[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:
[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:
[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.
