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);
D. Any other sums to the extent authorized by law and with prior approval
of the Board of Commissioners.