[Adopted 12-2-1996 by Ord. No. 1457]
The following words and phrases as used in this plan shall have
the meanings set forth in this section, unless a different meaning
is otherwise clearly required by the context:
ACCRUED BENEFIT
As of any given date, the benefit determined under §
48-27, calculated on the basis of final monthly average salary as of the date of determination and multiplied by a fraction, the numerator of which shall be the participant's aggregate service determined as of such date, and the denominator of which shall be the projected aggregate service of the participant as if the participant continues in employment until attainment of normal retirement age. Notwithstanding anything contained herein to the contrary, in no event shall the fraction exceed one. In no event, however, shall the accrued benefit exceed the maximum limitation, determined as of the date of computation, provided under §
48-32. All accrued benefits are subject to all applicable limitations, reductions, offsets and actuarial adjustments provided pursuant to the terms of the plan prior to the actual payment thereof.
ACCUMULATED CONTRIBUTIONS
The total amount contributed by any participant to this plan or its predecessor by way of payroll deduction or otherwise, plus interest credited at 3% per annum for contributions made prior to January 1, 1971, and 5% per annum for contributions made on or after January 1, 1971. Interest shall be credited in the form of a compound interest rate from the midpoint of the plan year for which the contributions were made to the first day of the month preceding the date that a distribution of accumulated contributions under §§
48-42 and
48-45 shall be paid or payment of benefits shall commence.
ACT
The Municipal Pension Plan Funding Standard and Recovery
Act which was enacted as Act 205 of 1984, as amended, 53 P.S. § 895.101
et seq.
ACTUARIAL EQUIVALENT
Two forms of payment of equal actuarial present value on
a specified date. The actuarial present value shall be determined
by use of the 1983 Group Annuity Mortality Table, with male rates
set back six years for females and 7.5% interest unless otherwise
specifically provided herein. To the extent that optional forms of
payment are determined under the terms of a policy, the actuarial
equivalent shall be determined under such policy terms in lieu of
the factors prescribed herein.
ACTUARY
The person, partnership, association or corporation which
at any given time is serving as actuary, provided that such actuary
must be an approved actuary as defined in the Act.
AGGREGATE SERVICE
The total period or periods of the participant's employment
with the employer, whether or not interrupted. Notwithstanding the
preceding sentence, should any such participant receive a distribution
of accumulated contributions which are required to remain deposited
in the plan with respect to a period of employment, such period of
employment shall not be included in aggregate service thereafter unless,
at the commencement of the next period of employment, the participant
repays to the fund the amount of such distribution with interest.
For purposes of this definition, interest shall accrue as of the date
the employee receives a distribution of accumulated contributions
and shall be computed at the same rate and in the same manner as described
in the definition of "accumulated contributions."
ATTENDING COLLEGE
For an eligible child, shall mean the child is registered
at an accredited institution of higher learning and is carrying a
minimum course load of seven credit hours per semester.
[Added 9-6-2005 by Ord. No. 1535]
BENEFICIARY
The person or entity designated by the participant to receive
a distribution of the participant's accumulated contributions
should the participant die prior to becoming entitled to a retirement
benefit. In the event that a participant does not designate a beneficiary
or the beneficiary does not survive the participant, the beneficiary
shall be the surviving spouse or, if there is no surviving spouse,
the issue, per stirpes, or, if there is no surviving issue, the estate,
but if no personal representative has been appointed, to those persons
who would be entitled to the estate under the intestacy laws of the
Commonwealth of Pennsylvania if the participant had died intestate
and a resident of Pennsylvania.
CHIEF ADMINISTRATIVE OFFICER
The Borough Manager who has the primary responsibility for
the execution of the administrative affairs for the plan.
[Amended 5-6-2002 by Ord. No. 1512]
CODE
The Internal Revenue Code of 1986, as amended.
COMMITTEE
The Police Pension Committee, as determined pursuant to §
48-48.
COMPENSATION
The total remuneration of the employee, whether salary or
hourly wages, including overtime pay, holiday pay, longevity pay and
any other form of remuneration, excluding reimbursement for expenses,
paid by the employer for police services rendered. Compensation shall
be limited on an annual basis for purposes of the plan to the amount
specified for government plans pursuant to Code Section 401(a)(17),
as adjusted under Code Section 415(d).
COUNCIL
The Council of the Borough of Dormont.
DISABILITY DATE
The date when a participant is determined by the Plan Administrator
to be incapacitated due to total and permanent disability, or the
date when the participant's employment terminates due to such
total and permanent disability, if later.
EARLY RETIREMENT AGE
The date on which the participant has completed 20 years
of aggregate service with the employer.
[Added 10-1-2001 by Ord. No. 1502]
EARLY RETIREMENT DATE
The first day of the month coincident with or next following
the date on which a participant who has attained early retirement
age ceases employment and chooses to commence receipt of retirement
benefits prior to the normal retirement date.
[Added 10-1-2001 by Ord. No. 1502]
EMPLOYEE
Any individual employed by the employer on a regular, full-time
basis as a member of the employer's police force.
EMPLOYER
The Borough of Dormont, Allegheny County, Pennsylvania.
EMPLOYMENT
For the purpose of determining aggregate service:
A.
The period of time for which an employee is directly or indirectly
compensated or entitled to compensation by the employer for the performance
of duties as a police officer.
B.
Any period of time for which an employee is granted an authorized leave of absence, provided that the participant shall pay participant contributions to the plan pursuant to §
48-21 in an amount equal to the amount which would have been paid if the participant continued in active employment, unless Council shall waive the payment of such participant contributions. Such an authorized leave of absence may be granted for a period of time for which an employee is paid a fixed, periodic amount in the nature of salary continuation payments for reasons other than the performance of duties (such as vacation, holidays, sickness, entitlement to benefits under workers' compensation or similar laws), either directly by the employer or through a program to which the employer has made contributions on behalf of the employee, or a period during which an employee is entitled to disability benefits under this plan, provided that the employee returns to employment within three months of the date on which it is determined that the employee is no longer totally and permanently disabled, if such determination occurs prior to the date a participant attains normal retirement age, or for any other reason acceptable to the Council.
C.
Any period of voluntary or involuntary military service with
the Armed Forces of the United States of America, provided that the
participant has been employed as a regular, full-time member of the
employer's police force for a period of at least six months immediately
prior to the period of military service and the participant returns
to employment within six months following discharge from military
service or within such longer period during which employment rights
are guaranteed by applicable law or under the terms of a collective
bargaining agreement with the employer.
D.
