The Township of Patterson hereby establishes
the Patterson Township General Municipal Pension System (the "system"),
which shall consist of a Police Pension Fund and a Nonuniform Pension
Fund, to be governed by the terms of this chapter and the Pennsylvania
Municipal Pension Plan Funding Standard and Recovery Act.
All of the assets of the existing Police Pension
Fund and the Foreign Fire Insurance Tax Fund are hereby transferred
to the system. Any and all obligations heretofore incurred by the
Police Pension Fund or the Foreign Fire Insurance Tax Fund are hereby
expressly assumed by the system. The system shall succeed to all the
rights and entitlements of the existing Police Pension Fund and the
existing Foreign Fire Insurance Tax Fund. Upon the adoption of this
chapter and the completion of the transfer and assumption described
in this section, the existing Police Pension Fund and Foreign Fire
Insurance Tax Fund are hereby abolished.
The system shall at all times be under the control
of the Board of Commissioners. The Board of Commissioners shall determine
the proportion of the total amount of the Foreign Fire Insurance Tax
Fund to be credited to the Police Pension Plan and the Nonuniform
Pension Plan.
[Amended 1-13-2011 by Ord. No. 431]
The President of the Board of Commissioners
shall be the chief administrative officer of the system and shall
have the following duties:
A. He shall determine the annual financial requirements
of each plan for the following plan year in accordance with § 302(b)
of the Act.
B. He shall determine the annual minimum obligation of
the Township with respect to each plan for the following plan year
pursuant to § 302(c) of the Act.
C. He shall submit to the governing body, annually, on
or before the last business day in September of each year, a certification
of the financial requirements of the pension plans and the minimum
obligation of the Township with respect to the pensions plans, with
appropriate documenting detail, pursuant to § 304 of the
Act.
D. He shall provide to the Board of Commissioners, prior
to the adoption of any benefit plan modification, a cost estimate
of effect of the proposed benefit plan modification, pursuant to § 305(a)
of the Act.
First Western Trust Services Company is hereby
appointed trustee of the Patterson Township General Municipal Pension
System. The powers and duties of the trustee shall be as follows:
A. All moneys or receipts of the system shall be paid
to the order of the trustee.
B. The trustee shall pay all administrative expenses
of the system, upon approval by the Board of Commissioners.
C. The trustee shall invest funds of the system in legal
investments using the degree of care that a reasonable and prudent
person would use in investing for their own account.
D. The trustee shall maintain separate funds at all times
for the Police Pension Fund and the Nonuniform Employees Pension Fund.
The system shall cause to be made, biennially,
the actuarial valuation reports required by § 201 of the
Act.
Annually, the Board of Commissioners shall provide
for the full amount of the minimum obligation of the Township in the
Township budget, pursuant to § 302(d) of the Act.
All direct expenses for the administration of
the pension system shall be payable out of the funds of the pension
system. The payment of all direct expenses of the administration of
the plan paid prior to the adoption of this chapter are hereby approved.