[Adopted 5-13-1958]
A trust fund is now authorized and created, to be known as the
"Police Pension, Death and Disability Trust Fund," and the sum of
$1 is hereby allocated and set aside for this purpose. All allocations
as aforementioned and other funds as may be provided for this purpose
and received by the Borough of Ridley Park will be given to the trustee
immediately upon receipt of same.
A.
The trust fund will consist of all money paid to the trustee from
any and all legal sources from which they may be derived.
B.
The trustee shall be the First Pennsylvania Bank, N.A., and the President
of Council and Secretary of the Borough be and they hereby are directed
and authorized to execute on behalf of the Borough a trust agreement,
in a form approved by the Solicitor for the Borough, to implement
and carry out the intent and purpose of this article.
[Amended 6-12-1984 by Ord. No. 993[1]]
[1]
Editor's Note: Section 2 of this article provided as
follows: "The Borough Manager is authorized to execute any and all
documents necessary to transfer the funds from the Fidelity-Philadelphia
Trust Company and/or its successor to the First Pennsylvania Bank,
NA."
D.
It is the intention of the Council of the Borough of Ridley Park
to create said trust fund for an indefinite term, since it is the
desire of said Council to continue to meet the terms of the legislation
insofar as such legislation may continue to exist or be amended from
time to time. In the event, however, that this trust shall terminate
for any reason, any funds accumulated and not used for current obligations
pertaining to the participants under the welfare plan at the time
of termination of the trust are to be divided pro rata, based on the
proportion of the net amount which the total contributions made by
and for such member bears to the total contribution made by and for
all the members participating in liquidation.
E.
The purpose of this trust is to facilitate the operation of any plan
of funding which may be created, set up and directed by the Borough
Council of Ridley Park, and the duties of the trustee are to assist
in this operation by its acceptance and expenditure of such funds
as may come into its possession for this purpose and as determined
necessary by the actuary.
F.
Any trustee may resign as trustee by filing with the Borough Council a written resignation, stating the date it will become effective. Successor trustees shall be appointed by the Borough Council in accordance with Article III and this article of this chapter.
G.
It shall be the duty of the trustee to hold the funds received from
time to time by it, with power to invest them in the securities guaranteed
by the United States of America or other legal investments authorized
by the Fiduciaries Investment Act, including municipal bonds and obligations.
H.
This trust will become effective as soon as said trust agreement
is fully executed between the Borough and the trustee.
I.
The trustee shall keep full accounts of all receipts and disbursements
and shall keep records of investments. Books of the trustees shall
be open to inspection by the Borough Council or any member participating
in the benefits as described by Act 600 and Act 358.[3] At the end of each year or at such time requested by the
Borough Council, an account shall be rendered to the Borough Council.
[3]
Editor's Note: See 53 P.S. § 761 et seq.
J.
All disbursements from said trust fund shall be made by check or
other order made upon a depository designated by the Borough Council,
and the trustee shall make payments from said trust fund only upon
and in accordance with the written instructions of the President of
the Council and the Chairman of the Finance Committee of the Borough.
K.
The trustee is also authorized to apply principal or income on account
of any premiums or premium accounts to any insurance companies authorized
by the municipality as carriers of any contractual obligations established
in order to fund the benefits as described by the aforementioned Acts
of Legislature.
L.
The municipality reserves the right to amend or modify any of the
provisions, but it is agreed that no amendment or modification shall
impair any benefit vested in any member of the plan prior to the amendment
or modification.
[Amended 8-12-1958]
M.
Any benefits provided for participants of the pension plan are intended
for the personal enjoyment and protection of the members of the plan
and their beneficiaries within the limitations of the Act of Legislature,
and accordingly, no member of the plan or beneficiaries shall have
the right to transfer, assign, alienate, pledge, encumber or otherwise
anticipate his expectant interests hereunder, nor shall his interests
herein be subject to seizure by execution, bankruptcy, garnishment,
attachment, sequestration, receivership or any process in law or equity,
and such interests are and shall be wholly inalienable with respect
to any person or persons of any body or bodies participating in the
execution of this trust.
N.
The Borough shall surrender all of the right, title and interest
in and to any policies of insurance or annuities now existing under
the present Police Pension Plan, and the Borough shall request the
members of the police force now covered under any existing plan to
release any and all interest of theirs in and to said plan, insurance
policies or annuities, the proceeds of the same to be applied to the
new insurance, conversion and annuity plan. In the event that any
of said police shall fail and refuse to release their interest as
above, said interest in the existing plan shall be credited against
said officers as provided by law in calculating benefits and contributions
under the present plan.
O.
The Borough Council will finance the payment of benefits hereunder
by purchase of insurance, conversion and annuity contracts, which
insurance, conversion and annuity benefits shall be as follows:
(1)
Death benefits before the age provided for retirement, in the sum
of $12,000 by insurance.
(2)
Total and permanent disability benefits, by insurance, equal to 50%
of the annual earnings at the time of disability, if such disability
arises from accident while the officer is on duty, said benefits to
continue as provided in the insurance contract.
[Amended 8-12-1958]
(3)
Pension benefits at retirement as provided by law, with payments
to the officer or to his beneficiary guaranteed for a period of 10
years.
P.
The insurance benefits above recited shall be offered to all police
officers who are insurable and acceptable to said insurance company;
provided, however, that all officers shall also be insured if said
coverage can be obtained under special rates, said special rates not
to exceed 40% over the regular premiums for officers not rated; it
being further understood that any contributions of the officer or
of the Borough toward the payment of premiums for any officer not
insurable shall be computed and shall inure to the benefit of said
officer and shall be payable to his beneficiary upon death.
Q.
No recourse under any provision of this trust plan or of any contract
shall be had against any Councilman of the Borough or trustee as such,
past, present or future; and all such Councilmen or trustees are hereby
released from all liability hereunder as a condition of and as part
of the consideration for and the contributions hereunder by the Borough
and the participation in the benefits hereunder by the participants
and their beneficiaries. If any provision of the trust plan is held
invalid or unenforceable, such invalidity or unenforceability shall
not affect any other provisions, and this trust plan shall be construed
and enforced as if such provisions had not been included. This trust
plan shall be binding upon and inure to the benefit of the Borough
or its successors, the trustee and its successor in office and the
participants and their beneficiaries in accordance with and subject
to the limitations of this article as aforementioned.
