[Adopted 2-10-1958 by Ord. No. 322]
There is hereby established a Police Pension Fund for full-time members of the police force of Westmont Borough, to be known as the "Westmont Borough Police Pension Fund."
Said fund shall be administered by three Trustees, who shall be the President of the Borough Council, the Secretary and the Treasurer. The duties of the Trustees shall be to receive and disburse all sums of money applicable to the purpose described in this article and the Act of Assembly No. 358, approved July 10, 1957, as enacted or amended.[1]
[1]
Editor's Note: See 53 P.S. § 767 et seq.
[Amended 7-11-1977 by Ord. No. 544]
Said fund shall be created and maintained by the following contributions: by payments made by the State Treasurer to the Borough from moneys received from taxes paid upon premiums by foreign casualty insurance companies; by gifts, grants, devises or bequests; by contributions from participating members, as may be decided by resolution of the Borough Council, of not less than 5% nor more than 8% of monthly compensation, except where participating members covered by the fund are subject to the Federal Social Security Act, when such members shall pay into the fund an amount equal to not less than 2.75% of that portion of monthly compensation on which social security allowances are payable and 5% of any monthly compensation in excess of that on which social security allowances are payable by transfer of all existing police pension and retirement assets created under prior plans; and by annual appropriations from the Borough sufficient to provide the benefits herein set forth.
Full-time members of the Borough police force shall be eligible to retire and enjoy the benefits of the herein-established plan when they have served as policemen for the Borough for not less than an aggregate of 20 years and shall have attained the age of at least 60 years; provided, however, that such members as are retired shall be subject to service, from time to time, as a police reserve in cases of riot, tumult or preservation of the public peace until unfitted for such service, when they may be finally discharged by reason of age or disability. In the event that a participating member of the police force ceases to be a member for any reason whatsoever prior to the fulfilling of said minimum requirements, then, in such event, all contributions made by such member shall be returned to him without interest; provided, however, that such retiring officer may retire on a pension mutually agreeable between him and the Borough.
Payment of monthly pension or retirement benefits to a retiring member shall be 1/2 the monthly average salary of such member during the last 60 months of employment. Such pension or retirement benefits for any month shall be computed as the sum of primary benefits under federal social security laws for which the officer may be eligible because of age, plus the benefits from the Police Pension Fund hereby established to the extent necessary to bring the total benefits in any one month up to 1/2 the aforesaid monthly average salary.
The Borough Council may, at its option, employ an actuary and fix its or his compensation and shall pay into the fund, over a period not to exceed 25 years, amounts necessary, which, with other funds and benefits available to the Borough as described by law, shall be sufficient to provide the benefits as set forth by the laws of the commonwealth to cover the liability on account of present members of the police force for service prior to the date of the establishment of this plan and to cover the liability on account of future service cost of said fund.
The President of the Council, the Borough Secretary and the Borough Treasurer, as Trustees of said fund, are hereby authorized to execute all forms and documents required to establish the contracts necessary to effectuate this plan.