law, none of the benefits or payments or proceeds of such contract or agreement shall be subject to any legal process by any creditor of such participant or beneficiary of such participant.
[Amended 5-6-1986 by Ord. No. 1-86]
All costs and expenses incurred in administering the Police Pension Fund, including but not limited to the compensation paid to an actuary and to any custodian or Trustee of the fund, may be paid from the assets of the Police Pension Fund.
[Added 12-2-2008 by Ord. No. 8-08]
A. 
Definitions. For the purposes of this § 25-16.1, the following terms shall have the meanings set forth:
ASSOCIATION
The West Hempfield Township Police Association, the duly recognized collective bargaining unit representing all eligible full-time police officers of the West Hempfield Township Police Department.
BENEFICIARY or BENEFICIARIES
The individual or individuals identified by a DROP participant to receive the balance of such DROP participant's DROP account in the event of the death of the DROP participant during the DROP participation period.
DROP
Deferred Retirement Option Plan.
DROP ACCOUNTS
Separate accounts created for the exclusive purpose of accepting monthly pension checks of DROP participants while they are participating in the DROP Program.
DROP NOTICE
The form prescribed by the Township and Association upon which a member or officer informs the Township of his or her irrevocable intent to participate in the DROP Program. Once submitted to the Township and approved by the Township, the DROP notice is irrevocable, except as otherwise provided herein.
DROP PARTICIPANT or PARTICIPANT
A member or officer who has properly submitted a DROP notice to participate in the DROP, which has been approved by the Township's Board of Supervisors, and who has commenced his or her DROP participation period.
DROP PARTICIPATION PERIOD
The period of time from the commencement of the officer's (i.e., participant's) participation in the DROP as stated in the officer's DROP notice, which has been approved by the Township, until the officer's separation from employment as a police officer in West Hempfield Township (i.e., resignation date as defined below), which in no event shall be less than 12 months and shall not exceed 36 months.
DROP PERIOD
The period of time during which an officer can participate in a DROP, which in no event shall be less than 12 months or exceed more than 36 months.
DROP PROGRAM
The program implemented by the Township and Association pursuant to which members of the Township's Police Department may establish DROP accounts while continuing to provide police service for the Township as described herein. The DROP Program is an integral component of the plan.
MEMBER or OFFICER
A duly sworn full-time police officer employed by the Township.
PLAN
The West Hempfield Township Police Pension Plan.
RESIGNATION DATE
The date specified in the participant's irrevocable DROP notice approved by the Township on which the member or participant shall resign from employment with the West Hempfield Township Police, which shall be no less than 12 months and no more than 36 months from the commencement of the officer's DROP participation period.
TOWNSHIP
The Township of West Hempfield, Commonwealth of Pennsylvania, including its elected and appointed officials.
B. 
Eligibility. Any member who has reached his/her normal retirement date (as defined by the plan) may elect to become a DROP participant on the first day of any month following satisfaction of the requirements for receipt of normal pension benefits under the plan, which is a minimum of 25 years of service and attaining at least the age of 50. In addition, in order to be eligible to participate in the DROP, an officer must:
(1) 
Written DROP notice. An officer electing to participate in the DROP must complete and execute a DROP notice. The DROP notice must be signed by the officer and notarized and submitted to the Township at least 45 days prior to the date on which the officer wishes his/her DROP participation period to commence, which shall be specified on the DROP notice. The DROP notice shall include a notice to the Township by the member that the member shall resign from employment with the West Hempfield Township Police Department effective on a specific date (the resignation date) which shall be no less than 12 months and no more than 36 months from the commencement of the officer's DROP participation period. Once approved by the Township, an officer's resignation date shall be irrevocable. An officer shall cease to work as a police officer on the officer's resignation date, unless the Township terminates or honorably discharges the officer prior to the resignation date.
(2) 
Finality of election and approval by the Township. All retirement documents required by the Police Pension Plan Administrator must be filed and presented to the Township for approval of retirement, participation in the DROP and payment of pension benefits. Once the Township approves a DROP notice, it is irrevocable except as provided in § 25-16.1F.
