[HISTORY: Adopted by the Township Council of the Township of Crescent 8-1-1978 by Ord. No. 1978; amended in its entirety 5-19-2011 by Ord. No. 535. Subsequent amendments noted where applicable.]
The Township hereby elects to join the Pennsylvania Municipal Retirement System, established by the Pennsylvania Municipal Retirement Law, under Article IV, Act 15 of 1974, as amended, and does hereby agree to be bound by all the requirements and provisions of the said Pennsylvania Municipal Retirement Law and the amendments thereto and to assume all obligations, financial and otherwise, placed upon member municipalities by said Pennsylvania Municipal Retirement Law and the amendments thereto.
Crescent Township (the Township), 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 ordinance, the Township agrees that the System shall administer and provide the benefits set forth in the amended Municipal Pension Plan entered into between the Pennsylvania Municipal Retirement Board and the Township effective January 1, 2011 (the Contract).
The passage and adoption of this ordinance by the Township 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 ordinance and the contract shall be made by the Township in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act. The Township hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the contract.
The Township intends this ordinance to be the complete authorization of the contract and it shall become effective and specifically repeal Ordinance Number 389 either immediately or on January 1, 2011, which is the effective date of the contract, whichever is later.
A duly certified copy of this ordinance and an executed contract shall be filed with the System.