Any period of qualified military service as determined under
the requirements of Chapter 43 of Title 38, United States Code, provided
that the participant returns to employment following such period of
qualified military service and the participant makes payment to the
plan in an amount equal to the participant contributions that would
otherwise have been paid to the plan during such period of qualified
military service. The amount of participant contributions shall be
based upon an estimate of the compensation that would have been paid
to the participant during such period of qualified military service
as determined by the average compensation paid to the participant
during the 12 months immediately preceding the period of qualified
military service. The amount of participant contributions so calculated
must be paid into the plan before the end of the period that begins
on the date of reemployment and ends on the earlier of the date that
ends the period that has a duration of three times the period of qualified
military service or the date that is five years after the date of
reemployment.
[Added 11-5-2001 by Ord. No. 1503]
FINAL MONTHLY AVERAGE SALARY
A.
The average monthly salary earned by the participant and paid
by the employer during the last 36 months of active employment immediately
prior to termination of employment. "Salary" shall include the employee's
compensation to which the employee is entitled for the rendering of
services in employment but shall exclude for this purpose any single
sum or extraordinary payments made which are not directly attributable
to active employment during the averaging period, including, but not
limited to, payment for accumulated sick leave, payment of a longevity
bonus or payment of a back pay damage award. To the extent that any
such single sum or extraordinary payments should be allocated to a
particular period of employment, they shall be so allocated on a proportionate
basis and may be included in the determination of compensation for
any given month in which they are so allocated.
B.
Final monthly average salary shall be calculated by taking into
account only those periods during which an employee receives salary,
as that term is defined in this definition. Therefore, for example,
the final monthly average salary for a participant who receives disability
benefits from the plan or who is voluntarily or involuntarily serving
in the United States Armed Forces during the final 36 months of aggregate
service shall be based on the period during which the employee last
received salary (as defined in the preceding subsection) from the
employer.
C.
Salary used to determine final monthly average salary shall
be limited on an annual basis for the purpose of the plan to the amount
specified for government plans in accordance with Code Section 401(a)(17),
as adjusted under Code Section 415(d).
NORMAL RETIREMENT AGE
The date on which the participant has completed 25 years
of aggregate service with the employer and has attained age 50.
NOTICE or ELECTION
A written document prepared in the form specified by the
Plan Administrator. If such notice or election is to be provided by
the employer or the Plan Administrator, it shall be mailed in a properly
addressed envelope, postage prepaid, to the last known address of
the person entitled thereto, on or before the last day of the specified
notice or election period. If such notice or election is to be provided
to the employer or the Plan Administrator, it must be received by
the recipient on or before the last day of the specified notice or
election period.
PARTICIPANT
An employee who has met the eligibility requirements to participate in the plan as provided in §
48-18 and who has not for any reason ceased to be a participant hereunder.
PARTICIPANTS SALARY AT THE TIME OF DEATH
The payment received for the month in which the death occurred
for the rendering of services in employment, but shall exclude for
this purpose any single sum or extraordinary payments which are not
directly attributable to active employment during the period, including,
but not limited to, payment for accumulated sick leave, payment of
longevity bonus or payment of a back pay damage award. To the extent
that any such single sum or extraordinary payments should be allocated
to a particular period of employment, they shall be so allocated on
a proportionate basis and may be included in the determination of
compensation for any given month in which they are so allocated.
[Added 9-6-2005 by Ord. No. 1535]
PARTICIPANTS SALARY AT THE TIME THE DISABILITY WAS INCURRED
The payment received for the month in which the disability
was incurred for the rendering of services of employment, but shall
exclude for this purpose any single sum or extraordinary payments
which are not directly attributable to active employment during the
period, including, but not limited to, payment for accumulated sick
leave, payment of a longevity bonus or payment of a back pay damage
award. To the extent that any such single sum or extraordinary payment
should be allocated to a particular period of employment, they shall
be so allocated on a proportionate basis and may be included in the
determination of compensation for any given month in which they are
so allocated.
[Added 9-6-2005 by Ord. No. 1535]
PENSION FUND or FUND
The Police Pension Fund administered under the terms of this
plan and which shall include all money, property, investments, policies
and contracts standing in the name of the plan.
PLAN
The plan set forth herein, as amended from time to time,
and designated as the Borough of Dormont Police Pension Plan.
PLAN ADMINISTRATOR
The committee appointed for the purpose of supervising and
administering the provisions of the plan. In the event that no such
appointment is made, the Plan Administrator shall be the Council.
[Amended 5-6-2002 by Ord. No. 1512]
PLAN YEAR
The twelve-month period beginning on January 1 and ending
on December 31 of each year.
POLICY or CONTRACT
A retirement annuity or retirement income endowment policy
(or a combination of both) or any other form of insurance contract
or policy which shall be deemed appropriate in accordance with the
provisions of applicable law.
RESTATEMENT DATE
January 1, 1996, the date upon which this amendment and restatement
of the plan becomes effective.
RETIREMENT DATE
The first day of the month coincident with or next following
the date on which the participant retires from employment or the first
day of any month thereafter on which the payment of retirement benefits
pursuant to this plan shall commence.
SERVICE INCREMENT
The amount calculated pursuant to §
48-29 on behalf of a participant for each completed year of aggregate service in excess of 25 years.
TOTAL AND PERMANENT DISABILITY
A condition of physical or mental impairment due to which a participant is unable to perform the usual and customary duties of employment, which condition continues for six months and which is reasonably expected to continue to be permanent for the remainder of the participant's lifetime. For purposes of this definition and §§
48-36 to
48-40, a condition shall not be treated as a total and permanent disability unless such condition is a direct result of and occurs in the line of duty of employment. Therefore, a participant whose physical or mental impairment does not occur in the line of duty or is willfully self-inflicted or is the result of criminal activity or substance abuse is not entitled to receive disability benefits under the plan.
Each employee who is employed as a regular, full-time permanent
member of the Police Department of the employer shall participate
herein as of the date on which such employee's employment first
commences or recommences, provided all prerequisites to participation
under this plan shall have been fulfilled, including but not limited
to completion of all forms required by the Plan Administrator.
The Council shall furnish the Plan Administrator with written
notification of the appointment of any new full-time permanent employee
who is eligible for participation hereunder.
Any new, full-time employee who becomes a participant hereunder
shall provide a written notice in the manner prescribed by the Plan
Administrator which designates a beneficiary at the time participation
commences. The participant's election of any such beneficiary
may be rescinded or changed, without the consent of the beneficiary,
at any time, provided that the participant provides the written notice
of the changed designation to the Plan Administrator in the manner
prescribed by the Plan Administrator. Any designation of a beneficiary
made in any manner other than one acceptable to the Plan Administrator
shall be null and void and have no effect under the terms of this
plan.
