The Pension Board shall be responsible for the administration
of the municipal pension system and serve as the Trustee of the Pension
Fund with exclusive control and management thereof.
[Amended 5-10-2004 by Ord. No. 1210; 5-13-2013 by Ord. No. 1342]
The Pension Board shall consist of four municipal employees,
each elected for a three-year term by all municipal employees participating
in the pension system, one member of the Council, the Director of
the Department of Administration and the Borough Manager. The Council
shall determine the terms and method of election of the municipal
employee members of the Pension Board.
The duties of the Pension Board shall be to:
A.
Invest moneys of the pension system subject to the terms, conditions,
limitations and restrictions provided by law for investments of trust
funds by fiduciaries of Pennsylvania.
C.
Execute and fulfill all duties and responsibilities vested in the
Pension Board by law or by ordinance governing the pension system.
D.
Make available to participants of the pension system records as may
pertain to their individual accounts.
E.
Act in accordance with all determinations or allocations made by
the actuary of the pension system.
F.
Review the periodic valuation report of the pension system prepared
by the actuary and forward said report, with any recommendations concerning
the status of the system, to the Chief Executive Officer and the Council.
