[Adopted 3-12-2009 by Ord. No. 306]
A defined contribution retirement plan, entitled the Limerick
Township Retirement Savings Plan (the "plan"), for the former employees
of the Limerick Township Municipal Authority hired by Limerick Township
(the "Township") on September 2, 2008, and the full-time non-uniformed
employees of the Township hired on or after January 1, 2009, is hereby
ratified and approved and the same is incorporated herein by reference
to the same. A copy of the plan is attached to this article in substantially
final form and shall remain on file in the Township office.
This article shall become effective retroactively to January
1, 2009.
A.
This plan is to be funded and maintained by any of the following
methods, or a combination of each:
(1)
Contributions from the general fund of the Township which may be
required after appropriate approval of the Board of Supervisors;
(3)
The sums which may be received by the Township in the form of gifts,
grants, devises or bequests may, to the extent authorized by law,
be contributed to such plan so long as prior approval of the Board
of Supervisors is obtained; and
(4)
Any other sums received or contributed to the Board of Supervisors
to the extent authorized by law and with prior approval of the Board
of Supervisors.
B.
The percentage of compensation eligible for a discretionary contribution
made by the Township shall be designated by resolution of the Board
of Supervisors annually.
A.
Plan administrator. The Township shall be the administrator of the
plan.
B.
Pension Committee.
(1)
The general administration and management of the plan shall be under
the direction of a Pension Committee as appointed by the Board of
Supervisors. The Committee shall consist of at least two duly appointed
Township representatives and one Non-Uniformed Plan member.
(2)
The Pension Committee shall have all powers necessary to enable it
to properly carry out its duties, including, but not limited to, the
power to construe the provisions of the plan, to direct the investment
advisor, to determine all questions relating to eligibility of participants,
to authorize benefit disbursements to participants and to delegate
its authority as it deems appropriate. The decisions of the Pension
Committee on all matters within the scope of its authority shall be
final, subject to approval of the Board of Supervisors.
C.
Trustee.
(1)
The plan shall be under the direction of a Trustee(s) designated
by resolution of the Board of Supervisors. The Trustee(s) shall have
full responsibility for administration of the plan established hereunder
and shall hold, invest, reinvest and distribute all funds and other
property received pursuant hereto in trust for the purposes of this
article. The Trustee(s) may receive, at any time, gifts, grants, devises,
or bequests of any money or property, real, personal or mixed, to
be held by them in trust for the benefit of this plan and in accordance
with the provisions hereof. The Trustee(s) shall be subject to such
rules and regulations as may from time to time be adopted by the governing
body of this Township by ordinance or resolution.
(2)
The Trustee(s) shall have full power and authority by a majority
action of its members, either directly or through their designated
representatives, to do all acts, execute, acknowledge and deliver
all instruments, and to exercise for the sole benefit of the participants
hereunder any and all powers and discretions necessary to implement
and effectuate the purposes of this article, including for purposes
of illustration, but not limited to any of the following:
(a)
To hold, invest and reinvest all funds received pursuant to
this article and such legal investments as may be authorized as legal
investments under the laws of the Commonwealth of Pennsylvania;
(b)
To retain any property which may at any time become an asset
of the plan, as long as said Trustees may deem it advisable; and
(c)
To make distribution of the monies in the plan, in accordance
with the terms of this article.
D.
The expense of administering this plan, including compensation of
any actuary, any custodian of the plan, and any other charges or expenses
related thereto, exclusive of the payment of benefits, may be paid
by the Township or by the plan as determined by the governing body
of the Township.