Each participant shall as a requirement of participation pay
regular contributions to the pension fund in an amount equal to from
5% to 8% of the participant's annual compensation. Each participant
shall complete the necessary forms to authorize the payment of participant
contributions by way of payroll deduction.
If an actuarial study performed by the actuary shows that the condition of the pension fund is such that payments into the pension fund by participants may be reduced below the minimum percentages prescribed in §
48-21, or may be eliminated, and that if such payments are reduced or eliminated, contributions by the employer will not be required to keep the pension fund actuarially sound, the employer may, by ordinance or resolution, reduce or eliminate payments into the pension fund by participants. Participant contributions have been eliminated as of January 1, 1993, and shall not be resumed until and unless the employer shall, by ordinance or resolution, require that participants again pay contributions to the plan.
The actuary, in accordance with the Act, shall determine the
minimum municipal obligation of the employer. The employer shall pay
into the pension fund, by annual appropriations or otherwise, the
contributions necessary to satisfy the minimum municipal obligation.
General municipal pension system state aid or any other amount
of state aid received by the employer from the commonwealth in accordance
with the Act may be deposited into the pension fund governed by this
plan and shall be used to reduce the amount of the minimum municipal
obligation of the employer.
The Council is authorized to take by gift, grant, devise or
otherwise any money or property, real or personal, for the benefit
of the plan and cause the same to be held as a part of the pension
fund. The care, management, investment and disposal of such amounts
shall be vested in the Council or its delegate, the Plan Administrator,
subject to the direction of the donor and not inconsistent with applicable
laws and the terms of the plan.
Each participant shall be entitled to normal retirement benefits
after retirement on or after the participant has attained normal retirement
age.
Each participant who shall become entitled to a benefit pursuant to §
48-26 shall receive a benefit paid monthly in an amount equal to 50% of the participant's final monthly average salary as determined herein.
A participant may continue to work beyond the attainment of normal retirement age, subject to the employer's rules and regulations regarding retirement age. If a participant who has met the requirements of §
48-26 continues to work beyond normal retirement age, there shall be no retirement benefits paid until employment ceases and retirement begins. The retirement benefit of a participant who retires after attainment of normal retirement age shall be calculated in accordance with §
48-27 on the basis of the final monthly average salary as of such participant's actual retirement date.
A participant who shall retire after completion of at least 26 years of aggregate service may be entitled to receive a monthly service increment benefit, provided that the participant shall have accrued sufficient service credit pursuant to this section. Such service increment shall only be available to a participant who shall retire on a retirement date after attainment of normal retirement age and whose years of aggregate service for purposes of this section shall only include periods of time when the participant actively renders service in employment and shall not include any period of time during which the participant received a disability benefit under the terms of this plan or was not otherwise in active employment. Such service increment shall be an amount equal to $20 for each completed year of aggregate service in excess of 25 years but shall not exceed $100. The service increment shall be paid monthly in addition to the amount of normal retirement benefit calculated pursuant to §
48-27 hereof.
[Amended 10-1-2001 by Ord. No. 1502]
A. Each participant who shall retire and receive a retirement benefit under §
48-26,
48-28 or
48-36 hereunder shall be entitled to receive a cost-of-living adjustment to the amount of benefit payable to the participant exclusive of any service increment. Such cost-of-living adjustment shall be determined on an annual basis by applying a multiplier which is the version of the national CPI-U generally held to most accurately measure the market basket of goods and services bought and sold and shall not exceed any of the following limits:
(1) The percentage increase in the consumer price index for urban wage
earners and clerical workers (CPI-W) for the year in which the participant
was last employed as an employee of the employer;
(2) The total retirement benefits payable under this plan shall not exceed
75% of the participant's final monthly average salary used to
compute the retirement benefit;
(3) The total cost-of-living increase shall not exceed 30% of the participant's
original retirement benefit under this plan; and
(4) The cost-of-living increases shall not impair the actuarial soundness
of the pension fund.
B. The cost-of-living adjustment shall be applied on an annual basis
as of each January 1. The initial increase for a participant who retires
and commences payment of benefits between January 1 and June 30 shall
be applied on the immediately following January 1 and each January
1 thereafter. The initial increase for a participant who retires and
commences payment of benefits between July 1 and December 31 shall
be applied on the January 1 following the receipt of at least 12 monthly
benefit payments and each January 1 thereafter.
Retirement benefit payments shall be payable as of the first
day of the month coincident with or next following the participant's
retirement date and the first day of each month thereafter during
the participant's lifetime. A participant must complete an application
for benefits in the manner prescribed by the Plan Administrator and
deliver such application to the Plan Administrator at least 30 days
prior to the date on which benefit payments shall commence. Notwithstanding
anything contained herein to the contrary, no retirement benefit payments
nor any other payments shall be due or payable on or before the first
day of the month coincident with or next following the date that is
30 days after the date the Plan Administrator receives the application
for benefits. Payment of benefits hereunder shall cease as of the
date of death of the participant.
[Amended 11-5-2001 by Ord. No. 1503]
Notwithstanding any provision of this plan to the contrary,
no benefit provided under this plan attributable to contributions
of the employer shall exceed, as an annual amount, the amount specified
in Code Section 415(b)(1)(A), as adjusted pursuant to Code Section
415(d), assuming the form of benefit shall be a straight life annuity
(with no ancillary benefits). The limitations described in this section
shall be governed by the following conditions and definitions:
A. Benefits paid or payable in a form other than a straight life annuity
(with no ancillary benefits) or where the employee contributes to
the plan or makes rollover contributions shall be adjusted on an actuarially
equivalent basis to determine the limitation contained herein;
B. In the case of a benefit which commences prior to the attainment
of age 62 by the participant, the limitation herein shall be adjusted
on an actuarially equivalent basis to the amount determined pursuant
to this section commencing at age 62; however, the reduction shall
not reduce the limitation below $75,000 for a benefit commencing at
or after age 55 or, if the benefit commences prior to attainment of
age 55, the amount which is actuarially equivalent to a benefit of
$75,000 commencing at age 55; however, in the case of a qualified
participant (a participant with respect to whom a period of at least
15 years of service, including applicable military service, as a full-time
employee of a Police or Fire Department is taken into account in determining
the amount of benefit), the limitation contained herein shall not
reduce the limitation to an amount less than the amount specified
pursuant to Code Section 415(b)(2)(G), and such amount shall be adjusted
pursuant to Code Section 415(d);
C. In the case of a benefit which commences after attainment of age
65 by the participant, the limitation herein shall be adjusted on
an actuarially equivalent basis to the amount determined commencing
at age 65;
D. Benefits paid to a participant which total less than $10,000 from all defined benefit plans maintained by the employer expressed as an annual benefit shall be deemed not to exceed the limitation of this section, provided that the employer has not at any time maintained a defined contribution plan in which the participant has participated; however, in the case of a participant who is not receiving a disability retirement benefit pursuant to §
48-37, with fewer than 10 years of participation, the limitation expressed in this Subsection
D shall be reduced by 1/10 for each year of participation less than 10, but in no event shall this limitation be less than $1,000;
E. The limitations expressed herein shall be based upon plan years for
calculation purposes, shall be applied to all defined benefit plans
maintained by the employer as one defined benefit plan and to all
defined contribution plans maintained by the employer as one defined
contribution plan, and shall be applied and interpreted consistent
with Code Section 415 and regulations thereunder as applicable to
government plans in general and this plan in particular; and
F. In the case of a disability retirement benefit under §
48-37 or a survivor benefit under §
48-42, the adjustment under Subsection
B hereof shall not apply, and the applicable limitation shall be the limitation contained herein without regard to the age of the benefit recipient.
