The administration of the Pension Plan shall be in accordance with the
amended (1989) trust agreement between the Borough of Norristown and Local
2335 of the International Association of Fire Fighters.
[Amended 4-6-1993 by Ord.
No. 93-7]
A member may retire before the member's normal retirement date provided that the member is at least 45 years of age and has a minimum of 10 years of service. The pension of a member electing early retirement shall be calculated in the same manner as a vested pension (as described in §
27-15 of this Article) and shall be actuarially reduced to reflect retirement earlier than the normal retirement date.
A member shall have the option to vest his or her superannuation retirement
benefit if the member's full-time employment is terminated for any reason
after 12 years of service. If a member wishes to vest and thereby not receive
a refund, the member shall file a written notice of intent to do so with the
Chairman of the Board of Trustees not later than 90 days after the termination
date. Upon reaching the date which would have been the normal retirement date,
if the member had continued to be employed, the member shall be paid a partial
superannuation pension benefit. The benefit shall be determined by applying
the percentage of years of actual service to the years of service that would
have been rendered if the member had continued working up until the normal
retirement date. As an example, if the total years of service required for
a full pension benefit is 25 and a member vests after twelve and one-half
(12 1/2) years of service, the partial pension shall be 50% of the normal
or full amount. The compensation used for this determination shall be the
earnings prior to the date of termination.
Notwithstanding the above provisions, the Public Employee Pension Forfeiture
Act shall apply to this Pension Plan.
[Added 4-6-1993 by Ord. No.
93-7]
Any member who retires after January 1, 1993 may be eligible to receive
a cost of living increase in the monthly pension benefit based on the Consumer
Price Index (CPI) from the Philadelphia/Delaware Valley area. The Pension
Board shall annually determine the amount, if any, the retiree shall receive
after considering the yearly CPI and the yearly performance of the pension
fund. Notwithstanding the foregoing, there shall be a lifetime maximum increase
of 13% of the monthly pension benefit as calculated based upon the original
monthly pension benefit from the original retirement date.