[Adopted 11-14-2013 by Ord. No. 734[1]]
[1]
Editor's Note: This ordinance also repealed former Art. III,
Member Benefits in Pennsylvania Municipal Retirement System, adopted
11-12-2007 by Ord. No. 693.
The Borough of Trainer, being a member municipality of the Pennsylvania
Municipal Retirement System ("the system"), hereby elects to amend
its Municipal Pension Plan administered by the system in accordance
with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S.
§ 881.101 et seq. ("the Retirement Law"), and does hereby
agree to be bound by all of 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 article, the Borough of Trainer agrees that
the system shall administer and provide the benefits set forth in
the amended Municipal Retirement Plan contract entered into between
the Pennsylvania Municipal Retirement Board and the Borough effective
January 1, 2013 ("the contract").
The passage and adoption of this article by the Borough is an
official acceptance of the contract and the financial obligations
resulting from the administration of the contract.
Payment for any obligation established by the adoption of this
article and the contract shall be made by the Borough in accordance
with the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act. The Borough hereby assumes all liability for any
unfundedness created due to the benefit structure set forth in the
contract.
The Borough intends this article to be the complete authorization
of the contract, and this article shall become effective immediately
and the Borough hereby specifically repeals Ordinance No. 693 immediately.
A duly certified copy of this article and an executed contract
shall be filed with the system.
