[HISTORY: Adopted by the Board of Supervisors
of the Township of Fairview as indicated in article histories. Amendments
noted where applicable.]
[Adopted 6-6-1988 by Ord. No. 4-1988]
[Amended 10-6-2003 by Ord. No. 6-2003]
A pension plan is hereby established for the
full-time police employees pursuant to and in compliance with the
Act of May 29, 1956, P.L. 1804,[1] as amended, for the benefit of such members of the police
force as shall have received honorable discharge therefrom by reason
of age and service, or disability. Such plan shall be under the direction
of the Supervisors of Fairview Township and shall be applied under
such regulations as the Supervisors may prescribe. The effective date
of this plan shall be June 11, 1988.
[1]
Editor's Note: See 53 P.S. § 767
et seq.
As used in this article, the following terms
shall have the meanings indicated:
A benefit determined by an actuary to be equivalent in value
to the participant's normal retirement benefit, as defined herein,
provided that such actuarial equivalent is within the limitations
provided herein.
The governing body of the Township of Fairview acting in
the capacity of administrator of the police employees pension plan
established pursuant to this article.
The persons who may be appointed to serve in an advisory
capacity to the Board in the administration of the plan.
The monies received by a participant in each and every month,
including base pay, longevity pay, night differential, overtime and
any other such increments. Payments made for unused vacation time
will be included for computation of retirement benefits. Payments
made for unused sick time will not be included for computation of
retirement benefits.
The monies paid by the employer to the plan and/or the payroll deductions made monthly from the compensation of the participants and paid to the plan; except that "contributions" in § 43-4F shall mean the participant's total contributions accumulated during the period of employment and participation in this plan.
The Township of Fairview.
The value of any participant's benefits which shall accrue
by virtue of that participant's service rendered subsequent to the
enactment of this article.
Every person duly appointed from time to time by the employer
as a full-time police employee working not less than 40 hours per
week with a definite compensation, subject to reasonable vacation
and sick leave, to be included in the plan upon date of hire.
The police employees pension plan established pursuant to
this article.
Total aggregate service with the employer, not necessarily
continuous, beginning upon date of hire.
The cessation of service by the participant for any reason,
including disability, resignation and employer termination. Death
shall not be considered a termination within the meaning of this article.
Voluntary leaves of absence without pay shall not be considered a
termination for purposes of this article; but no period of such leave
shall be computed in the total service for pension benefit purposes.
Leaves of absence with pay shall not be considered a termination within
the meaning of this article (provided that the municipality is able
to certify to the Department of the Auditor General that such participant
on a leave of absence with pay is within the definition of a participant
as set forth herein), but such leaves may be computed in the total
service for pension benefit purposes.
The present value of any participant's benefits accrued prior
to the enactment of this article by virtue of that participant's prior
service.
A.
The Board shall administer the plan by such regulations
as shall from time to time be necessary for the effective maintenance
of the plan, provided that no regulation shall be contrary to the
statutes of the Commonwealth of Pennsylvania and/or applicable federal
regulations.
B.
The Board may appoint a committee which shall act
as an advisory body to the Board in the administration of the plan
according to the regulations established pursuant to this article.
C.
The Committee ("Advisory Pension Board") shall consist
of three members, which number shall include one duly elected Supervisor
as determined by the Board and two police officers chosen by a majority
of the participants in the plan. All persons so designated shall serve
at the pleasure of the Board for the duration of the collective bargaining
agreement. Any member may resign upon written notice to the Board
and the Committee. Any vacancies in the Committee arising from resignation,
death or removal shall be filled by the Board by the procedure set
out herein for the member of the Committee whose resignation, death,
or removal has created the vacancy. The Committee shall meet no less
than annually, and shall serve without compensation for its services.
[Amended 6-4-2001 by Ord. No. 1-2001]
D.
The Committee shall act by such procedure as the Committee
shall establish, provided that all decisions shall be by majority
vote. The Committee may authorize one of its members to execute any
document or documents on behalf of the Committee, may adopt bylaws
and regulations as it deems necessary for the conduct of its affairs,
and may appoint such accountants, counsel, specialists or such other
personnel as it may deem desirable for the proper administration of
the plan, provided that all such executions of documents, adoptions
of bylaws and regulations, and appointments shall be submitted to
the Board for approval. The Committee shall keep a record of all its
proceedings and acts which shall relate to the plan, and shall keep
all such books of accounts, records and other data as shall be necessary
for the proper administration of the plan. All actions of the Committee
shall be communicated to the Board in a timely fashion.