C. 
Pension contributions. After an officer's DROP participation period commences, the officer shall not be required to make any contributions to the plan during his/her DROP participation period.
D. 
Accrual of nonpension benefits. After an officer elects to participate in the DROP Program, all other contractual benefits shall continue to accrue in accordance with the collective bargaining agreement with the exception of vacation and those provisions relating to the plan. Vacation accrual shall be frozen at the days accrued as of the date the DROP participation period commences.
E. 
Disability during DROP period.
(1) 
The Township, Association and all DROP participants all recognize the unique nature of the DROP Program and the benefits that it offers to the DROP participant and the Township. Such benefits for the Township, however, are based on the DROP participant being able to work to provide the Township with the benefit of his or her experience, as stated above. It is recognized that if the DROP participant cannot work by providing police services for the Township, the Township will suffer a significant burden and the purpose and intent behind the DROP Program will not be fulfilled to the detriment of the taxpayers of West Hempfield Township.
(2) 
Accordingly, if a DROP participant becomes temporarily incapacitated during his DROP participation period, as defined in the Township's disability benefit plan, the following shall apply: The DROP participant shall continue to participate in the DROP Program as if fully employed. Such DROP participant shall receive disability benefits (including heart and lung benefits, if eligible and such benefits are applicable) in the same amount and under the same terms as disabled police officers that are not participating in DROP Program, except:
(a) 
If a DROP participant is disabled and has not returned to work as of his required resignation date (as defined above), such DROP participant shall be required to resign on his or her resignation date. Such member shall not be entitled to any other disability payment or monthly disability pension benefit from the Township or the plan.
(b) 
If a DROP participant becomes and remains incapacitated for a period of six months during his or her DROP participation period, the DROP participant shall be honorably discharged from employment at the end of the sixth month. At that time, such member shall receive the balance of his or her DROP account and, thereafter, commence receiving his or her frozen monthly pension benefit in the amount calculated when the officer became a DROP participant in the DROP Program. Such member shall not be entitled to any other disability payment or monthly disability pension benefit from the Township or the plan.
F. 
Death during DROP participation period. If a DROP participant dies during the DROP participation period, his or her survivor as defined by the plan shall be entitled to receive benefits and his or her DROP account shall be handled according to the following:
(1) 
If a DROP participant dies during his or her DROP participation period and the Act 600 killed-in-service death benefit is legally payable (pursuant to the limitations and requirements of Act 600) to the participant's survivors as defined by the plan, the participant's DROP notice shall be revoked and the DROP account shall not be payable to any designated beneficiary of the deceased DROP participant, but such funds will revert back to the plan.
(2) 
If death occurs during the DROP participation period but the Act 600 killed-in-service death benefit is not legally payable (pursuant to the limitations and requirements of Act 600) to the participant's survivors as defined by the plan, the DROP participant's DROP notice shall be revoked, the Beneficiary shall receive a lump-sum payment of the DROP account balance and the participant's survivors as defined by the plan shall receive the survivor's benefit as defined by the plan.
G. 
The monthly pension benefit calculation and limitation on pension accrual. After the effective date of the DROP notice, the officer shall no longer earn or accrue additional years of service for pension calculation purposes under the plan. No benefit increases that may occur after a DROP participant's commencement of participation in the DROP Program, including bargained pension enhancements, mandated pension enhancements through arbitration or pension enhancements mandated by law, will apply to the DROP participant and shall not increase the DROP participant's frozen pension under the plan, as calculated on the effective date of the DROP participation period. The average monthly compensation of the officer for pension calculation purposes shall remain as it existed on the effective date of the DROP participation period. Earnings or increases in earnings thereafter shall not be recognized or used for the calculation or determination of any benefits payable by the plan. The pension benefit payable to the members shall increase only as a result of cost-of-living adjustments in effect under the plan on the effective date of the member's participation in the DROP Program or by applicable cost-of-living adjustments specifically granted to DROP participants or retirees thereafter.
H. 
Termination of employment. On the DROP participant's resignation date, his or her employment shall terminate automatically.
