As used in this article, the following terms
shall have the meanings indicated:
AGE
The age attained by the employee at his or her last birthday.
BOARD
The Board of Supervisors of Willistown Township, Chester
County, Pennsylvania.
COMPENSATION
The earnings paid by the township to the member during the
plan year as reported to the federal government for income tax purposes
to include member pretax contributions to deferred compensation plans.
EARLY RETIREMENT DATE
The first day of the month on or after the member has completed
10 years of service.
EFFECTIVE DATE
The effective date of this article shall be January 1, 1985.
EMPLOYEE
Any person in the full-time employ of the Township whose
customary employment by the Township is for not less than 35 hours
per week and who is not a current, contributing member of the Township's
Police Pension Plan. In addition, any salaried person in the employ
of the Township whose customary employment by the Township is for
not less than 20 hours per week and who is not a current, contributing
member of the Township's Police Pension Plan.
[Amended 11-27-2006 by Ord. No. 7-2006]
FORFEITURE
The nonvested portion of a member's account.
FUND
All assets held by the trustee under the trust agreement
and related insurance and investment contracts relating to this plan.
MEMBER
Any employee who has satisfied the eligibility requirements established in §
35-9 hereof.
MEMBER ACCOUNT
Each member's individual account maintained within the fund
to include the prorated share of investment earnings or losses.
NORMAL RETIREMENT DATE
The first day of the month coincident with or next following
the date on which the member completes 10 years of service or the
date on which the member attains age 65, whichever is later to occur.
PAY PERIOD
The period of time at which end an employee is compensated
for his services to the township.
PLAN
The pension plan for the nonuniformed employees of Willistown
Township, as herein set forth and as the same may hereafter be amended.
PLAN YEAR
A period of 12 consecutive months commencing on any January
1 and ending on the following December 31.
ROLLOVER ACCOUNT
The distribution amount transferred to the plan by a member
from a qualified pension or profit sharing plan.
SERVICE
The aggregate of a member's total periods of employment as
a full-time employee of the township. If a member enters military
service, either voluntarily or by conscription, after he has been
employed for at least six months, such time spent in the Armed Forces
of the United States during a period of national emergency shall be
counted as service for purposes of this plan, provided that such member
returns to service with the township within six months after his discharge
or release from such active duty in the Armed Forces of the United
States. The time spent in military service due to voluntary extension
of such military service during a period of peacetime shall not be
included as service for the purpose of this plan. Time spent on Reserve
or National Guard training shall be included as service for purposes
of this plan.
TOTAL DISABILITY
Any condition arising from illness or injury which precludes
an employee from performing the duties associated with the normal
occupation requirements of any position with the township as certified
by a physician designated by the township.
TOWNSHIP
Willistown Township, Chester County, Pennsylvania.
TRUST AGREEMENT
The contract between the township and the trustee establishing
the terms by which and under which the fund is invested, distributed,
accounted for and terminated, as the same now exists and as it may
hereafter be amended.
TRUSTEE
The Board of Supervisors of Willistown Township or any other
agency or person appointed by the township to serve in that capacity
as set forth in the trust agreement.
VESTED INTERESTS
The nonforfeitable right to any immediate or deferred benefit
in the amount which is equal to the sum of Subsections A and B below:
A.
The value on that date of that portion of the
member's account that is attributable to and derived from a member's
own contributions, if any.
B.
The value on that date of that portion of the
member's account that is attributable to and derived from employer
contributions multiplied by his vesting percentage determined on the
date applicable.
VESTING PERCENTAGE
The member's nonforfeitable interest to his account plus
the earnings thereon computed as of the date of determining such percentage
because of the occurrence of some event. Vesting will occur upon completion
of years of service as follows:
[Amended 10-12-2004 by Ord. No. 10-2004]
Years of Service
|
Vesting Percentage
|
---|
Less than 5
|
0%
|
5 or more
|
100%
|
YEAR OF SERVICE
A plan year during which an employee has completed at least
1,000 hours of work for compensation or compensation entitlement.
[Amended 10-12-2004 by Ord. No. 10-2004]
A. Any person who becomes an employee shall become a
member on the first day of service as an employee.
B. Eligibility shall be retroactive to January 1, 2004.