[HISTORY: Adopted by the Board of Supervisors of the Township of Pennsbury 12-11-2019 by Ord. No. 2019-12-11-1. Amendments noted where applicable.]
Pennsbury Township (the "Township"), having established a defined benefit pension plan for its non-uniformed employees administered by the Pennsylvania Municipal Retirement System (the "System"), hereby elects to amend its Non-Uniform Employees' Defined Benefit Pension Plan administered by the System in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101 et seq. ("Retirement Law"), and does hereby agree 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.
The Township Board of Supervisors hereby authorizes and directs the Chairman or Vice Chairman of the Board and the Township Manager to execute on behalf of the Township a Defined Benefit Plan Adoption Agreement and a Cash Balance Plan Adoption Agreement on file with the Township. When fully executed, the Adoption Agreements and the underlying System Base Plan Document referenced therein on file with the Township shall constitute the contract between the Township and the System with respect to the Pennsbury Township Non-Uninform Employees' Defined Benefit Pension Plan, effective as of January 1, 2020. The Adoption Agreements and the Base Plan Document with Addenda are hereby incorporated by reference as part of this Chapter 37.
As part of this chapter, the Township agrees that the System shall administer and provide the benefits set forth in the contract entered into between the Pennsylvania Municipal Retirement Board and the Township effective as of the dates specified in the adoption agreements.
The Township acknowledges that by passage and adoption of this chapter, the Township officially accepts the contract and the financial obligations resulting from the administration of the contract.
Payment for any obligation established by the adoption of this chapter and the Contract 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 unfunded liability created due to the benefit structure set forth in the contract.
The Township intends this chapter to be the complete authorization of the contract, as amended, and it shall become effective as of the date specified in the adoption agreements, which is the effective date of the contract, as amended.
The Township shall file a duly certified copy of this chapter and an executed contract with the System.