E.
All such reasonable expenses incurred in the administration
of the plan, including but not limited to fees for the services of
specialists, including actuaries, accountants, consultants and legal
counsel, shall be approved by the Board and all may be paid from the
plan, provided that no such payment shall be contrary to the statutes
of the Commonwealth of Pennsylvania.
F.
No member of the Board or the Committee established
pursuant to this article shall incur any liability for any action
or failure to act, excepting only liability for its own gross negligence
or willful misconduct. The employer shall indemnify each member of
the Board and the Committee against any and all claims, loss, damages,
expense and liability arising from any action or failure to act, except
for such that is the result of gross negligence or willful misconduct
of such member.
A.
Eligibility for normal retirement.
(1)
A participant in the plan may retire from active employment
on the first day of the month following the attainment of age 55 and
after December 31, 2003, the attainment of age 52, provided that the
participant has completed 25 or more years of service with the employer.
[Amended 10-6-2003 by Ord. No. 6-2003]
(2)
If there is any participant in the plan who was a
member of the police force of the employer prior to December 21, 1965,
that participant may retire following the attainment of age 60, provided
that the participant has completed 20 or more years of service with
the employer.
(3)
A participant shall retire on the first day of the
month following the attainment of age 70.
B.
Normal retirement benefit.
(1)
A participant
who shall complete the age and service requirements as set forth in
this article shall receive a pension for life in an amount equal to
1/2 of the participant's average monthly compensation, based on the
participant's last 36 months of compensation, or that percentage and
based on that number of months as shall be prescribed by statute of
the Commonwealth of Pennsylvania subsequent to the adoption of this
article.
(2)
In addition
to the normal retirement benefit, each eligible participant shall
receive a service increment benefit equal to $50 per month for each
completed year of service in excess of 25. The total service increment
benefit shall not exceed $250 per month.
[Added 1-3-2017 by Ord.
No. 1-2017]
[1]
Editor's Note: Original Sections 4.3, Actuarially
equivalent benefits, and 4.4, Death benefits, which immediately followed
this subsection, were repealed 10-4-1993 by Ord. No. 6-1993.
C.
Beneficiaries.
[Amended 10-6-2003 by Ord. No. 6-2003]
(1)
The surviving spouse of a member of the police force
or a member who retires on pension who dies if no spouse survives
or if he or she survives and subsequently dies, then the child or
children under the age of 18 years, or if attending college, under
or attaining the age of 23 years, of a member of the police force
or a member who retires on pension who dies, shall, during his or
her lifetime in the case of a surviving spouse or until reaching the
age of 18 years, or if attending college, under or attaining the age
of 23 years, in the case of a child or children, be entitled to receive
a pension calculated at no less than 50% of the pension the member
was receiving or would have been receiving had he or she been retired
at the time of his or her death.
(2)
If the participant is not survived by spouse or child
and has failed to name a beneficiary or beneficiaries, such benefits
shall be paid to the participant's estate.
(3)
A participant may, from time to time, change the beneficiary
or beneficiaries in such form and in such manner as shall be prescribed
by the Board, following such procedure as may be required by the insurance
company.
D.
Disability benefits.
[Amended 10-4-1993 by Ord. No. 6-1993; 10-6-2003 by Ord. No.
6-2003]
(1)
In the event of a participant's permanent disability,
if such disability is service-connected, such participant may become
eligible for a monthly disability pension. The Board shall designate
a physician to represent and certify to the Board such disability
as permanent and service-connected. Such disability pension shall
commence when the participant has been declared permanently disabled.
(2)
"Disability" shall mean any physical or mental condition
which prevents a member from performing the duties of a full-time
police officer as a result of service-incurred injuries.
(3)
Monthly permanent disability pension payments for
permanent injuries incurred in service shall be calculated at a rate
no less than 50% of the participant's salary at the time the disability
was incurred, provided that any member who receives benefits for the
same injuries under the Social Security Act[2] shall have his or her disability benefits offset or reduced
by the amount of such benefits.
