[Ord. 2015-04, 12/16/2015]
1. Unless otherwise expressly stated, the following terms shall have,
for purposes of interpreting this Part, the meanings as set forth
below:
ACCRUED BENEFIT
A participant's accrued pension benefit shall be equal to
the expected normal retirement benefit multiplied by a fraction. The
expected normal retirement benefit shall be based upon the participant's
average annual compensation as of the termination date. The fraction
shall be equal to the participant's years of credited service as of
the termination date, divided by the participant's total expected
years of credited service as of the normal retirement date.
ACTUARIAL EQUIVALENT
A benefit determined by the plan administrator (or any actuary)
to be equal to another benefit or to a dollar amount in accordance
with the 1971 Group Annuity Mortality Table and the rate of interest
assumed in the most recent State Actuarial Investigation Report.
ACTUARY
A person skilled in calculating the value of life interests,
annuities and insurance, who shall be retained by the Borough to advise
it upon the establishment, regulation and maintenance of the pension
fund.
AGE
The age an employee attained on the nearest birthday.
ANNUAL COMPENSATION
The total compensation paid and accrued to a participant
during the plan year, including overtime and all other compensation.
AVERAGE MONTHLY COMPENSATION
The average monthly compensation earned by a participant
during the last 36 months of employment prior to retirement or termination.
CREDITED SERVICE
A participant shall be credited with a year of service for
any plan year in which the participant completes at least 1,500 hours
of service with the employer. Any year in which the participant has
waived participation shall be excluded for purposes of determining
credited service.
EFFECTIVE DATE
The effective date of the pension plan shall be January 1,
1959. The effective date of the amended and restated pension plan
shall be January 1, 2001.
EMPLOYER
Borough of Conshohocken and volunteer fire companies of the
Borough.
FUND
Conshohocken Paid Firemen's Pension Fund, which shall be
held in trust subject the terms of the Borough of Conshohocken Paid
Firemen's Pension Trust Agreement.
NORMAL RETIREMENT DATE
The normal retirement date for each participant shall be
the first of the month coincident with or next following the 55th
birthday. If the participant has not completed 20 years of credited
service upon attainment of age 55, the normal retirement date shall
be the date upon which the participant completed 20 years of service.
PARTICIPANT
Each employee who has fulfilled the requirements of §
1-803 hereof and has not waived participation.
TRUSTEE
The trustee appointed pursuant to the terms of the Paid Firemen's
Pension Trust Agreement.
[Ord. 2015-04, 12/16/2015]
Each full-time paid fireman, Fire Marshal or Assistant Fire
Marshal shall be a participant of this pension plan upon completion
of the eligibility requirements. Any participant shall be eligible
to enter the plan on the anniversary date next following the completion
of one year of service and the attainment of age 21. For purposes
of computing years of service, credit will be given from the date
of permanent appointment, provided that participation hereunder has
not been waived. "Full-time" shall mean at least 30 hours per week
for 12 months per year.
[Ord. 2015-04, 12/16/2015]
1. Except as otherwise expressly provided in this section, any participant
who shall terminate his employment with the Borough or volunteer fire
companies of the Borough shall be entitled to a refund of any monies
paid by him into the fund, with interest, during the period of investment.
Such terminated employee shall forfeit all employer contributions
made on his behalf.
2. Any participant, however, who has 10 years of continuous service
and thereafter voluntarily terminates his/her employment shall be
entitled to a pension equal to his/her accrued benefit as of the termination
date, if and when he/she reaches the appropriate age and if and when
he/she otherwise qualifies in all other respects for a firemen's pension.
3. If death occurs while in the employ of the Borough or volunteer fire
companies of the Borough, and while a participant in the plan, the
beneficiary shall be entitled to receive one lump sum payment of $10,000;
provided, however, that if death occurs after the participant has
10 years of continuous service, the beneficiary shall be entitled
to a survivor's annuity equal to 50% of the accrued benefit to which
the participant was entitled immediately prior to his/her death. In
the event of death following retirement, benefits shall be paid in
accordance with the form of benefit elected at retirement.
4. Any participant who becomes totally disabled as a direct result of
his/her performance of duties for a fire company of the Borough shall
be entitled to an immediate pension equal to 50% of the participant's
average monthly compensation for the past 36 months prior to termination
of employment, less any benefits payable under the Pennsylvania Workers'
Compensation Act or the Pennsylvania Occupational Disease Act. A participant shall be totally disabled only if he/she
is incapable of continuing any gainful employment as a result of bodily
injury, disease or mental disorder. The determination of total disability
shall be made by a physician selected by the employer, and such determination
shall be final and conclusive.
[Ord. 2015-04, 12/16/2015]
The monthly pension at normal retirement date shall be based
on 50% of the average monthly compensation during the past 36 months
prior to normal retirement. Any participant who continues in the employ
of the Borough or volunteer fire companies of the Borough beyond his
normal retirement date shall receive a monthly pension based on 50%
of the average monthly compensation during the last 36 months prior
to his actual retirement date.
[Ord. 2015-04, 12/16/2015]
The Borough reserves the right to require employee contributions
in the future.
[Ord. 2015-04, 12/16/2015]
1. A participant may elect to receive the benefit in any manner acceptable
to the Borough. The following forms of benefit payment may be considered
acceptable to the Borough and shall be the actuarially determined
equivalent of any annuity payable for the life of a participant:
A. Life annuity with no certain period.
B. Life annuity with a certain period of five or 10 years guaranteed.
C. A joint and survivor annuity with survivor benefit equal to 50%,
75% or 100% of the joint annuity.
D. Payments in equal quarterly, semiannual or annual installments not
exceeding 10 years.
E. Lump sum payment not in excess of $5,000 unless such lump sum payment
is a return of the participant's employee contributions with credited
interest.
[Ord. 2015-04, 12/16/2015]
Each participant who has not elected an option as offered above
shall receive a monthly pension benefit payable for life, with the
first payment commencing upon the retirement date, and thereafter
payments will be made in a like amount on the first day of each subsequent
month, continuing to and terminating with the month in which the death
of the former participant takes place. After such series of payments
shall be completed, no further payments of any kind will be made to
the beneficiary or the estate of the deceased participant unless the
accumulated employee contributions with interest exceed the total
payment.
[Ord. 2015-04, 12/16/2015]
This pension plan shall be financed by annual payments made
by the Borough from the foreign fire casualty insurance tax and shall
be held in trust subject to the requirement of the separate trust
agreement with the trustee.
[Ord. 2015-04, 12/16/2015]
Any amendments to the terms, conditions and provisions of this
Part shall be made by ordinance of the Borough Council of the Borough
of Conshohocken.