A. Entitlement prior to death.
(1) Notwithstanding any other provision of this plan, the entire benefit
of any participant who becomes entitled to benefits prior to death
shall be distributed either:
(a)
Not later than the required beginning date; or
(b)
Over a period beginning not later than the required beginning
date and extending over the life of such participant or over the lives
of such participant and a designated beneficiary (or over a period
not extending beyond the life expectancy of such participant, or the
joint life expectancies of such participant and a designated beneficiary).
(2) If a participant who is entitled to benefits under this plan dies prior to the date when the entire interest has been distributed after distribution of benefits has begun in accordance with Subsection
A(1)(b) above, the remaining portion of such benefit shall be distributed at least as rapidly as under the method of distribution being used under Subsection
A(1)(b) as of the date of death of the participant.
B. If a participant who is entitled to benefits under this plan dies
before distribution of a benefit has begun, the entire interest of
such employee shall be distributed within five years of the death
of such employee, unless the following sentence is applicable. If
any portion of the employee's interest is payable to (or for
the benefit of) a designated beneficiary, such portion shall be distributed
over the life of such designated beneficiary (or over a period not
extending beyond the life expectancy of such beneficiary), and such
distributions begin not later than one year after the date of the
employee's death or such later date as provided by regulations
issued by the Secretary of the Treasury, then for purposes of the
five-year rule set forth in the preceding sentence, the benefit payable
to the beneficiary shall be treated as distributed on the date on
which such distributions begin; provided, however, that notwithstanding
the preceding sentence, if the designated beneficiary is the surviving
spouse of the participant, then the date on which distributions are
required to begin shall not be earlier than the date upon which the
employee would have attained age 70 1/2, and further provided
that, if the surviving spouse dies before the distributions to such
spouse begin, this subsection shall be applied as if the surviving
spouse were the employee.
C. For purposes of this section, the following definitions and procedures
shall apply:
(1) "Required beginning date" shall mean April 1 of the calendar year
following the later of the calendar year in which the employee attains
age 70 1/2 or the calendar year in which the employee retires.
(2) The phrase "designated beneficiary" shall mean any individual designated
by the employee under this plan according to its rules.
(3) Any amount paid to a child shall be treated as if it had been paid
to the surviving spouse if such amount will become payable to the
surviving spouse upon such child's reaching majority (or other
designated event permitted under regulations issued by the Secretary
of the Treasury).
(4) For purposes of this section, the life expectancy of an employee
and/or the employee's spouse (other than in the case of a life
annuity) may be redetermined, but not more frequently than annually.
The pension benefit payments prescribed herein shall not be
subject to attachment, execution, levy, garnishment or other legal
process and shall be payable only to the participant or designated
beneficiary and shall not be subject to assignment or transfer.
Any participant who shall have retired prior to the restatement
date shall not have the benefit altered in any way by the provisions
of this amended and restated plan, except where otherwise expressly
provided herein. Such retired participants shall continue to have
their benefits governed by the terms of the plan in effect on the
day preceding the restatement date.
[Added 10-1-2001 by Ord. No. 1502]
A participant shall be entitled to an early retirement benefit
after retirement on or after attainment of early retirement age.
[Added 10-1-2001 by Ord. No. 1502]
A. Each participant who shall become entitled to a benefit pursuant to §
48-35.1 must make application in writing to the Borough Council to receive such a benefit.
B. The early retirement benefit shall become effective as of the date
the application is filed with the Borough Council or the date designated
on the application, whichever is later. The benefit shall be in an
amount equal to the actuarial equivalent of the participant's
accrued benefit. The actuarial equivalent of the participant's
accrued benefit shall be determined by actuarially reducing the accrued
benefit to reflect that it will commence on the effective date of
the participant's early retirement rather than on the date which
would have been the date on which the participant would attain normal
retirement date if the participant continued in employment to such
date. The actuarial assumptions reported in the last actuarial valuation
report filed with the Public Employee Retirement Commission under
the Act shall be the actuarial assumptions used to calculate the actuarial
equivalent of the participant's normal retirement benefit multiplied
by a fraction, the numerator of which shall be the years of aggregate
service completed by the participant and the denominator of which
shall be the years of aggregate service the participant would complete
if the participant remained in employment until the date on which
the participant would attain normal retirement date.
A participant who shall incur a total and permanent disability
shall be entitled to a disability retirement benefit as of the disability
date.
[Amended 9-6-2005 by Ord. No. 1535]
A participant who shall be entitled to a disability retirement benefit under §
48-36 shall receive a monthly disability retirement benefit equal to 50% of the participant's salary at the time the disability was incurred, provided that any participant who receives a disability retirement benefit shall have his disability benefits offset or reduced by the amount of any benefits received for the same injuries under the Social Security Act (49 Stat. 620, 42 U.S.C. § 301 et seq.).
[Amended 9-6-2005 by Ord. No. 1535]
A. Disability payments shall be made monthly as of the first day of
each month, commencing as of the first day of the month coincident
with or immediately following the participant's disability date
and continuing until the earliest of the death of the participant
or the cessation of total and permanent disability.