[2]
Editor's Note: See 42 U.S.C. § 301 et seq.
(4)
No provisions of the Fairview Township Police Pension Plan shall
provide for any killed-in-service benefit for any participant.
[Amended 12-27-2010 by Ord. No. 1-2010]
E.
Widow's and children's benefit.
[Amended 10-6-2003 by Ord. No. 6-2003]
(1)
The surviving spouse of a member of the police force
who dies either before his or her pension has vested or, if vested,
before retirement, or if no spouse survives or if a spouse survives
and subsequently dies, the child or children under the age of 18 years,
or if attending college, under or attaining the age of 23 years, of
the member of the police force shall be entitled to receive repayment
of all money which the member invested in the pension fund, plus interest
or other increases in value of the member's investment in the pension
fund, unless the member has designated a beneficiary for this purpose.
(2)
For purposes of this article, the phrase "attending
college" shall mean the eligible children are registered at an accredited
institution of higher learning and are carrying a minimum course load
of seven credits per semester, and the term "regional police department"
shall mean a municipal police force organized and operated in combination
by two or more municipalities through an intermunicipal agreement.
F.
Termination.
(1)
If for any reason a participant shall terminate service
with the employer prior to becoming vested, that participant shall
be entitled to a refund of that participant's contributions, plus
interest at a rate of 6% per annum. Such interest shall be uniform
for all participants.
(2)
If a participant shall subsequently return to service
and return to the plan the contributions plus interest which were
refunded to that participant upon termination, the participant shall
be entitled to credit for the prior years of service to the extent
of the return of contributions.
G.
Nonalienation of benefits and vesting.
(1)
No benefit under the plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, nor shall any such benefits be in any manner
liable for or subject to garnishment, attachment, execution, levy
or other legal process.
(2)
Further, all benefits granted herein shall vest in
the participant upon completion of the requirements for eligibility,
and that participant's benefits shall continue in the amount and in
the form in which that participant first became entitled to them.
(3)
A participant shall vest in his accrued benefit under the plan in accordance with the Act of May 29, 1956, P.L. (1955), 1805, as amended, 53 P.S. § 767 et seq. (Act 600). A participant shall vest after the participant has completed 12 years of total service. A vested participant who terminates employment with less than 25 years of total service shall be entitled to a reduced deferred normal retirement benefit based on service to date of termination following the attainment of age 55 but no later than age 70. The reduction shall be based on the number of years of total service divided by 25. In the event of the death of a vested participant prior to eligibility for payment of benefits, a reduced widow's and children's benefit under Subsection E shall be payable and there shall be no other death benefits available under the pension.
[Added 1-6-1992 by Ord. No. 1-1992]
A.
Contributions of the employer.
(1)
It shall be the liability of the employer to fund
the past service liability as determined by the actuary, provided
that such liability may be funded over a period not to exceed 21 years,
such period commencing with the passage of this article.
(2)
It shall be the liability of the employer to fund
for the future service cost of the plan.
(3)
It shall be the responsibility of the employer to
maintain the actuarial soundness of the plan.
(4)
Contributions to the plan paid by the employer shall
be at an amount determined by an annual actuarial study, which study
shall be completed on a calendar-year basis.
B.
Contributions of the participants.
[Amended 10-4-1993 by Ord. No. 6-1993]
(1)
Contributions to the plan paid by the participants
on their monthly compensation shall be at a rate established by the
Board of Supervisors annually by resolution at or prior to the first
meeting of the Board in the year for which the contributions are to
be made, said contributions by the participants not to be greater
than 8%.
(2)
Contributions to the plan paid by the participants
may be reduced or eliminated annually by resolution of the Board of
Supervisors at or prior to the first meeting of the Board of Supervisors
for the year in which the contributions by the participants are due
if a current actuarial study indicates that such reduction or elimination
for that year will not adversely affect the actuarial soundness of
the plan. No such reduction or elimination of contributions by the
participants shall result in increasing the liability of the employer
to the plan.
C.
Allocation of commonwealth funds. The payments made
by the State Treasurer to the employer from the monies received from
the taxes paid on the premiums of foreign casualty insurance companies
for purposes of retirement or disability benefit pensions for municipal
employees shall be used as follows:
D.
