[Adopted 6-20-1977 by Ord. No. 40B (Ch. 1, Part 8C, of the 2003 Code of Ordinances)]
A Police Death Benefits Fund be and the same is hereby established by the City of Lock Haven, which shall be known and designated as the "Police Death Benefits Fund" and shall hereafter be referred to in this article as the "fund."
The fund shall be maintained, directed, applied and distributed pursuant to the provisions herein contained and the regulations adopted pursuant thereto for the benefit of the members of the Association herein created.
A Board of seven members is hereby constituted and created, which shall consist of the same members as the Police Pension Fund Board, and being known as the "Police Death Benefits Fund Board," and hereinafter referred to in this article as the "Board." Said Board shall have the terms of office of the Police Pension Fund Board.
The members of the Board shall serve without compensation, but shall be reimbursed from the fund for any necessary expenditures, and no member shall suffer loss of salary or wages through serving on the Board.
The Board may, from time to time, with approval of Council of the City and subject to the limitations of this article and of law:
Establish rules and regulations for the administration of the fund and the transaction of its business. All such rules and regulations shall, however, be subject to the approval of Council, and Council may, from time to time, by ordinance, alter, modify, change or repeal such rules and regulations and establish new rules and regulations for the administration of the fund by the Board and the transaction of its business.
Appoint a Secretary and such medical, clerical and other employees as may be necessary.
Determine and fix the compensation of all persons employed by the Board.
A corporate depository chosen by the Board shall care for, manage, invest and dispose of (as part of the fund) all money or property, real, personal or mixed, taken by the City of Lock Haven by gift, grant, devise or bequest, in trust, for the benefit of such pension fund, subject to the provisions of this article and future regulations by Council, and subject to such directions not inconsistent therewith as the donors of such funds and property may prescribe.
The Board shall, with the approval of Council of the City and subject to the limitations of this article and of law:
Hold an annual meeting during the second calendar quarter of each year and thereat present the annual report of the depository showing the condition of the investments of the fund and evidencing receipts, charges and disbursements during the previous year, which depository report will be made a part of the record of the proceedings and a copy of which shall be filed with the Council of the City of Lock Haven and copies of which shall be furnished to each member of the Association requesting the same.
Hold such special meetings as the efficient discharge of its duties requires, and the Chairman may, and upon request in writing of three members of the Board shall, call special meetings of the Board upon 24 hours' notice to each member, which notice shall state whether such meeting is to be convened for special or general business, but such notice may be waived by unanimous consent of the members.
At the annual meeting, or as soon thereafter as is practical, designate a depository or depositories for the fund, which designation shall be valid for the period of one year, or until such time as another is designated by similar action, and the Treasurer of the Board shall, upon the designation of the depository, immediately deposit all monies in the fund therein in the name of the fund.
Keep all records and accounts as shall be necessary for the efficient execution of this article.
Furnish to Council such financial and other reports as it may, from time to time, request.
An Association is hereby constituted to be the basis for receiving benefits hereunder and which Association shall be known and designated as the "Police Pension Fund Association," hereinbefore established and herein referred to as the "Association."
The fund shall be under, and is hereby committed to, the direction and control of the Board.
The City of Lock Haven shall appropriate and pay into the fund at the time of enactment of this article the sum of $16,000 and any and all costs or expenses incidental thereto hereafter.
The depository shall invest the principal of the fund, and any accumulated interest thereon not necessary for the immediate payment of pensions hereunder, in:
The bonds or obligations of the United States or the United States Treasury, or those for the payment of principal and interest on which the faith and credit of the United States is pledged.
Bonds or other interest-bearing obligations of the Commonwealth of Pennsylvania, or those for the payment of principal and interest on which the faith and credit of the commonwealth is pledged.
Bonds or other interest-bearing obligations of any county, City, borough, township or school district of the Commonwealth of Pennsylvania, or those for the payment of which the faith and credit of such political subdivision is pledged, provided that, at the date of the investment in such bonds or other interest-bearing obligations, such political subdivision is not in default in payment of principal or interest owed by it or any part of its bonded indebtedness.
Any other investment which is legal for fiduciaries.
The death benefits herein provided for shall not be subject to attachment or execution and shall be payable only to the beneficiary designated and shall not be subject to assignment or transfer.
Upon the later of attaining age 55 or from retiring from active service as a police officer after a minimum of 20 years' service, a member of the Association shall be entitled to a death benefit in the amount of $4,000 for which the fund itself shall be liable and which shall be paid to the designated beneficiary of the member.
All disbursements from the fund shall be by check or order drawn by the authorized depository.
Payments of death benefits under this article shall be made solely out of the moneys and property in the Police Death Benefits Fund and shall not be a charge on any other fund in the treasury of the City or under its control.
The Treasurer shall give surety bond approved by the Board in such sum as the Board may determine for the faithful performance of his duties. The premium for such bond shall be paid by the Board out of the funds entrusted to it.
It shall be the duty of the Treasurer to keep account of all moneys coming into his hands belonging to the Board and of all disbursements of the same. All moneys received by the Treasurer shall forthwith be deposited in the depository chosen by the said Board in the name of the Police Death Benefits Fund.
The depository, or someone employed by it, shall, at least once a year, submit to the Board and to the Council of the City of Lock Haven a statement of the financial condition of the fund and of the documents received and paid out during the year and of all investments made by the depository and the condition of such investments.