B. A participant who shall fail to return within three months to employment as an employee of the employer upon cessation of total and permanent disability prior to attainment of normal retirement age shall be deemed to have terminated employment as of the disability date and shall not be entitled to any distribution of accumulated contributions pursuant to §
48-45 to the extent that the total amount of disability payments exceeds the value of the participant's accumulated contributions as of the disability date and shall not be entitled to any other benefits under the plan on account of any aggregate service as of the disability date.
The Plan Administrator shall in its sole discretion determine
whether a participant shall have incurred a total and permanent disability.
The Plan Administrator shall rely on the report of a physician acceptable
to the Plan Administrator. If the Plan Administrator shall determine
that a participant who is totally and permanently disabled has recovered
sufficiently to resume active employment as a police officer or if
a participant refuses to undergo a medical examination as directed
by the Plan Administrator (such a medical examination may not be required
more frequently than once in any given twelve-month period), the payment
of disability retirement benefits shall cease.
A participant who is receiving payment of disability retirement
benefits under this plan must notify the Plan Administrator of any
change which may cause a cessation of entitlement to receipt of such
benefits hereunder. If a participant fails to provide immediate notice
to the Plan Administrator of any such change in status and continues
to receive payment of benefits hereunder to which the participant
is not entitled, then the plan may take whatever action is necessary
to recover any amount of improperly paid amounts, including legal
action or offsetting such amounts against any future payments of retirement
or other benefits under the plan, including the costs of such actions.
Except as hereinafter set forth, no benefit shall be payable
hereunder upon or by reason of the death of any participant.
[Amended 9-6-2005 by Ord. No. 1535]
If a participant dies after beginning to receive normal retirement benefits or if a participant is eligible to retire and dies before normal retirement benefits commence, a survivor benefit shall be paid in an amount equal to 50% of the participant's normal retirement benefit, as set forth in §
48-27, as of the date of death. If a participant dies after beginning to receive disability retirement benefits, a survivor benefit shall be paid in an amount equal to 50% of the disability retirement benefits, as set forth in §
48-37, as of the date of death. The survivor benefit shall be paid monthly to the surviving spouse of the participant, if any, until the date of death of the surviving spouse. Upon the death of the surviving spouse, or if there is no surviving spouse, the survivor benefit shall be paid monthly in equal shares to the surviving dependent children of the deceased participant until attainment of age 18, or, if any dependent child is attending college, for that child until he or she attains the age of 23. The shares payable to the surviving dependent children shall be adjusted as each child ceases to be eligible to receive a share of the benefit hereunder.
[Amended 9-6-2005 by Ord. No. 1535]
A participant whose employment with the employer shall terminate
for any reason other than death or total and permanent disability
prior to attainment of normal retirement age shall be entitled to
receive a distribution of accumulated contributions. Upon receipt
of such accumulated contributions, said participant shall not be entitled
to any further payments from the plan.
A participant who shall cease to be an employee, except as otherwise hereinbefore provided, shall have all interests and rights under this plan limited to those contained in §§
48-45 and
48-46 of this article.
[Amended 9-6-2005 by Ord. No. 1535]
The surviving spouse of a participant who dies before his pension
has vested or, if no spouse survives or if the spouse survives and
subsequently dies, the child or children of the participant under
the age of 18 years, or, if attending college, under or attaining
the age of 23 years, shall be entitled to receive repayment of all
money which the participant invested in the fund, plus interest or
other increases in value of the participant's investment in the
fund, unless the participant has designated another beneficiary for
this purpose.
A participant who has completed at least 12 years of aggregate service and whose employment with the employer shall terminate for any reason other than death or total and permanent disability prior to attainment of normal retirement age shall be entitled to elect to receive a deferred vested benefit in lieu of a distribution of accumulated contributions under §
48-45. The election hereunder shall be made within 90 days of the date on which the participant's employment shall cease or shall be forever waived and a distribution pursuant to §
48-45 shall occur. Such a deferred vested benefit shall be in an amount equal to the participant's accrued benefit as of the date employment terminates and shall commence after application pursuant to §
48-31 as of the first day of the month coincident with or next following the date on which the participant's normal retirement age would be attained if the participant continued in employment until such date.
[Amended 5-6-2002 by Ord. No. 1512]
The Plan Administrator shall be the Police Pension Committee
appointed by the Council who shall have the power and authority to
do all acts and to execute, acknowledge and deliver all instruments
necessary to implement and effectuate the purpose of this plan. The
Plan Administrator may delegate authority to act on its behalf to
any persons it deems appropriate. If the Police Pension Committee
is not appointed, the Council shall be the Plan Administrator.
[Amended 5-6-2002 by Ord. No. 1512]
The Police Pension Committee shall be the Plan Administrator,
and the Council shall delegate such authority as it shall deem appropriate
to the Committee to permit the Committee to act as the Plan Administrator.
The Committee shall consist of five members, who shall be the Borough
Manager, two members of the Borough Council, the Chief of Police,
and one representative from the Dormont Police Association. Each member
of the Committee shall serve in that capacity until the earliest of
resignation, death, removal or otherwise.
A. The Plan Administrator shall have full power and authority to do
whatever shall, in its judgment, be reasonably necessary for the proper
administration and operation of the plan. The interpretation or construction
placed upon any term or provision of the plan by the Plan Administrator
or any action of the Plan Administrator taken in good faith shall,
upon the Council's review and approval thereof, be final and
conclusive upon all parties hereto, whether employees, participants
or other persons concerned. By way of specification and not limitation
and except as specifically limited hereafter, the Plan Administrator
is authorized to:
[Amended 5-6-2002 by Ord. No. 1512]
(2) Determine all questions affecting the eligibility of any employee
to participate herein.
(3) Compute the amount and source of any benefit payable hereunder to
any participant or beneficiary.
(4) Authorize any and all disbursements.
(5) Prescribe any procedure to be followed by any participant and/or
other person in filing any application or election.
(6) Prepare and distribute, in such manner as may be required by law
or as the Plan Administrator deems appropriate, information explaining
the plan.
(7) Require from the employer or any participant such information as
shall be necessary for the proper administration of the plan.
(8) Appoint and retain any individual to assist in the administration
of the plan, including such legal, clerical, accounting and actuarial
services as may be required by any applicable law or laws.
B. The Plan Administrator shall have no power to add to, subtract from
or modify the terms of the plan or change or add to any benefits provided
by the plan, or to waive or fail to apply any requirements of eligibility
for benefits under the plan. Further, the Plan Administrator shall
have no power to adopt, amend or terminate the plan, to select or
appoint any trustee or to determine or require any contributions to
the plan, said powers being exclusively reserved to the Council.
