Definitions. The following words and phrases, as used in the New
Hires Plan, shall have the meaning set forth in this subsection, unless
a different meaning is otherwise clearly required by the context:
ACCRUED BENEFIT
As of any given date, the participant's benefit determined under Subsection
F(2), calculated on the basis of the participant's average compensation determined as of such date and multiplied by a fraction, the numerator of which shall be the participant's completed years of credited service as of such determination date and the denominator of which shall be 20. Notwithstanding anything contained herein to the contrary, in no event shall the fraction exceed one.
(1)
In no event, however, shall the accrued benefit exceed the maximum limitation, determined as of the date of computation, provided under §
81-26E. All accrued benefits are subject to all applicable limitations, reductions, offsets and actuarial adjustments provided by the plan prior to the actual payment thereof and no accrued benefits shall be paid unless the participant satisfies all requirements hereunder for entitlement to receive such benefit.
ACCUMULATED CONTRIBUTIONS
The total amount contributed by any participant to this plan
or its predecessor by way of payroll deduction or otherwise. There
shall be no interest credited to this amount. For purposes of this
section, participant contributions shall include contributions "picked
up" by the employer in accordance with Code Section 414(h)(2).
ACTUARIAL EQUIVALENT
Two forms of payments of equal actuarial present value on
a specified date. The actuarial present value shall be determined
by use of the UP-1984 Mortality Table and 7% interest unless otherwise
provided herein.
AUTHORIZED LEAVE OF ABSENCE
Any leave of absence granted in writing by the employer for
reasons including, but not limited to, accident, sickness, pregnancy
or temporary disability, education, training, jury duty or such other
reasons as may necessitate authorized leave from active employment.
AVERAGE COMPENSATION
The average of the monthly compensation of the participant
during the last 12 months of employment immediately preceding the
date of termination of the participant's employment, or the average
of the monthly compensation of the participant during the highest
five calendar years of employment, if such average is higher.
BENEFICIARY
The person or legal entity designated by the participant
to receive any applicable benefits under the plan payable upon the
occurrence of the death of the participant. In the event that a participant
does not designate a beneficiary or the beneficiary does not survive
the participant, the beneficiary shall be surviving spouse, or if
there is no surviving spouse, the issue, per stirpes, or if there
is no surviving issue, the estate; but if no personal representative
has been appointed, to those persons who would be entitled to the
estate under the intestacy laws of the Commonwealth of Pennsylvania
if the participant had died intestate and a resident of Pennsylvania.
BREAK IN SERVICE
Any period of time after employment has commenced during
which an employee fails to maintain a continuous period of employment.
COMPENSATION
The base salary or hourly wages paid to an employee by the
employer with respect to personal services rendered as an employee.
No extra or additional forms of remuneration shall be included in
compensation, such as overtime, bonuses, longevity, health insurance
buyouts, amounts paid as allowance or reimbursement for expenses,
payments made by the employer to this or any other employee welfare
or benefit plans on behalf of its employee, and amounts paid as lump
sums for accumulated sick time or other unused leave. Compensation
shall include the amount of any participant contributions picked up
under Code Section 414(h)(2). Compensation shall be limited on an
annual basis for purposes of this plan to the amount specified in
accordance with Code Section 401(a)(17) for government plans.
CONTRACT or POLICY
Any insurance or annuity contract issued by an insurance
company in accordance with the requirements of the plan.
COUNCIL
The City Council of the City of Warren, Pennsylvania.
DISABILITY RETIREMENT DATE
The first day of the month coincident with or next following
the date when a participant who has completed at least 10 years of
credited service terminates employment due to a total and permanent
disability.
EMPLOYEE
Any person hired after January 1, 2018 who is employed by
the employer on a full-time basis, who is not a police officer or
firefighter, who is a member of the IBEW bargaining unit, and who
is not otherwise participating in a pension plan or retirement program
sponsored by the employer which recognized credit for the same period
of service to the employer. "employee" shall also mean any nonunion
person hired after January 1, 2019 who is employed by the employer
on a full-time basis, who is not a police officer or firefighter,
and who is not otherwise participating in a pension plan or retirement
program sponsored by the employer which recognized credit for the
same period of service to the employer.
EMPLOYER
The City of Warren, Pennsylvania, a political subdivision
of the commonwealth.
EMPLOYMENT
The period of time for which an employee is directly or indirectly
compensated or entitled to compensation by the employer for the performance
of duties as an employee. Employment may include, for the purpose
of determining years of credited service, an authorized leave of absence
to the extent it is specifically granted in writing by the Council
and permitted pursuant to applicable law.
(1)
Employment shall also include any period of qualified military
service as determined under the requirements of Chapter 43 of Title
38, United States Code, provided that the participant returns to employment
following such period of qualified military service, and the participant
makes payment to the plan in an amount equal to the employee contributions
that would otherwise have been paid to the plan during such period
of qualified military service. The amount of employee contributions
shall be based upon an estimate of the compensation that would have
been paid to the participant during such period of qualified military
services as determined by the average compensation paid to the participant
during the 12 months immediately preceding the period of qualified
military service. The amount of employee contributions calculated
must be paid into the plan before the end of the period that begins
on the date of reemployment and ends on the earlier of the date that
ends the period that has a duration of three times the period of qualified
military service or the date that is five years after the date of
reemployment.
LATE RETIREMENT DATE
The first day of the month coincident with or next following
the date when a participant retires which is subsequent to the participant's
normal retirement date.
MINIMUM MUNICIPAL OBLIGATION
The minimum annual obligation of the municipality as determined
and certified by the Chief Administrative Officer pursuant to the
provisions of the Act.
NORMAL RETIREMENT DATE
The first day of the month coincident with or next following
the date when an employee attains normal retirement age.
NOTICE or ELECTION
A written document prepared in the form specified by the
plan administrator and delivered as follows: if such notice or election
is to be provided by the employer or plan administrator, it shall
be mailed in a properly addressed envelope, postage prepaid, to the
last known address of the person entitled thereto, on or before the
last day of the specified notice or election period; or, if such notice
or election is to be provided to the employer or the plan administrator,
it must be received by the recipient on or before the last day of
the specified notice or election period.
PARTICIPANT
Any employee who has commenced participation in this plan in accordance with Subsection
D, and has not for any reason ceased to participate hereunder.
PENSION FUND
The assets of the plan which shall be accounted for separately
from the assets of any other plans maintained by the employer and
which shall be administered under the supervision of the employer
in accordance with the terms of the plan.
PLAN
The City of Warren Municipal employee Pension Plan.
TOTAL AND PERMANENT DISABILITY
A condition of physical or mental impairment due to which
a participant is unable to perform any customary duties of employment
with the employer. The plan administrator shall determine whether
a participant has incurred a total and permanent disability based
upon the results of an examination and sworn statement of three physicians
designated by the plan administrator.
YEAR OF CREDITED SERVICE
Any consecutive twelve-month period during which a participant
is continuously employed in employment. Each year of credited service
shall be determined from the date on which participation in the plan
shall commence and annual anniversaries thereof and/or the date that
reemployment of a participant shall commence and anniversaries thereof,
provided that the employee has authorized the payment of employee
contributions to the plan.