[Adopted 7-21-1977 by Ord. No. 77-5]
The municipality shall be the owner of all monies
or property paid into the fund or annuities or policies purchased
from insurance companies hereunder and the owner 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 monies or property; provided, however, that each participant
shall be entitled to designate a beneficiary. In the event of termination
or discontinuance of his employment with the municipality because
of death, the participant's designated beneficiary or, in the absence
thereof, his estate shall receive a death benefit equal to 2 1/2
times annual salary, subject to a maximum of $35,000.
All contracts, agreements or funds held by the
municipality for the purpose of providing pensions, annuities or retirement
income or any of them, on any police officer who shall be a participant
in the program herein established, shall be and hereby are transferred
and assigned to the fund herein created. After such transfer, the
police pension fund shall assume the liability, if any, of continuing
the payment of pensions to members of the police force retired prior
to such transfer in accordance with the laws and regulations under
which such members were retired.
The expense of administering this pension program,
including compensation of an actuary, any custodian of the fund and
any other charges or expenses related thereto, exclusive of the payment
of pensions, shall be paid by the municipality by appropriations made
by the governing body of the municipality.