The Committee may organize itself in any manner deemed appropriate
to effectuate its purposes hereunder, subject to the following:
A. The Committee shall act by a majority of its members at the time
in office, and such action may be taken either by vote at a meeting
or in writing without a meeting.
B. The Committee shall, from time to time, appoint such agents as it
may deem advisable.
C. The Committee may, from time to time, authorize any one or more of
its members to execute any document or documents, including any application,
request, certificate, notice, consent, waiver or direction, and shall
notify the Council, in writing, of the name or names of the member
or members so authorized. Any trustee or other fiduciary appointed
hereunder shall accept and be fully protected in relying upon any
document executed by the designated member or members as representing
a valid action by the Committee until the Committee shall file with
such fiduciary a written revocation of such designation.
[Amended 5-6-2002 by Ord. No. 1512]
D. The Committee or its delegate shall maintain and keep such records
as are necessary for the efficient operation of the plan or as may
be required by any applicable law, regulation or ruling and shall
provide for the preparation and filing of such forms or reports as
may be required to be filed with any governmental agency or department
and with the participants and/or other persons entitled to benefits
under the plan, but only to the extent that the Council shall delegate
such duties and responsibilities to the Committee.
The Plan Administrator shall serve without compensation for
services unless otherwise agreed by the Council in writing. All reasonable
expenses incident to the functioning of the Plan Administrator, including
but not limited to fees of accountants, counsel, actuaries and other
specialists and other costs of administering the plan, may be paid
from the pension fund upon approval by the Council to the extent permitted
under applicable law and not otherwise paid by the employer.
No member of the Council, the Plan Administrator, the enrolled
actuary nor any other person involved in the administration of the
plan shall be liable to any person on account of any act or failure
to act which is taken or omitted to be taken in good faith in performing
their respective duties under the terms of this plan. To the extent
permitted by law, the employer shall, and hereby does agree to, indemnify
and hold harmless the Plan Administrator and each successor and each
of any such individual's heirs, executors and administrators,
and the delegates and appointees (other than any person, bank, firm
or corporation which is independent of the employer and which renders
services to the plan for a fee) from any and all liability and expenses,
including counsel fees, reasonably incurred in any action, suit or
proceeding to which he is or may be made a party by reason of being
or having been a member, delegate or appointee of the Plan Administrator,
except in matters involving criminal liability, intentional or willful
misconduct. If the employer purchases insurance to cover claims of
a nature described above, then there shall be no right of indemnification
except to the extent of any deductible amount under the insurance
coverage or to the extent of the amount the claims exceed the insured
amount.
The Plan Administrator shall review and approve or deny any
application for retirement benefits within 30 days following receipt
thereof or within such longer time as may be necessary under the circumstances.
Any denial of an application for retirement benefits shall be in writing
and shall specify the reason for such denial.
[Amended 5-6-2002 by Ord. No. 1512]
Any member of Council or any person whose application for retirement
benefits is denied, who questions the amount of benefits paid, who
believes a benefit should have commenced which did not so commence,
who believes a benefit should not have commenced when it did commence,
or who has some other claim arising under the plan (claimant) shall
first seek a resolution of such claim under the procedure hereinafter
set forth.
A. Any claimant shall file a notice of the claim with the Plan Administrator
which shall fully describe the nature of the claim. The Plan Administrator
shall review the claim and make an initial determination approving
or denying the claim.
B. If the claim is denied in whole or in part, the Plan Administrator
shall, within 90 days (or such other period as may be established
by applicable law) from the time the application is received, mail
notice of such denial to the claimant. Such ninety-day period may
be extended by the Plan Administrator if special circumstances so
require for up to 90 additional days by the Plan Administrator's
delivering notice of such extension to the claimant within the first
ninety-day period. Any notice hereunder shall be written in a manner
calculated to be understood by the claimant and, if a notice of denial,
shall set forth the specific plan provisions on which the denial is
based, an explanation of additional material or information if any
is necessary to perfect such claim and a statement of why such material
or information is necessary and an explanation of the review procedure.
C. Upon receipt of notice denying the claim, the claimant shall have
the right to request a full and fair review by the Council of the
initial determination. Such request for review must be made by notice
to the Board within 60 days of receipt of such notice of denial. During
such review, the claimant or a duly authorized representative shall
have the right to review any pertinent documents and to submit any
issues or comments in writing. The Council shall, within 60 days after
receipt of the notice requesting such review (or in special circumstances,
such as where the Council in its sole discretion holds a hearing,
within 120 days of receipt of such notice), submit its decision, in
writing, to the person or persons whose claim has been denied. The
decision shall be final, conclusive and binding on all parties, shall
be written in a manner calculated to be understood by the claimant
and shall contain specific references to the pertinent plan provisions
on which the decision is based.
D. Any notice of a claim questioning the amount of a benefit in pay
status shall be filed within 90 days following the date of the first
payment which would be adjusted if the claim is granted unless the
Plan Administrator allows a later filing for good cause shown.
E. A claimant who does not submit a notice of a claim or a notice requesting
a review of a denial of a claim within the time limitations specified
above shall be deemed to have waived such claim or right to review.
F. Nothing contained herein is intended to abridge any right of a claimant
to appeal any final decision hereunder to a court of competent jurisdiction
under 2 Pa.C.S.A. § 752. No decision hereunder is a final
decision from which such an appeal may be taken until the entire appeal
procedure of this section of the plan has been exhausted.
A. The Council is hereby authorized to hold and supervise the investment
of the assets of the pension fund, subject to the provisions of the
laws of the commonwealth and of this plan and any amendment thereto.
B. The pension fund shall be used to pay benefits as provided in the
plan and, to the extent not paid directly by the employer, to pay
the expenses of administering the plan pursuant to authorization by
the employer.
C. The employer intends the plan to be permanent and for the exclusive
benefit of its employees. It expects to make the contributions to
the pension fund required under the plan. The employer shall not be
liable in any manner for any insufficiency in the pension fund; benefits
are payable only from the pension fund and only to the extent that
there are moneys available therein.
D. The pension fund will consist of all funds held by the employer under
the plan, including contributions made pursuant to the provisions
hereof and the investments, reinvestments and proceeds thereof. The
pension fund shall be held, managed and administered pursuant to the
terms of the plan. Except as otherwise expressly provided in the plan,
the employer has exclusive authority and discretion to manage and
control the pension fund assets. The employer may, however, appoint
a trustee, custodian and/or investment manager, at its sole discretion.
With respect to the pension fund, the employer shall have the
following powers, rights and duties, in addition to those vested in
it elsewhere in the plan or by law, unless such duties are delegated:
A. To retain in cash so much of the pension fund as it deems advisable
and to deposit any cash so retained in any bank or similar financial
institution (including any such institution which may be appointed
to serve as trustee hereunder) without liability for interest thereon.
