A permanent Pension Advisory Commission is hereby established.
The Pension Advisory Commission shall consist of five members appointed
by Borough Council to serve five-year terms. The initial appointments to the
Commission shall be staggered as follows: one member shall be appointed to
a five-year term, one member to a four-year term, one member to a three-year
term, one member to a two-year term and one member to a one-year term.
The members of the Pension Advisory Commission shall serve without pay,
and vacancies in said Commission occurring otherwise than by expiration of
a term shall be filled by Council for the unexpired term.
The members of the Pension Advisory Commission shall elect their own
Chairperson to serve for a period of one year. The election of the Chairperson
shall occur at the first meeting of the year to be held in January. The Borough
Finance Director shall serve as ex officio Secretary to the Commission. The
Commission shall establish its own operating procedures and other offices
as may be deemed necessary from time to time.
The Commission shall meet at least twice per year to consider any business
which may come before the Commission. However, nothing herein shall be construed
to limit the Commission from meeting more often should it deem it necessary
to do so.
The Commission shall be an advisory body to the Borough Council on all
matters relating to the Borough's Police Pension and Municipal Employees
Pension Plans. The Commission shall investigate and study proposed benefit changes,
investment practices, selection of outside professional services and make
recommendations to Borough Council on such matters. Furthermore, the Commission
shall be responsible for keeping Borough Council and employees who are members
of the pension plans informed of the benefits offered by each plan and the
financial status of each plan.