The Board of Commissioners of Haverford Township, Delaware County,
Pennsylvania, hereby establishes a Defined Contribution Pension Plan
for full-time non-uniform employees hired on or after January 1, 2011.
AGE
The age attained by the employee at his or her last birthday.
BOARD
The Board of Commissioners of Haverford Township, Delaware
County, Pennsylvania.
COMPENSATION
All W-2 earnings paid by the Township to the member during
a plan year. Compensation shall also include amounts paid directly
by the employer or through a program to which the employer has made
contributions on behalf of the employee, other than under this plan
(including, without limitation, a workers' compensation program).
As of January 1, 2020, and pertaining to non-bargaining-unit members
only, compensation is defined as compensation received less any amounts
received at separation as payment for unused leave time.
[Amended 2-10-2020 by Ord. No. 2890]
EFFECTIVE DATE
The effective date of this article shall be January 1, 2011.
EMPLOYEE
Any nonuniform personnel hired on or after January 1, 2011,
in the full-time employ of the Township or Library whose customary
employment by the Township or Library is for not less than 35 hours
per week.
FORFEITURE
The nonvested portion of a member's account.
FUND
All assets held by the trustee under the trust agreement
and related insurance and investment contracts relating to this plan.
MEMBER
Any employee who has satisfied the eligibility requirements established in §
30-48 hereof.
MEMBER ACCOUNT
Each member's individual account maintained within the fund
to include the prorated share of investment earnings or losses.
NORMAL RETIREMENT DATE
The first day of the month coincident with or next following
the date on which the member completes five years of service or on
the date which the member attains 62.
PAY PERIOD
The period of time at which end an employee is compensated
for his services to the Township.
PLAN
The Defined Contribution Pension Plan for the nonuniformed
employees of Haverford Township, as herein set forth and as the same
may hereafter be amended.
PLAN YEAR
A period of 12 consecutive months commencing on any January
1 and ending on the following December 31.
ROLLOVER ACCOUNT
The distribution amount transferred to the plan by a member
from a qualified pension or profit-sharing plan.
SERVICE
The aggregate of a member's total periods of employment as
a full-time employee of the Township. If a member enters military
service, either voluntarily or by conscription, after he has been
employed for at least six months, such time spent in the armed forces
of the United States during a period of national emergency shall be
counted as service for purposes of this plan, provided that such member
returns to service with the Township within six months after his discharge
or release from such active duty in the armed forces of the United
States. The time spent in military service due to voluntary extension
of such military service during a period of peacetime shall not be
included as service for the purpose of this plan.
TOWNSHIP
Haverford Township, Delaware County, Pennsylvania.
TRUST AGREEMENT
The contract between the Township and the trustee establishing
the terms by which and under which the fund is invested, distributed,
accounted for and terminated, as the same now exists and as it may
hereafter be amended.
TRUSTEE
The Board of Commissioners of Haverford Township or any other
agency or person appointed by the Board to serve in that capacity
as set forth in the trust agreement.
VESTED INTEREST
The nonforfeitable right to any immediate or deferred benefit
in the amount which is equal to the sum of A and below:
A.
The value on that date of that portion of the participant's
account that is attributable to and derived from a participant's own
contributions, if any.
B.
The value on that date of that portion of the participant's
account that is attributable to and derived from employer contributions
multiplied by his vesting percentage determined on the date applicable.
VESTING PERCENTAGE
The member's nonforfeitable interest to his account plus
earnings, thereon computed in accordance with the following schedule
based on years of service with the Township:
|
Full Years of Service
|
Percentage Vested
|
---|
|
Less than 5
|
0%
|
|
5 or more
|
100%
|