B. To invest and reinvest the principal and income of the fund and keep
said fund invested, without distinction between principal and income,
in securities which are at the time legal investments for fiduciaries
under the Pennsylvania Fiduciaries Investment Act, or as the same
may be subsequently modified or amended.
C. To sell property held in the fund at either public or private sale
for cash or on credit at such times as it may deem appropriate, to
exchange such property and to grant options for the purchase or exchange
thereof.
D. To consent to and participate in any plan of reorganization, consolidation,
merger, extension or other similar plan affecting property held in
the fund and to consent to any contract, lease, mortgage, purchase,
sale or other action by any corporation pursuant to any such plan.
E. To exercise all conversion and subscription rights pertaining to
property held in the fund.
F. To exercise all voting rights with respect to property held in the
fund and in connection therewith to grant proxies, discretionary or
otherwise.
G. To place money at any time in a deposit bank deemed to be appropriate
for the purposes of this plan no matter where situated, including,
in those cases where a bank has been appointed to serve as trustee
hereunder, the savings department of its own commercial bank.
H. In addition to the foregoing powers, the employer shall also have
all of the powers, rights and privileges conferred upon trustees by
the Pennsylvania Fiduciaries Investment Act, or as the same may be
subsequently modified or amended, and the power to do all acts, take
all proceedings and execute all rights and privileges, although not
specifically mentioned herein, as the employer may deem necessary
to administer the pension fund.
I. To maintain and invest the assets of this plan on a collective and
commingled basis with the assets of other pension plans maintained
by the employer, provided that the assets of each respective plan
shall be accounted for and administered separately.
J. To invest the assets of the pension fund in any collective commingled
trust fund maintained by a bank or trust company, including any bank
or trust company which may act as a trustee hereunder. In this connection,
the commingling of the assets of this plan with assets of other eligible,
participating plans through such a medium is hereby specifically authorized.
Any assets of the plan which may be so added to such collective trusts
shall be subject to all of the provisions of the applicable declaration
of trust, as amended from time to time, which declaration, if required
by its terms or by applicable law, is hereby adopted as part of the
plan, to the extent of the participation in such collective or commingled
trust fund by the plan.
K. To make any payment or distribution required or advisable to carry
out the provisions of the plan, provided that if a trustee is appointed
by the employer, such trustee shall make such distribution only at
the direction of the employer.
L. To compromise, contest, arbitrate, enforce or abandon claims and
demands with respect to the plan.
M. To retain any funds or property subject to any dispute without liability
for the payment of interest thereon and to decline to make payment
or delivery thereof until final adjudication is made by a court of
competent jurisdiction.
N. To pay, and to deduct from and charge against the pension fund, any
taxes which may be imposed thereon, whether with respect to the income,
property or transfer thereof, or upon or with respect to the interest
of any person therein, which the fund is required to pay and to contest,
in its discretion, the validity or amount of any tax, assessment,
claim or demand which may be levied or made against or in respect
of the pension fund, the income, property or transfer thereof or in
any matter or thing connected therewith.
O. To appoint any persons or firms (including but not limited to accountants,
investment advisors, counsel, actuaries, physicians, appraisers, consultants,
professional plan administrators and other specialists) or otherwise
act to secure specialized advice or assistance as it deems necessary
or desirable in connection with the management of the fund; to the
extent not prohibited by applicable law, the employer shall be entitled
to rely conclusively upon and shall be fully protected in any action
or omission taken by it in good faith reliance upon the advice or
opinion of such persons or firms, provided that such persons or firms
were prudently chosen by the employer, taking into account the interests
of the participants and beneficiaries and with due regard to the ability
of the persons or firms to perform their assigned functions.
P. To retain the services of one or more persons or firms for the management
of (including the power to acquire and dispose of) all or any part
of the fund assets, provided that each of such persons or firms is
registered as an investment advisor under the Investment Advisors
Act of 1940, is a bank (as defined in that act) or is an insurance
company qualified to manage, acquire or dispose of pension trust assets
under the laws of more than one state; in such event, the employer
shall follow the directions of such investment manager or managers
with respect to the acquisition and disposition of fund assets but
shall not be liable for the acts or omissions of such investment manager
or managers, nor shall it be under any obligation to review or otherwise
manage any fund assets which are subject to the management of such
investment manager or managers. If the employer appoints a trustee,
the trustee shall not be permitted to retain such an investment manager
except with the express written consent of the employer.
The employer shall not be required to make separate investments
for individual participants or to maintain separate investments for
each participant's account but may invest contributions and any
profits or gains therefrom in common investments.
If a trustee is appointed, the trustee shall be entitled to
such reasonable compensation as shall from time to time be agreed
upon by the employer and the trustee, unless such compensation is
prohibited by law. Such compensation, and all expenses reasonably
incurred by the trustee in carrying out its functions, shall constitute
a charge upon the employer or the pension fund, which may be executed
at any time after 30 days' written notice to the employer. The
employer shall be under no obligation to pay such costs and expenses,
and, in the event of its failure to do so, the trustee shall be entitled
to pay the same, or to be reimbursed for the payment thereof, from
the pension fund.
If a trustee is appointed, the pension fund shall be evaluated
annually, or at more frequent intervals, by the trustee and a written
accounting rendered as of each fiscal year end of the fund and as
of the effective date of any removal or resignation of the trustee
and such additional dates as requested by the employer showing the
condition of the fund and all receipts, disbursements and other transactions
effected by the trustee during the period covered by the accounting,
based on fair market values prevailing as of such date.
All determinations as to the value of the assets of the pension
fund, and as to the amount of the liabilities thereof, shall be made
by the employer or its appointed trustee, whose decisions shall be
final and conclusive and binding on all parties hereto, the participants
and beneficiaries and their estates. In making any such determination,
the employer or trustee shall be entitled to seek and rely upon the
opinion of or any information furnished by brokers, appraisers and
other experts and shall also be entitled to rely upon reports as to
sales and quotations, both on security exchanges and otherwise as
contained in newspapers and in financial publications.
The employer may amend this plan at any time or from time to
time by an instrument in writing executed in the name of the employer
under its municipal seal by officers duly authorized to execute such
instrument and delivered to the Council; provided, however, that:
A. No amendment shall deprive any participant or any beneficiary of
a deceased participant of any of the benefits to which he is entitled
under this plan with respect to contributions previously made.