Allocation of assets of existing pension plans. Any
assets of any existing pension plans for the police employees of the
Township are hereby transferred to the plan established pursuant to
this article, and shall be applied against the unfunded liability.
E.
Gifts, bequests and grants. All other monies and property
received by the plan, including gifts, bequests, devises and grants,
shall be applied against the employer portion of the future service
cost unless otherwise specifically provided.
A.
Any participant in the plan with at least six months
of service with the employer who thereafter shall enter the military
service of the United States of America shall have credited to that
participant's service record for pension benefit purposes all of the
time spent by the participant in such military service, provided that
the participant returns to service with the employer within six months
after said participant's separation from such military service.
B.
An active member may file an application for permission
to purchase credit toward his member's share of the annuity for military
service only under the applicable provisions of Section 881.304 at
53 P.S. § 767 et seq. and for credit for other than intervening
military service in times of war, armed conflict or national emergency
under those provisions.
[Added 1-6-1992 by Ord. No. 1-1992]
Upon termination of the plan, the assets shall
be distributed as follows:
A.
Sufficient funds shall be maintained to provide the pension benefits prescribed in § 43-4 for all participants who have retired prior to the termination of the plan, or who are eligible to retire at the time of the termination of the plan.
B.
Sufficient funds shall be maintained to provide the vested pension benefits prescribed in § 43-4 for all participants who are eligible for such benefits.
C.
Of the remaining funds, those which can be identified
as contributions of the employer, or contributions other than from
participants or from the commonwealth allocations, shall be distributed
as the Board sees fit, provided that such distribution is made on
a uniform basis.
A.
Neither the establishment of the plan hereby created,
nor any modification thereof, nor the creation of any fund or account,
nor the payment of any benefits, shall be construed as giving to any
participant or other person any legal or equitable right against the
employer, or any officer or employee thereof, or the Board except
as herein provided.
B.
Under no circumstances shall the plan hereby created
constitute a contract for continuing employment for any participant
or in any manner obligate the employer to continue or to discontinue
the services of an employee.
C.
This plan has been established and shall be maintained
by the employer in accordance with the laws of the Commonwealth of
Pennsylvania. The plan shall continue for such period as may be required
by such laws, provided that the employer may, by its own action, discontinue
this plan should such laws provide, and the employer reserves the
right to take such action in its sole and absolute discretion. Upon
termination, the employer shall have no liability hereunder other
than that imposed by law.
A.
All investments by the Board of the assets of this
plan shall comply with such regulations as the state and the Board
shall establish for the purpose of investing such funds.
B.
The Board may also purchase retirement annuities or
retirement income endowment policies, or a combination of both, which
provide a cash value with which to fund pensions, provided that the
Board shall determine the value of any policies purchased, the company
with which the contracts shall be made and the time to purchase such
policies. The Board shall also have the obligation to insure that
the policies purchased provide benefits on a uniform scale, and that
such policies are endorsed to the ownership of the plan.
The Board reserves the right to amend at any time, in whole or in part, any or all of the provisions of the plan, provided that no such amendment shall authorize or permit any part of the plan to be used or diverted to purposes other than for the exclusive benefit of the participants, their beneficiaries or their estates, nor shall any amendment divest a participant of benefits vested by the provisions of § 43-4. All such amendments shall comply with the applicable statutes of the Commonwealth of Pennsylvania.
A.
This plan shall be constructed according to the laws
of the Commonwealth of Pennsylvania, and all provisions hereof shall
be administered according to the laws of such commonwealth.
B.
Wherever any words are used herein in the masculine
gender, they shall be construed as though they were also used in the
feminine gender in all cases where they would so apply; and wherever
any words are used herein in the singular form, they shall be construed
as though they were also used in the plural form in all cases where
they would so apply.
C.
Headings of sections and paragraphs of this article
are inserted for convenience of reference. They constitute no part
of this plan, and are not to be considered in the construction thereof.
[Adopted 4-3-1989 by Ord. No. 3-1989]
A pension plan is hereby established for the
full-time nonuniformed employees of Fairview Township. Such plan shall
be under the direction of the Township Supervisors and shall be applied
under such regulations as the Supervisors may prescribe. The effective
date of this plan shall be January 1, 1989.