I. 
DROP pension payments. Upon entry into the DROP Program, a member's service and average applicable compensation (as each are defined under the plan) will be frozen and his or her pension payment will be calculated as if they retired and ceased employment with the Township on the effective date of such officer's DROP participation period. The monthly pension payment shall be transferred into the DROP participant's DROP account.
J. 
DROP accounts. During the period of participation in the DROP, the member's monthly pension payment shall be credited to such member's DROP account on the first day of each month. Interest shall be credited annually on the balance in the DROP account at the rate of 4% per annum. The member shall receive an annual statement showing the accumulated balance in the member's DROP account. The monthly pension payment credited to a member's DROP account during the month of the member's death or termination of participation in the DROP, if earlier, shall be the final monthly pension payment credited to such member's DROP. A member may not draw from nor access his or her DROP Account during the period of participation in the DROP.
[Amended 9-1-2009 by Ord. No. 2-09]
K. 
Distribution options. Commensurate with DROP Program participation, a member must make an election on forms designated by the Township of the payout option(s) desired upon termination of the DROP Period. This election may be changed at any time before the resignation date. The distribution options are as follows:
(1) 
A lump sum distribution.
(2) 
Rollover to another eligible retirement plan or to an IRA (as permitted by law).
L. 
Beneficiary designation. Commensurate with DROP Program participation, a member must make an election, on forms designated by the Township, of his or her beneficiary or beneficiaries.
M. 
Revocation of DROP participation. A DROP participant who voluntarily terminates his or her employment for any reason prior to the resignation date stated in his or her DROP notice (which has been accepted by the Township) shall automatically revoke his or her DROP participation election and cease employment with the Township.
N. 
Amendment. Any amendments to the DROP shall be consistent with the provisions covering deferred retirement option plans set forth in any applicable collective bargaining agreement and shall be binding upon all future DROP participants and upon all DROP participants who have balances in their DROP accounts. The DROP may only be amended by a written instrument, signed by an authorized representative of the Township and the Association, not by any oral agreement or past practice.
O. 
Interpretation of provisions.
(1) 
This § 25-16.1 shall be interpreted under the laws of the Commonwealth of Pennsylvania. An officer's election to participate in the DROP Program shall in no way be construed as a limitation on the Township's right to suspend or terminate an officer for just cause or to grant the officer an honorable discharge based upon a physical or mental inability to perform his or her duties. Nothing provided hereunder shall be construed as a change to the parties' practice of calculating pensionable compensation, and except for the ability to establish a DROP account and participate in the DROP Program, nothing herein is intended to create new pension benefits of any kind which did not exist as of December 31, 2008.
(2) 
Nothing provided hereunder shall guarantee any officer or DROP participant a specific term of employment. All DROP participants shall be subject to the same terms and conditions of employment (except those relating to benefits under the plan and retiree benefits), rules and regulations and disciplinary procedures as other officers and members who are not DROP participants.
(3) 
Except as provided in this § 25-16.1, all DROP participants shall be considered to be employees of the Township and subject to the same terms and conditions of employment contained in all Township policies, directives, and orders as well as in the collective bargaining agreement between the Township and the Police, including but not limited to the obligation to continue to make health care contributions, just as all other police officers employed by the West Hempfield Township Police Department who are not DROP participants.
P. 
Cost to participants. Participants will pay any costs of the Township and the plan relating to the operation and administration of the DROP Program.
Q. 
Compliance with a future law. The Township and the Association and all current and future DROP participants (as a condition of participating in the DROP) recognize that laws may be enacted that impact the provisions of this DROP. The Township, the Association and any current and future DROP participants (as a condition of participating in the DROP) agree and acknowledge that if any such law requires that this DROP be altered, changed, modified or amended in any way, such changes shall be made as required by such law within the required time period. The Association and the Township shall meet to discuss how to most efficiently implement those changes, and any agreement reached in those discussions shall be binding on the Township, the Association and any current and future DROP participants. Such discussions, however, shall not in any way delay the implementation of any such required change as required by law.