[Added 7-16-2013 by Ord. No. 368]
Doylestown Township hereby establishes the Doylestown Township
Nonuniformed Defined Contribution Pension Plan in the form of the
ICMA Retirement Corporation Governmental Money Purchase Plan and Trust
("MPP01/01/06").
The effective date of the plan shall be January 1, 2012.
The normal retirement date shall be the first day of the month
coincident with or next following the date in which the eligible employee
attains 60 years of age.
The only group of employees eligible to participate in this plan are all nonuniformed full-time employees hired on or after January 1, 2012. An employee shall be eligible to participate at the completion of six months of full-time employment. Commencing after the completion of six months of full-time employment, employees shall begin to make contributions to the plan, and the Township's contribution shall be made in accordance with § 28-34 after the completion of six months of continuous service. Persons hired full-time on or after January 1, 2012, shall not be permitted to participate in the existing Township's Defined Benefit Pension Plan for nonuniformed employees.
[Amended 12-6-2016 by Ord. No. 379]
A.Â
The Township shall contribute, on behalf of each participant, 5%
of earnings for the plan year, subject to the eligibility requirements
as set forth herein. Plan participants are required to contribute
5% of their earnings.
Earnings, as defined in the plan, shall include overtime and
any bonuses paid to a participant.
[Amended 12-6-2016 by Ord. No. 379]
[1]
Editor's Note: Said plan is on file in the Township offices.
A participant is fully vested following the completion of five
years of full-time employment with the Township. If a participant's
employment by the Township terminates prior to becoming fully vested,
the participant's own contribution shall be refunded to the participant,
plus interest on said contributions. The Township's contributions
and interest accrued on same shall be returned to the Township. If
an employee leaves the employ of the Township after being fully vested
but prior to attaining the age of 60 years, the employee shall have
an option to withdraw his/her funds and be taxed accordingly or the
employee may rollover his/her account balance into an individual retirement
account or other appropriate account.
Loans are not permitted under the plan.
In-service distributions are not permitted under the plan even
after a participant attains normal retirement age.
Upon attaining the age of 60 and being eligible to retire, the
employee may select payment options then available from ICMA Retirement
Corporation or available through a successor Plan Administrator.
The normal form of payment of benefits under the plan is a lump
sum. Upon death, the surviving spouse is the beneficiary, unless he
or she consents to the participant's naming another beneficiary.
The plan will provide for final pay contributions for accrued
unpaid vacation and sick leave and the employer will contribute on
behalf of the participant 5% of final pay to the plan, subject to
the limitations as set forth in Article 5 of the plan.[1] Each participant eligible to participate in the plan shall
be given the opportunity to enroll at enrollment to irrevocably elect
to contribute 5% of final pay to the plan. Once elected, a participant's
election shall remain in force and may not be revised or revoked.
[1]
Editor's Note: Said plan is on file in the Township offices.
No contributions shall be made by a participant or be required
to be made by the Township during periods when a participant is on
an unpaid leave status such that the Township does not pay wages to
the participant.
The Township herein appoints ICMA Retirement Corporation as
the Plan Administrator pursuant to the terms and conditions of the
ICMA Retirement Corporation Governmental Money Purchase Plan and Trust.
By adoption of this article, the Township agrees to the provisions
of the Plan and Trust. The Plan Administrator agrees to inform the
Township of any amendments to the plan made pursuant to Section 14.05
of the plan or to the discontinuance or abandonment of the plan.[1]
[1]
Editor's Note: Said plan is on file in the Township offices.
The Township Manager is authorized to complete the adoption
agreement and execute any and all other documents as may be necessary
to effectuate the intent of this article.
