[Ord. 982, 12/15/1964, § 1; as amended by Ord. 1610, 11/14/1989, § 1; and by Ord. 2212, 3/12/2013, § 9]
There is hereby established the "Borough of Phoenixville Police Pension Plan" hereinafter referred to as "the Police Plan."
[Ord. 982, 12/15/1964, § 2; as amended by Ord. 1257, 8/10/1976, § 1; by Ord. 1521, 12/10/1985, §§ 1, 2; by Ord. 1536, 10/14/1986, § 1; by Ord. 1610, 11/14/1989, § 1; by Ord. 2212, 3/12/2013, § 10; and by Ord. No. 2022-2347, 6/14/2022]
Effective January 1, 1965, the Borough of Phoenixville ("Borough") established the Police Plan for members of its police force and desires to continue to maintain a permanent qualified plan pursuant to Act 600, as amended, in order to provide these employees and their beneficiaries with financial security in the event of retirement. In order for the Borough to continue its compliance with the tax-exempt retirement plan requirements of the Internal Revenue Code and remain in compliance with federal and state laws and regulations, it is necessary for the Borough, from time to time, to amend and/or reinstate the Police Plan.
[Ord. 982, 12/15/1964, § 3; as amended by Ord. 1028, 7/12/1966, § 1; by Ord. 1610, 11/14/1989, § 1; by Ord. 2212, 3/12/2013, § 11; and by Ord. No. 2022-2347, 6/14/2022]
1. 
The current Police Plan was amended and restated effective July 1, 2012, as set forth in Exhibit B and is incorporated herein and made a part hereof as if fully set forth. A copy of the amended and restated Police Plan shall be kept on file at the Borough's office and be made available upon request.
2. 
The Borough has the right to amend the Police Plan at any time to any extent that it may deem advisable. Such amendment shall be by resolution and in conformance with other applicable law or regulation. A copy of any amendment shall be kept on file at the Borough's office and be made available upon request.
[Ord. 982, 12/15/1964, § 16; as amended by Ord. 1610, 11/14/1989, § 1; and by Ord. 2212, 3/12/2013, § 13]
The Borough Council shall appoint a Police Plan Trustee, from time to time, by motion or resolution and in conformance with applicable law or regulation. The duties and powers of the Trustee shall be set forth in a trust agreement executed by the Borough. The trust agreement shall be incorporated into the Police Plan by reference.
[1]
Editor's Note: This section was renumbered from § 1-766 to § 1-754 by Ord. No. 2022-2347, 6/14/2022. Former § 1-754, Officers Re-Entering Service to Qualify as New Participants of Plan, adopted by Ord. 982, 12/15/1964, as amended, was repealed by Ord. 2212, 3/12/2013, § 12.
[Added by Ord. No. 2022-2347, 6/14/2022]
Effective January 1, 2022, there is hereby established the Borough of Phoenixville Deferred Retirement Option Plan pursuant to Act 44[2] and hereinafter referred to as "the DROP Plan."
[1]
Editor's Note: Former § 1-755, Conditions for Excuse of Discontinuance or Break in Service, adopted by Ord. 982, 12/15/1964, as amended, was repealed by Ord. 2212, 3/12/2013, § 12.
[2]
Editor's Note: See 53 P.S. § 895.1101 et seq.
[Added by Ord. No. 2022-2347, 6/14/2022]
1. 
The current DROP Plan as set forth in Exhibit C is incorporated herein and made a part hereof as if fully set forth. A copy of the stated DROP Plan shall be kept on file at the Borough's office and be made available upon request.
2. 
The Borough has the right to amend the DROP Plan at any time to any extent that it may deem advisable. Such amendment shall be by resolution and in conformance with other applicable law or regulation. A copy of any amendment shall be kept on file at the Borough's office and be made available upon request.
[1]
Editor's Note: Former § 1-756, Effect of Certain Types of Leaves of Absence, adopted by Ord. 982, 12/15/1964, as amended, was repealed by Ord. 2212, 3/12/2013, § 12.
[1]
Editor’s Note: Former §§ 1-757, Extended Service After Reaching Normal Retirement Age; 1-758, Benefits Following Retirement on Normal Retirement Date; 1-759, Conditions for Retirement Prior to or After Normal Retirement Date; 1-760, Death Prior to Normal Retirement Date; Death After Normal Retirement Date, but Prior to Retirement; and Death After Retirement; 1-761, Effect of Cessation of Borough Employment; 1-762, Designation of Beneficiary; 1-763, Contributions; 1-764, Rights of Participants; Inalienability of Rights, Claims and Interests; and 1-765, Restrictions on Employee’s Rights, all adopted by Ord. 982, 12/15/1964, as amended, were repealed by Ord. 2212, 3/12/2013, § 12.
Former § 1-766, Trustee; Trust Agreement, was renumbered as § 1-754 by Ord. No. 2022-2347, 6/14/2022.
Former §§ 1-767, Restrictions on Diversion of Moneys and Returns of Borough’s Contributions; 1-768, Plan Administrator; and 1-769, Nonliability of Councilmen; Severability; Applicable to Successors and Beneficiaries, all adopted by Ord. 982, 12/15/1964, as amended, were repealed by Ord. 2212, 3/12/2013, § 14.
Former § 1-770, Amendments, adopted by Ord. 982, 12/15/1964, as amended, was repealed by Ord. No. 2022-2347, 6/14/2022.
Former § 1-771, Purpose; Interpretation, adopted by Ord. 982, 12/15/1964, as amended, was repealed by Ord. 2212, 3/12/2013, § 16.