[Adopted 10-4-2005 by Ord. No. 2005-06]
Notwithstanding any provision of any plan document
for the three aforementioned retirement plans,[1] the President of the Borough Council shall appoint for
each plan a Pension Committee.
[1]
Editor's Note: The preamble of Ord. No. 2005-06 references
the Borough's three currently maintained pension plans, including
the Police Pension Plan, the Management Employees Pension Plan, and
the Nonmanagement Employees Pension Plan.
The Pension Committee for each plan shall consist
of three members of Council, the Borough Manager, and an employee
who is a participant in the plan.
Each Pension Committee shall adopt an investment
policy statement for the plan and shall advise Council and the plan
trustee on matters related to the plan.
Each Pension Committee shall annually elect,
by simple majority, a Chairman and Secretary. The Chairman shall schedule
all meetings and shall notify all Committee members of the scheduled
meetings. The Secretary shall keep a record for each meeting, shall
transcribe the record of the meeting, shall distribute the minutes
of the meeting to the Committee members, and shall deliver to Borough
Council the minutes of any such meeting together with any recommendations
from the Committee.
