Township of Upper Providence, PA General Provisions

[Ord. No. 287, passed 8-10-1995]

The following terms have the meanings set forth below, unless a different meaning is plainly required by the context:

ACCRUED BENEFIT — Means a single life annuity commencing at normal retirement date determined as provided in Section 288.18(a).

(2)

ACTUARY — Means the person, partnership, association or corporation which, at any given time, is serving as actuary to the plan, provided, however, that such actuary must be an approved actuary as defined in the Municipal Pension Plan Funding Standard and Recovery Act which was enacted as P.L. 1005 (Act 205 of 1984).

(3)

ANNUITY STARTING DATE — Means the first day of the first period during which an amount is payable as an annuity pursuant to the terms of the plan by reason of a member's retirement or termination of service for any reason other than death.

(4)

AVERAGE MONTHLY COMPENSATION — Means compensation averaged on a monthly basis over any five consecutive years of credited service during the ten-year period immediately preceding the date of determination during which period such compensation was highest (or during such lesser period as constitutes the member's total credited service).

(5)

CODE — Means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered.

(6)

COMPENSATION — Means all salary, wages, fees or overtime pay, excluding any bonuses, severance payments, amounts contributed by the employer to any public or private employee pension, insurance or welfare benefits plan (including this plan as herein set forth or as subsequently amended). The amount of compensation taken into account shall not exceed the limitation set forth in Section 401(a)(17) of the Code, as adjusted, before its amendment by the Federal Omnibus Budget Reconciliation Act of 1993. Effective for any member who first became or becomes a member on or after January 1, 1996, the amount of compensation taken into account shall not exceed the limitation set forth in Section 401(a)(17) of the Code, as adjusted, as amended by the Federal Omnibus Budget Reconciliation Act of 1993.

(7)

CREDITED SERVICE — Means service which is credited for purposes of vesting and/or benefit accrual.

(8)

DATE OF DETERMINATION — Means the date as of which either the monthly amount or the equivalent actuarial value of a member's accrued benefit is determined pursuant to the terms of the plan.

(9)

DISABILITY RETIREMENT BENEFIT — Means the benefit defined in Section 288.17.

(10)

EARLY RETIREMENT BENEFIT — Means the benefit defined in Section 288.16.

(11)

EARLY RETIREMENT DATE — Means the date provided in Section 288.16.

(12)

EFFECTIVE DATE OF THE RESTATED PLAN — Means January 1, 1995.

(13)

EMPLOYEE — Means all individuals in the employ of the employer on a full-time basis, except police officers. A member of the Township Council who is not also an employee is not eligible for membership in the plan. The term "nonuniformed employee" is an employee as defined herein.

(14)

EMPLOYER — Means the Township of Upper Providence.

(15)

EQUIVALENT ACTUARIAL VALUE — Means the equivalent value when computed on the basis of the following actuarial tables:

Mortality: 1971 Group Annuity Mortality Table, set back three years for the member and set back two years for the spouse.

Interest. Seven percent compounded annually.

(16)

FISCAL YEAR OF TRUST — Means the accounting period for the trust which ends December 31 each year.

(17)

FULL-TIME EMPLOYEE — Means an employee employed on a regular basis not less than 35 hours a week and a minimum of 40 weeks in a year.

(18)

IRS — Means the United States Internal Revenue Service.

(19)

MEMBER — Means any employee who satisfies the requirements of Article II of this chapter.

(20)

NORMAL RETIREMENT BENEFIT — Means the benefit described in Section 288.14(b) and (c).

(21)

NORMAL RETIREMENT DATE — Means the date defined in Section 288.14(a).

(22)

PERMANENT AND TOTAL DISABILITY — Means a disability arising from bodily injury or disease which, on the basis of medical opinion and other evidence satisfactory to it, is determined by Council to be one which prevents the member from engaging in any occupation or employment in which the member is reasonably capable of earning in excess of 50% of his or her average monthly compensation and which, on the basis of medical opinion and other evidence satisfactory to it, is determined by Council to be such as will be permanent and continuous for the remainder of the member's life, provided that such disability was not contracted, suffered or incurred while the member was engaged in a felonious enterprise or addition to illegal use of narcotics or did not result from intentional, self-inflicted injury.

(23)

PLAN — Means the Township of Upper Providence Nonuniformed Employees' Pension Plan, a defined benefit plan, as described herein or as hereinafter amended.

(24)

PLAN ADMINISTRATOR — Means the person or entity appointed by Council to assist Council in the administration of the plan.

(25)

PLAN YEAR — Means the time period from January 1 through December 31.

(26)

REGULATIONS — Means the applicable regulations issued under the Act by the IRS, the United States Department of Labor or any other governmental authority and any temporary rules promulgated by such authorities pending the issuance of such regulation.

(27)

TOWNSHIP COUNCIL — Means the Township Council of Upper Providence Township.

(28)

TRUST — Means the trust established by the employer as a part of the plan.

(29)

TRUST AGREEMENT — Means the trust document establishing the trust.

(30)

TRUSTEE — Means the trustee or trustees of the trust consisting of the members of Township Council.

(31)

VESTED BENEFIT — Means the vested benefit determined as provided in Section 288.18.

(32)

YEAR OF CREDITED SERVICE — Is as defined in Article III.

(b)

Any masculine pronoun includes the feminine, and any singular reference means the plural, wherever appropriate.