[HISTORY: Adopted by the Township Council of the Township
of Crescent 8-1-1978 by Ord. No. 1978; amended in its entirety 5-15-2020 by Ord. No. 577. Subsequent amendments noted where applicable.]
A.
The Township hereby elects to join the Pennsylvania Municipal Retirement System, established by the Pennsylvania Municipal Retirement Law, under Article IV, Act 15 of 1974, as amended, and does hereby agree to be bound by all the requirements and provisions of the said Pennsylvania Municipal Retirement Law and the amendments thereto and to assume all obligations, financial and otherwise, placed upon member municipalities by said Pennsylvania Municipal Retirement Law and the amendments thereto.
B.
Crescent Township (the Township), having established a non-uniform pension plan administered by the Pennsylvania Municipal Retirement System (the System), hereby elects to amend its Non-Uniform 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.
As part of this ordinance, the Township agrees that the System
shall administer and provide the benefits set forth in the amended
Non-Uniform Pension Plan document entered into between the Pennsylvania
Municipal Retirement Board and the Township effective as of the date
specified in the adoption agreement (the contract).
The Township acknowledges that by passage and adoption of this
ordinance, 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
ordinance 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
unfundedness created due to the benefit structure set forth in the
contract.
The Township intends this ordinance to be the complete authorization
of the contract, as amended, and it shall become effective as of the
date specified in the adoption agreement, which is the effective date
of the contract, as amended.
A duly certified copy of this ordinance and an executed contract
shall be filed with the System.
