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.
[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.