As used in this article, the following terms
shall have the meanings indicated:
A benefit determined by an actuary to be equivalent in value
to the participant's normal retirement benefit, as defined herein,
provided that such actuarial equivalent is within the limitations
provided herein.
The governing body of the Township of Fairview, acting in
the capacity of administrator of the nonuniformed employees pension
plan established pursuant to this article.
The persons who may be appointed to serve in an advisory
capacity to the Board in the administration of the plan.
The monies received by a participant in each and every month,
including base pay, overtime and any other such increments. Payments
made for unused vacation time will be included for computation of
retirement benefits. Payments made for unused sick time will not be
included for computation of retirement benefits.
The monies paid by the employer to the plan and/or the payroll deductions made monthly from the compensation of the participants and paid to the plan; except that "contributions" in § 43-15E shall mean the participant's total contributions accumulated during the period of employment and participation in this plan.
The Township of Fairview.
The value of any participant's benefits which shall accrue
by virtue of that participant's service rendered subsequent to the
enactment of this article.
Every person duly appointed from time to time by the employer
as a full-time nonuniformed employee working not less than 35 hours
per week with definite compensation, subject to reasonable vacation
and sick leave, to be included in the plan upon date of hire.
The nonuniformed employees pension plan established pursuant
to this article.
Total aggregate service with the employer, not necessarily
continuous, beginning upon date of hire. Service of six months or
more will be counted as a full year; service of less than six months
will be disregarded.
The cessation of service by the participant for any reason,
including death, disability, resignation and employer termination.
Voluntary leaves of absence without pay shall not be considered a
termination for purposes of this article, but no period of such leave
shall be computed in the total service for pension benefit purposes.
Leaves of absence with pay shall not be considered a termination within
the meaning of this article (provided that the municipality is able
to certify to the Department of the Auditor General that such participant
on a leave of absence with pay is within the definition of a participant
as set forth herein), but such leaves may be computed in the total
service for pension benefit purposes.
The present value of any participant's benefits accrued prior
to the enactment of this article by virtue of that participant's prior
service.
A.
The Board shall administer the plan by such regulations
as shall from time to time be necessary for the effective maintenance
of the plan, provided that no regulation shall be contrary to the
statutes of the Commonwealth of Pennsylvania and/or applicable federal
regulations.
B.
The Board may appoint a committee which shall act
as an advisory body to the Board in the administration of the plan
according to the regulations established pursuant to this article.
C.
Committee members, terms and compensation.
(1)
The Committee shall consist of three members, which
number shall include one chosen from the Board and one chosen by a
majority of the participants in the plan. The final member of the
Committee shall be neither a member of the Board nor a participant
in the plan, but shall be a "citizen-at-large," and shall be appointed
by the Board.
(2)
All persons so designated shall serve at the pleasure
of the Board for a three-year term, with one member being selected
each year. Any member may resign upon written notice to the Board
and the Committee. Any vacancies in the Committee arising from resignation,
death or removal shall be filled by the Board by the procedure set
out herein for the member of the Committee whose resignation, death
or removal has created the vacancy.
(3)
The Committee shall meet no less than annually, and
shall serve without compensation for its services.
D.
Committee procedures.
(1)
The Committee shall act by such procedure as the Committee
shall establish, provided that all decisions shall be by majority
vote. The Committee may authorize one of its members to execute any
document or documents on behalf of the Committee, may adopt bylaws
and regulations as it deems necessary for the conduct of its affairs,
and may appoint such accountants, counsel, specialists or such other
personnel as it may deem desirable for the proper administration of
the plan, provided that all such executions of documents, adoptions
of bylaws and regulations, and appointments shall be submitted to
the Board for approval.
(2)
The Committee shall keep a record of all its proceedings
and acts which shall relate to the plan, and shall keep all such books
of accounts, records and other data as shall be necessary for the
proper administration of the plan. All actions of the Committee shall
be communicated to the Board in a timely fashion.
E.
All such reasonable expenses incurred in the administration
of the plan, including but not limited to fees for the services of
specialists, including actuaries, accountants, consultants and legal
counsel, shall be approved by the Board and all may be paid from the
plan, provided that no such payment shall be contrary to the statutes
of the Commonwealth of Pennsylvania.
