[Ord. No. 287,
passed 8-10-1995]
(a) Effective January 2, 1972, the employer adopted the Township of Upper
Providence Municipal Employees' Pension Plan and executed a trust
agreement to provide retirement benefits for its employees. The Employee
Pension Plan was subsequently amended on several occasions, and effective
January 1, 1995, except as otherwise set forth herein, the employer
adopts the amended and restated plan, as set forth herein.
(b) The plan and trust are intended to meet the requirements of Sections
401(a) and 501(a) of the Code.
(c) The provisions of this plan shall apply only to an employee who terminates
employment on or after the effective date of the restated plan. The
rights and benefits, if any, of an employee which accrued before the
effective date of the restated plan shall be determined in accordance
with the prior provisions of the plan.
[Ord. No. 287,
passed 8-10-1995]
(a) The following terms have the meanings set forth below, unless a different
meaning is plainly required by the context:
(1)
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:
A.
Mortality: 1971 Group Annuity Mortality Table, set back three
years for the member and set back two years for the spouse.
B.
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.
[Ord. No. 287,
passed 8-10-1995]
(a) If it is found that the amount of monthly benefit provided under
the plan with respect to a member is incorrect because of a misstatement
as to his or her age, sex, length of service, earnings or any other
relevant fact, the amount of the monthly benefit shall be equitably
adjusted on the basis of the correct facts with respect to such member,
subject to the sufficiency of the trust fund of the plan, provided,
however, that if such correct facts are brought to the attention of
the plan administrator after discontinuance or termination of the
plan, the amount of the monthly benefit will be adjusted to the amount
which could have been provided on the basis of the correct facts by
the amount allocated from the trust fund of the plan to provide such
monthly benefits.
(b) If it is ascertained that an overpayment has been made, the amount of such overpayment will be charged against any further payments to the member. If it is ascertained that an underpayment has been made by the plan, the amount of such underpayment shall be paid by the plan to the member or person entitled thereto, subject to the sufficiency of the trust fund of the plan as provided in subsection
(a) hereof.
[Ord. No. 287,
passed 8-10-1995]
In connection with the administration of the plan, the practice
of the employer, the trustee and the plan administrator, whenever
there is a choice or decision to be made with respect to members of
the plan, shall be the uniform application of all such decisions to
all similar circumstances, with the result that there shall be no
discrimination in the operation of the plan.
[Ord. No. 287,
passed 8-10-1995]
The plan shall be construed, regulated and administered under
the laws of the Commonwealth of Pennsylvania.