There is hereby established a Police Pension Fund for the benefit of all full-time police officers (the "participants"), under the control of the Board of Commissioners. The initial amount of this fund shall be set by the Board of Commissioners based on an allocation from the Foreign Fire Insurance Tax Fund. The initial amount of the fund shall be the full amount of the existing Police Pension Fund as of the date of the transfer and assumption of liability described in Article
I herein.
[Amended 3-14-2002 by Ord. No. 391; 4-14-2005 by Ord. No.
409]
A. Any participant in this plan shall be eligible to
receive the retirement benefits described hereinafter upon obtaining
the age of 50 years and completing a minimum of 25 years of service
to the Township. For purposes of this plan, service to the Township
shall include any period of voluntary or involuntary military service
with the armed forces of the United States of America, provided that
the participant has been employed as a full-time Police Officer of
the Township for a period of at least six months immediately prior
to the period of military service; and the participant returns to
employment within six months following his discharge from military
service or within such longer period during which his employment rights
are guaranteed by applicable law or under the terms of a collective
bargaining agreement with the Township.
B. Early retirement. If a participant retires or terminates employment with the Township prior to the minimum age and service requirements specified in §
30-10A, the participant shall be entitled to an immediate early retirement benefit if the participant had completed at least 20 years of service with the Township (to be calculated as provided in Subsection
A above). The early retirement benefit shall be equal to the actuarial equivalent of the partial retirement allowance determined under §
30-11, Vesting. The actuarial equivalent shall mean two forms of payment of equal actuarial present value on a specified date. The factors to be used in determining the actuarial equivalent shall be the actuarial assumptions reported in the last actuarial valuation report filed with the Public Employees' Retirement Commission under Act 205.
Should a participant, before completing the
retirement age and minimum service requirements described herein but
after having completed 12 years of total service, for any reason cease
to be employed as a full-time police officer in the Township, he shall
be entitled to vest his retirement benefits by filing with the Township
within 90 days of the date he ceases to be a full-time police officer
a written notice of his intention to vest. Upon reaching the date
which would have been his normal retirement date if he had continued
to be employed as a full-time police officer, he shall be paid a partial
retirement allowance, determined by applying the percentage his years
of service bears to the years of service he would have rendered had
he continued to work into his normal retirement date.
The Township shall pay a monthly pension benefit
to any eligible plan participant who meets the minimum age requirement
and has completed the minimum period of service requirement described
herein in an amount equal to 1/2 the monthly average salary of such
participant computed on the basis of the last 36 months of employment.
A. Cost-of-living increases. Commencing in the first
month of the second full year that an employee is receiving retirement
benefits under this plan, the employee shall be entitled to a cost-of-living
increase based on the Consumer Price Index. These cost-of-living increases
shall not exceed in the aggregate the lesser of 30% of the original
benefit or 75% of the final average salary. No cost-of-living increase
shall be granted which would impair the actuarial soundness of the
pension fund.
[Amended 1-13-2011 by Ord. No. 431]
B. Employee contributions. Each employee covered by this
plan shall annually contribute an amount up to 5% of his or her gross
annual compensation to the pension fund. The Township Commissioners
may, on an annual basis by resolution, reduce or eliminate payments
into the fund by members. Reduction or elimination of member contributions
shall not permit the return of contribution or any interest or fund
earnings to be made to members while actively employed.
[Amended 12-29-2005 by Ord. No. 411]
[Amended 10-12-2017 by Ord. No. 463]
All retirement benefits provided by this plan shall be funded
and paid by the general assets of the Police Pension Plan Fund.
[Amended 4-14-2005 by Ord. No. 409]
Any employee who receives an honorable discharge
by reason of an in-service disability shall be eligible for a disability
pension equal to 50% of his normal salary at the time of his disability.
This amount shall be offset by any amounts payable by reason of workmens’
compensation, social security benefits or any other insurance received
for, or resulting from, the same injury or injuries.
[Added 4-14-2005 by Ord. No. 409]
The surviving spouse of a member of the police
force who dies before his pension has vested or, if no spouse survives
or if he or she survives and subsequently dies, the child or children
under the age of 18 years, or, if attending college, under or attaining
the age of 23 years, of the member of the police force shall be entitled
to receive repayment of all money which the member invested in the
pension fund plus interest of 3.5% or other increases in value of
the member’s investment in the pension fund, unless the member
has designated another beneficiary for this purpose.
[Added 4-14-2005 by Ord. No. 409; amended 12-29-2005 by Ord. No.
411]
Any member of the Township Police Department
who, for any reason whatsoever, shall be ineligible to receive a pension
after having contributed any charges to a police pension fund established
pursuant to the provisions of Act 30, or to a police pension fund
existing on the effective date of Act 30 supplanted by a police pension
fund established pursuant to the provisions of Act 30, shall be entitled
to a refund of all such monies paid by him or her into such funds
plus 3.5% interest earned by such monies while in the police pension
fund, less any return of contributions and interest made to members
pursuant to Section 6 of Act 30, as determined by regulations of the
governing body, immediately upon discontinuance of his or her employment
with the police force. If such discontinuance is due to death and
the pension rights have not vested, such monies shall be paid to the
surviving spouse. If no spouse survives or if the spouse survives
and later dies, the member's children under the age of 18 years, or
if attending college, under the age of 23 years, shall be entitled
to receive repayment of all money which the member has invested plus
3.5% interest, unless the member has designated another beneficiary.
If the member has no surviving spouse or children and no designated
beneficiary, the money shall be paid to his estate. The pension fund
will retain all amounts greater than $1,000 unless the participant
consents to the distribution for the amount greater than $1,000. The
fund will continue to distribute benefits of $1,000 or less without
the participant's consent.
[Added 4-14-2005 by Ord. No. 409]
A. Any member of the Township Police Force who has been
a regularly appointed employee of any such police department for a
period of at least six months and who thereafter shall enter into
the military service of the United States shall have credited to his
employment record for pension or retirement benefits all of the time
spent by him in such military service, if such person returns or has
heretofore returned to his employment within six months after his
separation from the service.
B. Any member of the Township Police Force shall be eligible
to receive service credit for intervening military service, provided
that he is not entitled to receive, eligible to receive now or in
the future or is receiving retirement benefits for such service under
a retirement system administered and wholly or partially paid for
by any other governmental agency, with the exception of a member eligible
to receive or receiving military retirement pay earned by a combination
of active duty and nonactive duty with a reserve or national guard
component of the armed forces, which retirement pay is payable only
upon the attainment of a specified age and period of service under
10 U.S.C. Ch. 67 (relating to retired pay for nonregular service).