[Adopted 5-14-2012 by Ord. No. 1484; amended in its entirety 4-11-2022 by Ord. No. 1567]
[1]
Editor's Note: See also Arts. III and V of this Chapter.
The Ephrata Borough Retirement Plan is hereby established to provide retirement benefits for employees not represented by a collective bargaining agreement who are hired on or after May 15, 2012, and to establish a trust to hold the assets of such plan by reference.
The Borough Manager of the Borough of Ephrata, as the agent of the employer, is authorized and directed to execute the Ephrata Borough Retirement Plan effective May 15, 2012.
The Borough Manager of the Borough of Ephrata, as the agent of the employer, is authorized and directed to execute the Ephrata Borough Retirement Plan Trust Agreement effective May 15, 2012.
The Borough Manager of the Borough of Ephrata, as the agent of the employer, is authorized and directed to execute, effective January 1, 2017, Amendment No. 2 to the Ephrata Borough Retirement Plan as effective May 15, 2012.
Amendment No. 3 to the Ephrata Borough Retirement Plan, which amendment establishes that the vesting schedule for an employee who is credited with one hour of service on or after February 28, 2022, shall be one that provides the employee with 20% vesting after three years of service as defined by the plan and increases by 20% each year thereafter resulting in the employee-participant being 100% vested after seven years, is adopted by reference.
The Borough Manager of the Borough of Ephrata, as the agent of the employer, is authorized and directed to execute, effective February 28, 2022, the attached Amendment No. 3[1] to the Ephrata Borough Retirement Plan effective May 15, 2012, as amended and restated.
[1]
Editor's Note: Amendment No. 3 is on file in the Borough offices.
Employees covered by the collective bargaining agreement with Local Union 1600, International Brotherhood of Electrical Workers, who are hired on or after January 1, 2017, will not participate under the Borough of Ephrata Pension Plan but will now participate under the Ephrata Borough Retirement Plan.[1]
[1]
Editor's Note: Former Art. V, Retirement Plan for Electrical Workers Represented by Collective Bargaining Agreement Hired January 1, 2017, or After, adopted 9-11-2017 by Ord. No. 1533, which consisted of § 65-26, Plan participation, was repealed 4-11-2022 by Ord. No. 1567.