Definitions. The following words and phrases as used in this plan
shall have the meaning set forth in this article, unless a different
meaning is otherwise clearly required by the context:
ACCRUED BENEFIT
(1)
As of any given date, the benefit determined under §
49-41D(2), calculated on the basis of final monthly average salary as of the date of determination and multiplied by a fraction, the numerator of which shall be the participant's aggregate service determined as of such date and the denominator of which shall be the projected aggregate service of the participant as if the participant continues in employment until attainment of normal retirement age. Notwithstanding anything contained herein to the contrary, in no event shall the fraction exceed one.
(2)
The accrued benefit shall not exceed the maximum limitation, determined as of the date of computation, provided under §
49-41D(6). All accrued benefits are subject to all applicable limitations, reductions, offsets, and actuarial adjustments provided pursuant to the terms of the plan prior to the actual payment thereof.
ACCUMULATED CONTRIBUTIONS
The total amount contributed by any participant to this fund
or its predecessor by way of payroll deduction or otherwise, without
interest or other accretion.
ACT
The Municipal Pension Plan Funding Standard and Recovery
Act, which was enacted as Act 205 of 1984, as amended, 53 P.S. § 895.101
et seq.
ACTUARIAL EQUIVALENT
Two forms of payment 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% unless otherwise specifically
provided herein.
ACTUARY
The person, partnership, association or corporation, which
at any given time is serving as actuary; provided that such actuary
must be an "approved actuary" as defined in the Act.
AGGREGATE SERVICE
The total period or periods of the participant's employment
with the employer whether or not interrupted. Notwithstanding the
preceding sentence, should any such participant receive a distribution
of accumulated contributions with respect to a period of employment
for which employee contributions are required, such period of employment
shall not be included in aggregate service thereafter unless, at the
commencement of the next period of employment, the participant repays
to the fund the amount the participant received at the time the participant
terminated service with the employer. Aggregate service shall be calculated
in completed whole years.
BENEFICIARY
The person or entity designated by the participant to receive
a distribution of the participant's accumulated contributions should
the participant die prior to becoming entitled to a retirement benefit.
In the event that a participant does not designate a beneficiary or
the beneficiary does not survive the participant, the beneficiary
shall be the 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.
BOARD
The Board of Trustees of the Officers and Employees Retirement System as determined pursuant to §
49-41H(2).
CHIEF ADMINISTRATIVE OFFICER
The person designated by the City who has the primary responsibility
for the execution of the administrative affairs for the plan.
CODE
The Internal Revenue Code of 1986, as amended.
COMPENSATION
The total amount of a participant's earnings, received or
receivable during the participant's employment with the City as an
employee.
COUNCIL
The Council of the City of Washington.
DISABILITY DATE
The date when a participant is determined by the Plan Administrator
to be incapacitated due to total and permanent disability, or the
date when the participant's employment terminates due to such total
and permanent disability, if later.
ELIGIBLE SPOUSE
The spouse to whom a participant is legally married as of
the participant's date of death.
EMPLOYEE
Any elected official or individual employed on a regular
basis by the employer other than a police officer or paid firefighter.
EMPLOYMENT
For the purpose of determining aggregate service:
(1)
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 elected official or nonuniformed employee;
(2)
Any period of time for which an employee is paid, either directly
by the employer or through a program to which the employer has made
contributions on behalf of the employee, a fixed, periodic amount
in the nature of salary continuation payments for reasons other than
the performance of duties (such as vacation, holidays, sickness, entitlement
to benefits under workers' compensation or similar laws); and
(3)
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 participant contributions that would
otherwise have been paid to the plan during such period of qualified
military service. The amount of participant contributions shall be
based upon an estimate of the compensation that would have been paid
to the participant during such period of qualified military service
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 participant 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.
FINAL MONTHLY AVERAGE SALARY
The greater of the rate of monthly compensation of the participant
as of the date of retirement or the highest average annual compensation
which the participant received during any five years of aggregate
service preceding his termination of active employment. Compensation
used to determine final monthly average salary shall be limited on
an annual basis to the amount specified for government plans in accordance
with code Section 401(a)(17), as adjusted under code Section 415(d).
NORMAL RETIREMENT AGE
For any participant hired before January 1, 1993, the date
on which the participant has attained age 55 and completed 20 years
of aggregate service with the employer. For participants hired on
or after January 1, 1993, "normal retirement age" shall mean the date
on which the participant has attained age 60 and completed 20 years
of aggregate service with the employer.
NOTICE or ELECTION
A written document prepared in the form specified by the
Plan Administrator. If such notice or election is to be provided by
the employer or the 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. If such notice or election is to be provided
to the employer or the Plan Administrator, it must be received by
the intended recipient on or before the last day of the specified
notice or election period.
PARTICIPANT
An employee who has met the eligibility requirements to participate in the plan as provided in §
49-41B(1) and who has not for any reason ceased to be a participant hereunder.
PENSION FUND
The Officers and Employees Pension Fund, aggregated with
other pension funds maintained by the employer to create a single
pension trust fund, which shall thereafter serve as the single funding
mechanism for all pension plans connected with the aggregation. Each
pension plan subject to the aggregation shall have an undivided participation
in the assets of the combined pension trust fund. For accounting purposes,
the value of the participation by each plan shall be calculated annually,
in accordance with the requirements of Section 607 of the Act. The
pension fund shall be administered under the terms of this plan and
which shall include all money, property, investments, policies and
contracts standing in the name of the plan.
PLAN
The plan set forth herein, as amended from time to time and
designated as the City of Washington Officers and Employees Retirement
System.
PLAN ADMINISTRATOR
The committee or the individual appointed for the purpose
of supervising and administering the provisions of the plan. In the
event that no such appointment is made, the Plan Administrator shall
be the Board.
PLAN YEAR
The twelve-month period beginning on January 1 and ending
on December 31 of each year.
RESTATEMENT DATE
January 1, 2016, the date upon which this amendment and restatement
of the plan becomes effective.
TOTAL AND PERMANENT DISABILITY
A condition of physical or mental impairment due to which
a participant is unable to perform the usual and customary duties
of employment and which is reasonably expected to continue to be permanent
for the remainder of the participant's lifetime.