Township of Park, MI
Ottawa County
By using eCode360 you agree to be legally bound by the Terms of Use. If you do not agree to the Terms of Use, please do not use eCode360.
[Ord. No. I-1, 10-3-1974]
Pursuant to Public Act No. 77 of 1989 (MCL 41.110b), the Township hereby creates and establishes an annuity or pension plan and program for the pensioning of its officers and employees, and, for such purposes, also hereby authorizes the Township Supervisor and the Township Clerk to contract, in the name of the Township Board, with any insurance company authorized to transact business within the state for annuities or pensions.
[Ord. No. I-1, 10-3-1974]
The annuity or pension plan created, established, and contracted for in this division shall cover the Township Supervisor, Township Clerk, and Township treasurer (the officers), and all Township employees who are employed for more than 20 hours per week on regular basis.
[Ord. No. I-1, 10-3-1974]
The Township shall annually contribute the entire premium or charges arising under the annuity or pension contract for each person covered thereby as is provided in Section 2-68. Such contribution shall be secured from the general fund of the Township.
[Ord. No. I-1, 10-3-1974]
Each officer and employee who is employed on the effective date of the annuity or pension plan shall be eligible for coverage on that day, provided he then meets the following requirements, otherwise he shall be eligible on the first policy anniversary in which year he meets them:
(1) 
He has completed at least one year of continuous service.
(2) 
His age (nearest birthday) is at least 24 years.
[Ord. No. I-1, 10-3-1974]
Every officer or employee who becomes subsequently employed shall be eligible on the first policy anniversary in which he meets the following requirements:
(1) 
He has completed at least one year of continuous employment.
(2) 
His age (nearest birthday) is at least 24 years.
[Ord. No. I-1, 10-3-1974]
An employee's retirement date shall be the policy anniversary of the annuity or pension plan nearest his birthday. Normal retirement age shall be at age 65 unless the covered employee or officer was first covered at age 56 or older, in which event the normal retirement age shall be after 10 years of employment or at age 70, whichever shall first occur.
[Ord. No. I-1, 10-3-1974]
Any person desiring not to be covered by the pension or annuity plan shall give written notice to the Township Clerk that he desires not to be covered, and if notice is received before the person has become covered under the contract, he shall not be covered thereunder. If the notice is received after the individual has been covered, his coverage under the contract shall cease as provided for in the contract.
[Ord. No. I-1, 10-3-1974]
Each person covered under the annuity or pension plan shall have a vested right or interest in such plan as follows: One-third after 12 months, two-thirds after 24 months, and 100% after 36 months, such months to be computed from the date the plan becomes effective for such person.