F.
No member of the Board or the Committee established
pursuant to this article shall incur any liability for any action
or failure to act, excepting only liability for its own gross negligence
or willful misconduct. The employer shall indemnify each member of
the Board and the Committee against any and all claims, loss, damages,
expense and liability arising from any action or failure to act, except
for such that is the result of gross negligence or willful misconduct
of such member.
A.
Eligibility for normal retirement.
(1)
A participant in the plan may retire from active employment
on the first day of the month following the attainment of age 60,
provided that the participant has completed 10 or more years of service
with the employer.
[Amended 12-27-1996 by Ord. No. 3-1996]
B.
Normal retirement benefit. A participant who shall
complete the age and service requirements as set forth in this section
shall receive a pension for life, payable in equal monthly installments
in an amount to be computed by applying 1 1/2% credit for each
year of service (maximum 30%), times the average monthly compensation
for the 24 months immediately preceding the participant's retirement.
C.
Actuarially equivalent benefits. In lieu of the retirement
benefits contained herein, a participant may elect, in writing, an
actuarial equivalent as may be provided for by regulation, provided
that no such equivalent benefit may work the effect of providing a
lump sum amount of money, or provide for a pension for a period less
than life, or provide for a pension less than the amount herein established,
unless such amount is reduced to pay the cost of an additional benefit
such as a 120-month certain benefit.
D.
Vested benefit.
(1)
A vested deferred monthly benefit shall be provided
for any participant whose termination date occurs prior to that participant's
normal retirement date, provided that the participant shall have notified
the employer of such intention to vest within 90 days of the participant's
date of termination. Such vested deferred monthly benefit shall be
based on the participant's completed years of service as of the termination
date in accordance with the following schedule:
[Amended 12-27-1996 by Ord. No. 3-1996]
|
Years of Service
|
Vested Percent
|
|---|---|
|
1
|
10%
|
|
2
|
20%
|
|
3
|
30%
|
|
4
|
40%
|
|
5
|
50%
|
|
6
|
60%
|
|
7
|
70%
|
|
8
|
80%
|
|
9
|
90%
|
|
10
|
100%
|
(2)
Such vested deferred monthly benefit shall be funded
through the purchase of a single premium, deferred annuity, which
shall provide for the monthly benefit to be paid to the participant
upon attainment of that participant's normal retirement age as set
forth in this article.
E.
Termination.
(1)
If for any reason a participant shall terminate service
with the employer prior to becoming vested, that participant shall
be entitled to a refund of that participant's contributions plus interest
at a rate of 6% per annum. Such interest shall be uniform for all
participants.
(2)
If a participant shall subsequently return to service
and return to the plan the contributions plus interest which were
refunded to that participant upon termination, the participant shall
be entitled to credit for the prior years of service to the extent
of the return of contributions.
F.
Nonalienation of benefits and vesting.
(1)
No benefit under the plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, nor shall any such benefits be in any manner
liable for or subject to garnishment, attachment, execution, levy
or other legal process.
(2)
Further, all benefits granted herein shall vest in
the participant upon completion of the requirements for eligibility,
and that participant's benefits shall continue in the amount and in
the form in which that participant first became entitled to them.
G.
Surviving spouses' and children's benefit.
[Added 12-27-1996 by Ord. No. 3-1996]
(1)
In the event of the death of a participant who was
receiving a retirement pension, a disability pension, or who had qualified
for a retirement pension but had not yet retired, that participant's
surviving spouse may be entitled during his or her lifetime, or so
long as he or she does not remarry, to receive a pension equal to
50% of the pension benefit the participant was receiving or would
have been receiving had the participant been retired at the time of
his or her death.
(2)
If there is no surviving spouse, or if he or she survives
and subsequently dies or remarries, then the child or children under
the age of 18 years of the deceased eligible participant shall be
entitled to receive a pension calculated at 50% of the pension to
which the participant was entitled.
A.
Contributions of the employer.
(1)
It shall be the liability of the employer to fund
the past service liability as determined by the actuary, provided
that such liability may be funded over a period not to exceed 17 years,
such period commencing with the passage of this article.
(2)
It shall be the liability of the employer to fund
for the future service cost of the plan.
