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.[1]
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
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.[1]
[1]
Editor's Note: See 53 P.S. § 895.302(b).
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.[2]
[2]
Editor's Note: See 53 P.S. § 895.302(c).
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.[3]
[3]
Editor's Note: See 53 P.S. § 895.304.
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.[4]
[4]
Editor's Note: See 53 P.S. § 895.305(a).
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.[1]
[1]
Editor's Note: See 53 P.S. § 895.201.
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.[1]
[1]
Editor's Note: See 53 P.S. § 895.302(d).
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.