[Adopted 6-8-2016 by Ord. No. 943]
[1]
Editor’s Note: See also Art. I, Salaried Employees Pension Plan.
A defined contribution retirement plan, entitled the Springfield Township Salaried Employees Defined Contribution Retirement Plan (the "Plan"), is established as a program of benefits under the Salaried Employees Pension Plan for the benefit of full-time nonuniformed salaried employees of the Township hired on or after January 1, 2016, and is hereby ratified and approved and the same is incorporated herein by reference to the same. A copy of the Plan is attached to this Ordinance in substantially final form and shall remain on file in the Township office.
This article shall become effective retroactively to January 1, 2016.
This plan is a program of benefits under the Salaried Employees Pension Plan, and is to be funded and maintained by any of the following methods, or a combination of each:
A. 
Contributions from the General Fund of the Township which may be required after appropriate approval of the Board of Commissioners;
B. 
Contributions by plan participants made on an after-tax basis which are "picked up" by the Township pursuant to Section 414(h)(2) of the Internal Revenue Code of 1986, as amended.
C. 
State Aid received pursuant to the Municipal Pension Plan Funding Standard and Recovery Act (Act 205 of 1984);[1]
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
D. 
Any other sums to the extent authorized by law and with prior approval of the Board of Commissioners.
A. 
Plan administrator. The Township shall be the administrator of the plan.
B. 
Pension Committee.
(1) 
The general administration and management of the plan shall be under the direction of a Pension Committee consisting of:
(a) 
The Board of Commissioners;
(b) 
One individual, appointed by the Board of Commissioners, who is a participant in the Township's Salaried Employees Pension Plan;
(c) 
One individual, appointed by the Board of Commissioners, who is a participant in the Township's Hourly Employees Pension Plan; and
(d) 
One individual, appointed by the Board of Commissioners, who is a participant in the Township's Police Pension Plan.
(2) 
The Pension Committee shall have all powers necessary to enable it properly to carry out its duties, including, but not limited to, the power to construe the provisions of the plan, to direct the investment advisor, to determine all questions relating to eligibility of participants, to authorize benefit disbursements to participants and to delegate its authority as it deems appropriate. The decisions of the Pension Committee on all matters within the scope of its authority shall be final, subject to approval of the Board of Commissioners.
C. 
Trustee.
(1) 
The plan shall be under the direction of a trustee(s) designated by resolution of the Board of Commissioners. The trustee(s) shall have full responsibility for administration of the plan established hereunder and shall hold, invest, reinvest and distribute all funds and other property received pursuant hereto in trust for the purposes of this article. The trustee(s) may receive, at any time, gifts, grants, devises, or bequests of any money or property, real, personal or mixed, to be held by them in trust for the benefit of this plan and in accordance with the provisions hereof. The trustee(s) shall be subject to such rules and regulations as may from time to time be adopted by the governing body of this Township by ordinance or resolution.
(2) 
The trustee(s) shall have full power and authority by a majority action of its members, either directly or through their designated representatives, to do all acts, execute, acknowledge and deliver all instruments, and to exercise for the sole benefit of plan participants and beneficiaries any and all powers and discretions necessary to implement and effectuate the purposes of this article, including for purposes of illustration, but not limited to any of the following:
(a) 
To hold, invest and reinvest all funds received pursuant to this article and such legal investments as may be authorized as legal investments under the laws of the Commonwealth of Pennsylvania;
(b) 
To retain any property which may at any time become an asset of the plan, as long as said trustees may deem it advisable; and
(c) 
To make distribution of the monies in the plan, in accordance with the terms of this article.
D. 
The Springfield Township Salaried Employees Defined Contribution Retirement Plan is a program of benefits under the Salaried Employees Pension Plan. All of the assets of the Salaried Employees Pension Plan shall be held by the trustee(s) as a single plan and trust in accordance with the terms of the Salaried Employees Pension Plan including the terms of the Salaried Employees Defined Contribution Plan which is a part thereof .
E. 
The expense of administering this plan, including compensation of any actuary, any custodian of the plan, and any other charges or expenses related thereto, exclusive of the payment of benefits, may be paid by the Township or by the plan as determined by the governing body of the Township.