[Adopted 8-26-1987 by Ord. No. 87-9]
[Amended 8-25-2004 by Ord. No. 9-2004]
There is hereby established in the Township for the benefit
of full-time, nonuniformed employees of the Township and Authority
a pension plan and pension fund. The pension plan shall be known as
the "Silver Spring Township and Silver Spring Township Authority Non-Uniformed
Employees Pension Plan" (the "Plan"). The pension fund shall be known
as the "Silver Spring Township and Silver Spring Township Authority
Non-Uniformed Pension Fund" (the "Fund").
The Board is hereby authorized to enter into an agreement of
trust with a corporate fiduciary, which agreement of trust shall permit
the fiduciary to manage and operate the Fund and to receive, hold,
invest and disburse any sum or sums as may be necessary to carry out
the Plan. The Board shall determine the form and terms of any such
agreement of trust.
[Amended 8-25-2004 by Ord. No. 9-2004]
A.
The Fund shall be created and maintained from funds received in the
following manner:
(1)
The allocation by the Board of payments made by the Treasurer of
the Commonwealth from monies received from taxes paid upon premiums
by foreign casualty insurance companies and foreign fire insurance
companies pursuant to the General Municipal Pension State Aid Program;
(2)
Payments by other gifts, grants, devises or bequests made to the
Fund; and/or
(3)
Such other payments as from time to time may be made by the Board
from the general revenue of the Township to cover the costs and expenses
of the Plan attributable to the Township, and payments as may from
time to time be made by the Authority from the general revenue of
the Authority to cover the costs and expenses of the Plan attributable
to the Authority.
B.
All such payments received shall be deemed to be a part of the Pension
Fund and shall not be applied to any other account or disbursed in
any manner except as provided herein.
C.
Payments required under the Plan shall be a charge only upon the
Fund and not upon other monies or funds of the Township or Authority.
The Pension Fund shall be deposited with, managed and invested
by a corporate trustee designated by the Board, which shall carry
out its responsibilities in accordance with the terms of the trust
agreement, and further subject to such investment policy and guidance
as the Supervisors shall, from time to time, give to the trustee for
the investment of the Pension Fund assets.
A.
The Plan shall be administered by the Board.
B.
The Township Secretary shall keep minutes of the proceedings and
all dates, records and documents pertaining to the administration
of the Plan. The Board may employ and suitably compensate such actuarial
and consulting services and advisory, clerical or other employees
and attorneys as it may deem necessary for the performance of its
duties. The expenses of the administration of the Plan shall be paid
from the assets of the Fund.
C.
The action of the Board shall be determined by the vote or other
affirmative expression of a majority of its members.
D.
The Board shall make available to participants of the Plan, for examination
during business hours, such of its records as pertain only to the
participant involved. The Board shall make its records available to
proper governmental officials during business hours and to members
of the general public upon 24 hours' notice.
E.
The Board, on behalf of the participants of the Plan, shall enforce
the Plan in accordance with the terms of this article and shall have
all powers necessary to accomplish that purpose, including, but not
limited to, the following:
(1)
To determine all questions relating to the eligibility of employees
to become participants;
(2)
To compute and certify to the fiduciary the amount and kind of benefits
payable to participants;
(3)
To select any issuing company and annuity contract which, in the
opinion of the Board, will best carry out the purposes of the Plan;
and
(4)
To make and publish such rules and regulations for the administration
of the Plan as are not inconsistent with the terms of this article.
F.
Township and Authority shall supply full and timely information to
the Board on all matters relating to the pay of all members of the
Plan, their retirements, deaths or other causes for termination of
employment, and such other pertinent data as the Board may require,
and the Board shall advise the fiduciary with reasonable dispatch
of such of the foregoing facts as may be pertinent to the fiduciary's
administration of the Fund.
[Amended 8-25-2004 by Ord. No. 9-2004]
[Amended 8-25-2004 by Ord. No. 9-2004]
Every full-time, nonuniformed employee employed by the Township
or the Authority shall, upon his or her employment, be a member covered
under the Plan and entitled to the benefits provided hereunder.
The normal retirement date of a member shall be the day on which
the member has attained age 65 years and has completed 10 years of
service.
The monthly normal retirement benefit shall be equal to 1% of
the monthly average salary of such member during the highest five
consecutive calendar years of employment out of the last 10 calendar
years of employment preceding his or her normal retirement date multiplied
by the number of years of service completed by such member at his
or her normal retirement date. Such monthly benefit shall be payable
for the member's lifetime.
A member who has attained age 60 years and has completed 10
years of service shall be eligible for an early retirement benefit.
Such monthly benefit shall be equal to 1% of the monthly average salary
of such member during the highest five consecutive calendar years
of employment out of the last 10 calendar years of employment preceding
his or her early retirement date multiplied by the number of years
of service completed by such member at the date of his or her early
retirement, reduced by 5/9% for each month that such member's early
retirement date precedes his or her normal retirement date.
A.
If a member has completed 10 or more years of service, he or she
may, upon application or on application of one acting in his or her
behalf, be retired by the Board on a disability pension prior to his
or her normal retirement date if the physician designated by the Board,
after medical examination of the member made at the place of residence
of the member or at a place mutually agreed upon, shall certify to
the Board that the member is unable to engage in any gainful employment
and that said member ought to be retired.
B.
The monthly disability benefit shall be equal to 1% of the monthly
average salary of such member during the highest five consecutive
calendar years of employment out of the last 10 calendar years of
employment preceding his or her disability retirement date multiplied
by the number of years of service completed by such member at the
date of his or her disability retirement.
Upon the death of a retired member, or upon the death of an
active member who was eligible for early retirement at the time of
death, the surviving spouse (or the surviving children under 18 years
of age, in the absence of a spouse or upon the remarriage of the surviving
spouse) shall receive a monthly benefit equal to 1/2 of the monthly
benefit which such retired member was receiving or which such active
member was eligible to receive if he or she had been retired at the
time of death.
[Amended 8-25-2004 by Ord. No. 9-2004]
If a member, before reaching his or her normal retirement date
and having completed 10 years of service, for any reason ceases to
be employed by the Township or Authority, he or she shall be entitled
to a vested deferred retirement benefit payable at his or her normal
retirement date. Such monthly benefit shall be equal to 1% of the
monthly average salary of such member during the highest five consecutive
calendar years of employment out of the last 10 calendar years of
employment preceding his or her termination date multiplied by the
number of years of service completed by such member at the date of
his or her termination.
All payments under the Plan shall be, to the fullest extent
permitted by law, free and clear of any debts, contracts, engagements,
anticipations or liability to levy, attachment, execution or sequestration
against the recipient, and shall not be subject to sale, assignment,
transfer, claim, judgment or bankruptcy proceedings against the recipient
of such payments, whether voluntary or involuntary.
Any member of the Plan shall have the right to:
A.
Inquire of the Board as to his or her status or condition in the
Plan, including prospective benefits to which such member may be entitled
in the future;
B.
To examine records of the Board of Supervisors pertaining to his
or her pension records; and
C.
To appear personally before the Board, with or without counsel, and
be heard on any matter pertaining to his rights under the Plan.
The Plan and Fund established by this article may be discontinued,
modified, alternated, terminated or repealed, according to law, by
ordinance or resolution.
The terms and conditions of this article shall become effective
as of January 1, 1987.
