[Adopted 2-13-1991 by Ord. No. 1991-3 (Ch. 1, Part 6A, of the 1990 Code); amended in its entirety 7-10-2019 by Ord. No. 2019-3]
Swatara Township ("Township") hereby elects to establish a Municipal Pension Plan for its municipal employees to be administered by the Pennsylvania Municipal Retirement System (the System) in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101 et seq. (Retirement Law). The Township hereby agrees to be bound by all the requirements and provisions of the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act, 53 P.S. § 895.101 et seq., and to assume all obligations, financial and otherwise, placed upon member municipalities.
As part of this article, the Township agrees that the System shall administer and provide the benefits set forth in the Swatara Township Cash Balance Plan entered into between the Pennsylvania Municipal Retirement Board and the Township effective as of the date specified in the Adoption Agreement.
The passage and adoption of this article by the Township is an official acceptance of the provisions of the Base Plan Document and the associated Adoption Agreement (collectively referred to as the "Plan") and the financial obligations resulting from the administration of the Plan.
Payment for any obligation established by the adoption of this article and the Plan shall be made by the Township in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act. The Township hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the Plan.
The Township intends this article to be the complete authorization of the Plan and the Plan shall become effective either immediately or on the Plan effective date specified in the Adoption Agreement, whichever is later.
A duly certified copy of this article and the executed Plan shall be filed with the System as soon as administratively feasible after their execution.