(3)
It shall be the responsibility of the employer to
maintain the actuarial soundness of the plan.
(4)
Contributions to the plan paid by the employer shall
be at an amount determined by an annual actuarial study, which study
shall be completed on a calendar-year basis.
B.
Contributions of the participants. Contributions to
the plan paid by the participants shall be at the rate of 3% of monthly
compensation.
[Amended 5-2-1994 by Ord. No. 1-1994]
C.
Allocation of commonwealth funds. The payments made
by the State Treasurer to the employer from the monies received from
the taxes paid on the premiums of foreign casualty insurance companies
for purposes of retirement or disability benefit pensions for municipal
employees shall be used as follows:
D.
Allocation of assets of existing pension plans. Any
assets of any existing pension plans for the nonuniformed employees
of the Township are hereby transferred to the plan established pursuant
to this article, and shall be applied against the unfunded liability.
E.
Gifts, bequests and grants. All other monies and property
received by the plan, including gifts, bequests, devises and grants,
shall be applied against the employer portion of the future service
cost unless otherwise specifically provided.
Any participant in the plan with at least six
months of service with the employer who thereafter shall enter the
military service of the United States of America shall have credited
to that participant's service record for pension benefit purposes
all of the time spent by the participant in such military service,
provided that the participant returns to service with the employer
within six months after said participant's separation from such military
service.
Upon termination of the plan, the assets shall
be distributed as follows:
A.
Sufficient funds shall be maintained to provide the pension benefits prescribed in § 43-15 for all participants who have retired prior to the termination of the plan, or who are eligible to retire at the time of the termination of the plan.
B.
Sufficient funds shall be maintained to provide the vested pension benefits prescribed in § 43-15 for all participants who are eligible for such benefits.
C.
Of the remaining funds, those which can be identified
as contributions of the employees and employer shall be distributed
as the Board sees fit, provided that such distribution is made on
a uniform basis.
A.
Neither the establishment of the plan hereby created,
nor any modification thereof, nor the creation of any fund or account,
nor the payment of any benefits, shall be construed as giving to any
participant or other person any legal or equitable right against the
employer, or any officer or employee thereof, or the Board except
as herein provided.
B.
Under no circumstances shall the plan hereby created
constitute a contract for continuing employment for any participant
or in any manner obligate the employer to continue or to discontinue
the services of an employee.
C.
This plan has been established and shall be maintained
by the employer in accordance with the laws of the Commonwealth of
Pennsylvania. The plan shall continue for such period as may be required
by such laws, provided that the employer may, by its own action, discontinue
this plan should such laws provide, and the employer reserves the
right to take such action in its sole and absolute discretion. Upon
termination, the employer shall have no liability hereunder other
than that imposed by law.
A.
All investments by the Board of the assets of this
plan shall comply with such regulations as the Board shall establish
for the purpose of investing such funds.
B.
The Board may also purchase retirement annuities or
retirement income endowment policies, or a combination of both, which
provide a cash value with which to fund pensions, provided that the
Board shall determine the value of any policies purchased, the company
with which the contracts shall be made and the time to purchase such
policies. The Board shall also have the obligation to ensure that
the policies purchased provide benefits on a uniform scale, and that
such policies are endorsed to the ownership of the plan.
The Board reserves the right to amend at any time, in whole or in part, any or all of the provisions of the plan, provided that no such amendment shall authorize or permit any part of the plan to be used or diverted to purposes other than for the exclusive benefit of the participants, their beneficiaries or their estates, nor shall any amendment divest a participant of benefits vested by the provisions of § 43-15. All such amendments shall comply with the applicable statutes of the Commonwealth of Pennsylvania.
A.
This plan shall be constructed according to the laws
of the Commonwealth of Pennsylvania, and all provisions hereof shall
be administered according to the laws of such commonwealth.
B.
Wherever any words are used herein in the masculine
gender, they shall be construed as though they were also used in the
feminine gender in all cases where they would so apply; and wherever
any words are used herein in the singular form, they shall be construed
as though they were also used in the plural form in all cases where
they would so apply.
C.
Headings of sections and paragraphs of this article
are inserted for convenience of reference. They constitute no part
of this plan, and are not to be considered in the construction thereof.