B. No amendment shall provide for the use of funds or assets held under this plan other than for the benefit of employees, and no funds contributed to this plan or assets of this plan shall, except as provided in §
48-65, ever revert to or be used or enjoyed by the employer.
C. No amendment to the plan which provides for a benefit modification shall be made unless the cost estimate described in §
48-69 has been prepared and presented to the Council in accordance with the Act.
The employer shall have the power to terminate this plan in
its entirety at any time by an instrument in writing executed in the
name of the employer.
Subject to the provisions of the Act governing financially distressed
municipalities, the liability of the employer to make contributions
to the pension fund shall automatically terminate upon liquidation
or dissolution of the employer, upon its adjudication as a bankrupt
or upon the making of a general assignment for the benefit of its
creditors.
A. In the event of the termination of the plan, all amounts of vested
benefits accrued by the affected participants as of the date of such
termination, to the extent funded on such date, shall be nonforfeitable
hereunder. In the event of termination of the plan, the employer shall
direct either that the Plan Administrator continue to hold the vested
accrued benefits of participants in the pension fund in accordance
with the provisions of the plan (other than those provisions related
to forfeitures) without regard to such termination until all funds
have been distributed in accordance with the provisions or that the
Plan Administrator immediately distribute to each participant an amount
equal to the vested accrued benefit to the date.
B. If there are insufficient assets in the pension fund to provide for
all vested accrued benefits as of the date of plan termination, priority
shall first be given to the distribution of any amounts attributable
to mandatory or voluntary employee contributions before assets are
applied to the distribution of any vested benefits attributable to
other sources hereunder.
C. All other assets attributable to the terminated plan shall be distributed
and disposed of in accordance with the provisions of applicable law
and the terms of any instrument adopted by the employer which effects
such termination.
If all liabilities to vested participants and any others entitled
to receive a benefit under the terms of the plan have been satisfied
and there remain any residual assets in the pension fund, such residual
assets remaining shall be returned to the employer insofar as such
return does not contravene any provision of law, and any remaining
balance, in excess of employer contributions, shall be returned to
the commonwealth.
In the event of the discontinuance and termination of the plan
as provided herein, the employer shall dispose of the pension fund
in accordance with the terms of the plan and applicable law; at no
time prior to the satisfaction of all liabilities under the plan shall
any part of the corpus or income of the pension fund, after deducting
any administrative or other expenses properly chargeable to the pension
fund, be used for or diverted to purposes other than for the exclusive
benefit of the participants in the plan, their beneficiaries or their
estates.
A. The plan's actuary shall perform an actuarial valuation at least
biennially unless the employer is applying or has applied for supplemental
state assistance pursuant to Section 603 of the Act, whereupon actuarial valuation reports shall be made annually.
B. Such biennial actuarial valuation report shall be made as of the
beginning of each plan year occurring in an odd-numbered calendar
year, beginning with the year 1985.
C. Such actuarial valuation shall be prepared and certified by an approved
actuary, as such term is defined in the Act.
D. The expenses attributable to the preparation of any actuarial valuation
report or investigation required by the Act or any other expense which
is permissible under the terms of the Act and which are directly associated
with administering the plan shall be an allowable administrative expense
payable from the assets of the pension fund. Such allowable expenses
shall include but not be limited to the following:
(1) Investment costs associated with obtaining authorized investments
and investment management fees.
(3) Premiums for insurance coverage on fund assets.
(4) Reasonable and necessary counsel fees incurred for advice or to defend
the fund.
(5) Legitimate travel and education expenses for plan officials; provided,
however, that the municipal officials of the employer, in their fiduciary
role, shall monitor the services provided to the plan to ensure that
the expenses are necessary, reasonable and benefit the plan, and further
provided that the Plan Administrator shall document all such expenses
item by item and, where necessary, hour by hour.
A. Such actuarial reports shall be prepared and filed under the supervision
of the chief administrative officer.
B. The chief administrative officer of the plan shall determine the
financial requirements of the plan on the basis of the most recent
actuarial report and shall determine the minimum municipal obligation
of the employer with respect to funding the plan for any given plan
year. The chief administrative officer shall submit the financial
requirements of the plan and the minimum municipal obligation of the
employer to the Council annually.
[Amended 5-6-2002 by Ord. No. 1512]
Prior to the adoption of any benefit plan modification by the
employer, the chief administrative officer of the plan shall provide
to the Council a cost estimate of the proposed benefit plan modification.
Such estimate shall be prepared by an approved actuary, which estimate
shall disclose to the Council the impact of the proposed benefit plan
modification on the future financial requirements of the plan and
the future minimum municipal obligation of the employer with respect
to the plan.
No police officer of the employer nor anyone else shall have
any rights whatsoever against the employer or the Plan Administrator
as a result of this plan except those expressly granted to them hereunder.
Nothing herein shall be construed to give any police officer the right
to remain on the police force of the employer.
For purposes of this plan, the masculine shall be read for the
feminine, and the singular shall be read for the plural, wherever
the person or context shall plainly so require.
This plan may be executed and/or conformed in any number of
counterparts, each of which shall be deemed an original and shall
be construed and enforced according to the laws of the commonwealth,
excepting such commonwealth's choice of law rules.
The headings of sections are included solely for convenience
of reference, and if there be any conflict between such headings and
the text of the plan, the text shall control.
In case any provisions of this plan shall be held illegal or
invalid for any reason, said illegality or invalidity shall not affect
the remaining parts of this plan, and the plan shall be construed
and enforced as if said illegal and invalid provisions had never been
inserted therein.
If any participant shall be physically or mentally incapable
of receiving or acknowledging receipt of any payment of pension benefits
hereunder, the Plan Administrator, upon the receipt of satisfactory
evidence that such participant is so incapacitated and that another
person or institution is maintaining him, may provide for such payment
of pension benefits hereunder to such person or institution so maintaining
him, and any such payments so made shall be deemed for every purpose
to have been made to such participant.
Subject to the provisions of the Act and unless otherwise specifically
required by other applicable laws, no past, present or future officer
of the employer shall be personally liable to any participant, beneficiary
or other person under any provision of the plan.
Nothing contained herein shall be deemed to give any participant
or beneficiary any interest in any specific property of the pension
fund or any right except to receive such distributions as are expressly
provided for under the plan.
The income and principal of the pension fund are for the sole
use and benefit of the participants covered hereunder and, to the
extent permitted by law, shall be free, clear and discharged from
and are not to be in any way liable for debts, contracts or agreements,
now contracted or which may hereafter be contracted, and from all
claims and liabilities now or hereafter incurred by any participant
or beneficiary.