Horsham Township, being a member municipality of the Pennsylvania Municipal
Retirement System, hereby elects to change its member benefits in that System
as authorized by the Pennsylvania Municipal Retirement Law, as amended, and does hereby agree to be bound by all the requirements
and provisions of said Article and the Law, as the case may be, and to assume all obligations,
financial and otherwise, placed upon member municipalities by said amendment,
as the case may be. All references hereafter shall be based on benefits negotiated
between the Board and the municipality under the provisions of Article IV.
Membership in the Pennsylvania Municipal Retirement System shall be
mandatory for all permanent, nonuniformed municipal employees of the Township.
Membership for elected officials and employees hired on a temporary or seasonal
basis is prohibited, as is membership for individuals paid only on a fee basis.
Credit for prior service for original members is granted for each year
or partial year thereof that the member was employed by the Township from
original date of hire. Benefits provided to members in the agreement dated
February 11, 1992, shall accrue based on all credited service granted and
earned in accordance with this section.
Payment for any obligation established by the adoption of this chapter
and the agreement between the System and Horsham Township shall be made by
the Township in accordance with the Pennsylvania Municipal Retirement Law
and Act 205 of 1984, the Municipal Pension Plan Funding Standard and Recovery
Act.
As part of this chapter, the
Township agrees that the System shall provide the benefits set forth in the
agreement between the Board and Horsham Township, dated February 11, 1992.
The passage and adoption of this chapter by Horsham Township is an official
acceptance of said agreement and the financial obligations resulting from
the administration of said benefit package. Horsham Township hereby assumes
all liability for any unfundedness created or which may be created due to
the acceptance of the benefit structure outlined in the above-referenced agreement.
Horsham Township intends this chapter to be the complete authorization
of the Township plan and, therefore, specifically repeals the previous agreement
and Ordinance Number 74.
A duly certified copy of this chapter and the referenced agreement shall
be filed with the Pennsylvania Municipal Retirement System of the Commonwealth
of Pennsylvania. Membership for the municipal employees of Horsham Township
in the Pennsylvania Municipal Retirement System shall be effective the first
day of December 1969, with the revised plan structure reflected in the agreement
dated February 11, 1992, effective the first day of January 1992.