There is hereby established a Nonuniform Pension Plan for the benefit of all full-time nonuniform Township employees ("participants"), under the control of the Board of Commissioners. The initial amount of the fund shall be not less than the accrued actuarial liability of the plan as shown on the most recent actuarial valuation report, calculated as of the effective date of the establishment of this plan.
Any participant of this plan shall be eligible to receive the retirement benefits described hereinafter upon obtaining the age of 65 years and fulfilling the vesting requirements of this plan as stated hereinafter.
[Amended 7-13-2000 by Ord. No. 379]
Should a participant, before attaining the retirement age described herein but after having completed five years of total service, for any reason cease to be employed as a full-time Township employee, 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 employee a written notice of his intention to vest. Upon reaching age 65, he shall be paid a retirement allowance determined by multiplying 1.2% for each year of service rendered to the Township times the monthly average salary of the employee during the last 36 months of employment. Upon an employee attaining the age of 62 years, the employee may elect to take an early retirement. In such event, the employee's retirement benefit shall be determined by multiplying 1.2% for each year of service to the Township times his average monthly salary for the last 36 months of employment.
[Amended 7-14-1994 by Ord. No. 336; 6-8-2017 by Ord. No. 462]
All retirement benefits provided by this plan shall be funded and paid by the general assets of the Nonuniformed Employees Pension Plan Fund.
A. 
Normal employee benefit. Except as provided in Subsection B, the last payment due with respect to any employee receiving a retirement benefit shall be the payment due on or most recently preceding the date of the employee's death.
B. 
Optional form of benefit.
(1) 
Any participant eligible to receive a normal or early retirement benefit may, in accordance with Subsection C, elect to receive such benefit under the normal form described in Subsection A or to receive such retirement benefit under one of the options named below. If any participant who has an eligible spouse fails to make such an election, it will be assumed that option in Subsection B(2) below was elected with his/her eligible spouse as contingent annuitant and, if he/she does not have an eligible spouse, that he/she elected the normal form. The amount of the benefit shall be actuarially equivalent to the retirement benefit otherwise payable.
(2) 
Fifty-percent joint and survivor annuity. A reduced monthly benefit will be payable during the lifetime of the retired employee, and 50% of such reduced monthly benefit payable after his/her death to the spouse named by him/her at the time the option is elected. If such spouse survives the retiree, 50% of such benefit is to continue until the death of the spouse. If the designated spouse should die prior to the benefit commencement date of the employee, the election of this option is deemed automatically annulled.
C. 
Election of normal or optional form of benefit. Not less than nine months before the participant attains the qualified early retirement age (or if the qualified early retirement age is the date the participant begins participation in the plan, the information may be provided on or about such date), the plan administrator shall provide to the participant a retirement application form which shall describe in plain language the terms and conditions of the optional forms of benefit and which shall provide for the participant to indicate his/her benefit commencement date, the election of the normal form or an optional form of benefit and beneficiary or the contingent annuitant. The completed retirement application form should be returned to the plan administrator not later than 90 days prior to the participant's benefit commencement date. If the participant files another retirement application form after the earlier form and prior to his/her benefit commencement date, the earlier form shall be deemed annulled.
D. 
Death while eligible for retirement. Any participant with any eligible spouse who is eligible to retire and receive an early or normal retirement benefit shall be eligible at any time prior to his/her benefit commencement date to file a retirement application form with the plan administrator which shall have the effect of an election of option under Subsection B(2) should the participant die before the benefit commencement date.
E. 
Actuarial assumptions. For the purpose of calculating any actuarial equivalent benefits provided for under this section, the administrator shall use the Unisex Pension, 1984 Table, and an interest rate of 7%.
[Added 12-29-2005 by Ord. No. 411]
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.
[Added 12-29-2005 by Ord. No. 411]
Any nonuniformed employee of the Township who is not totally vested and who, for any reason whatsoever, shall be ineligible to receive a pension after having contributed to the fund shall be entitled to a refund of all monies paid by him into such fund plus 3.5% interest earned by such monies while invested in the fund. If such discontinuance is due to death, such monies shall be paid to his designated beneficiary or, in the absence thereof, to his or her estate. The plan will retain all amounts greater than $1,000 unless the participant consents to the distribution. The plan shall be able to distribute benefits of $1,000 or less without the participant's consent.