[HISTORY: Adopted by the Board of Supervisors of the Township
of West Bradford as indicated in article histories. Amendments noted
where applicable.]
[Adopted 4-8-2014 by Ord. No. 2014-01; amended in its entirety 2-11-2020 by Ord. No. 2020-02]
West Bradford Township (the "Township"), having established
a nonuniform pension plan administered by the Pennsylvania Municipal
Retirement System (the "System"), hereby elects to amend its nonuniform
pension plan administered by the System in accordance with Article
IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101
et seq. (the "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 article, the Township agrees that the System
shall administer and provide the benefits set forth in the amended
nonuniform pension plan document entered into between the Pennsylvania
Municipal Retirement Board and the Township, effective as of the date
specified in the System's defined benefit plan adoption agreement
and cash balance plan adoption agreement (the "contracts"), attached
hereto as Exhibits A and B, respectively.
The Township acknowledges that by passage and adoption of this
article, the Township officially accepts the contracts and the financial
obligations resulting from the administration of the contracts.
Payment for any obligation established by the adoption of this
article and the contracts 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
contracts.
The Township intends this article to be the complete authorization
of the contracts and it shall become effective as of the date specified
in the adoption agreements, which are the effective date of the contracts.
A duly certified copy of this article and executed contracts
shall be filed with the System.
[Adopted 2-13-2018 by Ord. No. 2018-02]
A. The Board of Supervisors adopts the Restated Trust Agreement and
agrees to participate in the Trust in accordance with the amended
and updated terms of the Restated Trust Agreement, and the Chairman
of the Board of Supervisors and Secretary of the Township are hereby
authorized to sign the Restated Trust Agreement and any other agreements
necessary for the Township's participation in the Trust.
B. The Restated Trust Agreement is on file for inspection and review
at the Township's offices at 1385 Campus Drive, Downingtown, Pennsylvania.
C. The Restated Trust Agreement may be subsequently modified or amended
in accordance with its terms, but in no event shall such modifications
or amendments divert any of the trust funds from the purposes of the
Trust.
D. The Township may withdraw from the Trust in accordance with the Restated
Trust Agreement, including if the Township determines the modifications
or amendments are not in the best interests of the Township.
The participation of the Township in the Trust is authorized
for the purpose of offering high-quality pension and retirement plans
at a reasonable cost to the Township and its employees.
As set forth in greater detail in the Restated Trust Agreement
and as otherwise stated herein, the following conditions apply to
the participation of the Township in the Trust:
A. That each participating employer must meet the admission and eligibility
requirements set forth therein;
B. That each participating employer agrees to pay all contributions
when due as provided in the Restated Trust Agreement or as otherwise
established by the Board of Trustees; and
C. That each participating employer complies with all other conditions
of the Restated Trust Agreement.
The Township agrees to participate in the Trust and may withdraw
for any reason and in accordance with the Restated Trust Agreement,
provided that it has fulfilled all its financial obligations to the
Trust upon withdrawal.
The effective date of the Township's agreement to and joinder
in the Restated Trust Agreement and the participation of the Township
in the Trust pursuant to the terms of the Restated Trust Agreement
will be February 18, 2018.
Each participating employer delegates to the Board of Trustees
the powers enumerated in the Restated Trust Agreement.
The organizational structure of the Trust shall consist of a
Board of Trustees. Under the Restated Trust Agreement, the Board of
Trustees is authorized to, among other things, enter into contracts
with third parties to perform various services necessary for the administration
of the Trust.
The funds required for the operation of the Trust shall be provided
by the participating employers through scheduled appropriations as
determined by the Board of Trustees.
The Trust is empowered to enter into contracts for policies
of group insurance and employee benefits, including Social Security,
for employees of the Trust, if any.
As a condition of participating in the Trust, the Township agrees
to comply with all of the terms and conditions in the Restated Trust
Agreement.
The Secretary of the Township shall provide a certified copy
of this article upon its enactment to the Board of Trustees of the
Trust.
The Manager of the Township is hereby authorized to take any
and all such other actions as may be necessary or appropriate to carry
out the purposes of this article and comply with the requirements
of the Restated Trust Agreement and any duly adopted amendments thereto.
The duration of the term of the Township's participation in
the Trust and obligations under the Restated Trust Agreement shall
continue until withdrawal from the Trust by the Township in accordance
with the terms of the Restated Trust Agreement.
The Board of Supervisors hereby specifically finds and determines
as follows:
A. The conditions of the intergovernmental cooperative agreement are
set forth in the Restated Trust Agreement incorporated by reference
herein.
B. The Township shall participate in the Trust in accordance with the
Restated Trust Agreement until it withdraws by giving notice to the
Board of Trustees in accordance with the terms of the Restated Trust
Agreement.
C. The purpose and objectives of the intergovernmental cooperative arrangement,
including powers and scope of authority delegated to the Board of
Trustees, are set forth in the incorporated Restated Trust Agreement.
D. The manner and extent of financing of the agreement are that:
(1) Funds to implement the Township's obligations under the agreement
shall come from the normal and usual budgeted amounts for Township
employee compensation and employee benefits; and
(2) No borrowing is anticipated to be required.
E. The Trust shall be managed by the Board of Trustees pursuant to the
terms of the Restated Trust Agreement.
F. All assets and property, real or personal, of the Trust shall be
titled to, acquired, managed, licensed or disposed of by the Trust,
and its Board of Trustees, in accordance with the terms of the Restated
Trust Agreement.
G. The Trust, in accordance with the Restated Trust Agreement, shall
be empowered to enter into contracts for the creation and administration
of group and/or individual pension and retirement plans to be offered
to participating employers for their eligible employee and dependents.
Nothing in this article shall be interpreted to affect any rights
or liabilities of the Township, or to affect any cause of action,
existing prior to the enactment of this article.