[A.O.]
A Township Planning Commission, to be composed of five members,
appointed as provided by law (53 P.S. § 10202), is hereby
created in and for the Township. The Planning Commission shall perform
all duties and may exercise all powers conferred by law upon municipal
planning agencies; provided, the Planning Commission previously created
in and for said Township shall constitute the tenure of any of the
members thereof, but any and all vacancies in said Commission hereafter
occurring shall be filled in the manner and for the term provided
in the law governing Township planning commissions in effect at the
time of the happening of said vacancy.
[Ord. 386, 12/16/2010, § I]
There is hereby established, effective January 1, 2011, pursuant
to the requirements of the Municipal Pension Plan Funding Standard
and Recovery Act (Act No. 205 of 1984, P.L. 1005, 53 P.S. § 895.101
et seq.), hereafter "Act," a Board of Trustees to be known as the
Board of Trustees of the Comprehensive Municipal Pension Trust Fund
of Harmar Township (Board) and to create a trust fund to be known
as the "Comprehensive Municipal Pension Trust Fund," hereafter referred
to as "Fund," of Harmar Township and to invest and otherwise manage
the assets of the Harmar Township Police Pension Plan and the Harmar
Township Non-Uniformed Employees Pension Fund in accordance with the
requirements of the Act.
[Ord. 386, 12/16/2010, § II]
The Fund shall be managed by a Board of Trustees. The Board
of Trustees shall include one representative of the active membership
of each pension plan included in the Fund and two members chosen by
the Board of Supervisors. If any vote results in a deadlock, the Supervisors
shall mutually agree upon a member of the general public to cast the
deciding vote.
[Ord. 386, 12/16/2010, § III]
Members of the Board elected by the active membership of each
plan shall serve for a term of two years. Any vacancies created by
the resignation, death or removal of such members shall be filled
by a special election of the active membership of the applicable plan
for the unexpired portion of elected member's term. The members
of the Board selected by the Supervisors shall serve at the discretion
of the Board of Supervisors who shall have the right to replace the
two members of the Board appointed by the Supervisors at any time.
The Board of Supervisors shall designate one member of the Board of
Trustees as the Chairman.
[Ord. 386, 12/16/2010, § IV]
Members of the Board of Trustees of the Fund shall serve without
compensation. This provision, however, shall not be deemed to prevent
reimbursement for proper expenses incurred in the performance of a
trustee's duties and approved by the Board.
[Ord. 386, 12/16/2010, § V]
Three members of the Board of Trustees of the Fund shall constitute
a quorum for the transaction of any business or the decision of any
matters within its jurisdiction. The majority of such quorum shall
be sufficient to decide any question before it except that every action
must obtain at least three votes in favor of action in order for it
to pass. The Board of Trustees shall meet at least once each quarter.
[Ord. 386, 12/16/2010, § VI]
1.
The Board of Trustees of the Fund, acting as authorized in § 1-225 above, shall have the following powers and duties:
A.
To continue or revise the trust fund to be known as the "Fund," to receive and act as a repository for the assets amassed by the Township's various plans from which the payment of pension benefits and administrative costs shall henceforth be paid in accordance with the procedures established in Subsection 1C below.
B.
To invest and manage the assets of the Fund and to account for the
individual interests of the various plans in said Trust Fund.
C.
To establish procedures in accordance with applicable law, to provide
access by the various plans to their respective interests in the Trust
Fund including the payment and/or deposit of contributions to the
fund.
D.
To contract for investment and investment consulting services.
E.
To assess reasonable administrative expenses of the Board of Trustees
of the Fund against the assets of the Fund.
F.
To exercise and perform any and all other powers granted and duties
prescribed under the Act.
[Ord. 386, 12/16/2010, § VII]
Legal title to assets in the Comprehensive Municipal Pension
Trust Fund (Fund) shall be in the Township as Trustee, or its nominees,
as Trustees, for any person having a beneficial interest in a particular
plan which is associated with the Pension Trust Fund.
[Ord. 386, 12/16/2010, § VIII]
Each plan subject to the aggregation of pensions shall have
an undivided participation in the assets of the Fund. For accounting
purposes, the value of the participation by each individual plan aggregated
shall be calculated annually. The value for the initial year following
aggregation shall be that portion of the total value of the Pension
Trust Fund which bears the same relationship that the value of the
plan, as of the date of the aggregation, plus the contributions received
by the Pension Trust Fund with respect to that plan since the date
of aggregation, and reduced by the amount of retirement annuities
and benefits paid from the Pension Trust Fund for annuitants and benefit
recipients of that plan since the date of aggregation, bears to the
total value of all assets transferred to the Pension Trust Fund as
of the date of aggregation, plus the total contributions received
by the Pension Trust Fund since the date of aggregation and reduced
by the total amount of retirement annuities and benefits paid for
all annuitants and benefit recipients since the date of aggregation.
The value of the participation for each year subsequent to the initial
year following aggregation shall be that portion of the total value
of the Pension Trust Fund bears the same relationship that the value
of the participation of the plan, as of the close of the preceding
year plus the contributions received by the Pension Trust Fund with
respect to that plan during the year and reduced by the amount of
retirement annuities and benefits paid from the Pension Trust Fund
for annuitants and benefit recipients of that plan during the year,
bears to the total value of all participation in the Pension Trust
Fund as of the close of the preceding year plus the total contributions
received by the Pension Trust Fund during the year and reduced by
the total amount of retirement annuities and benefits paid for all
annuitants and benefit recipients during the year.
[Ord. 386, 12/16/2010, § IX]
The assets of the Fund shall be invested in investment securities
which are authorized investments pursuant to any applicable law for
any of the associated plans.
[Ord. 386, 12/16/2010, § X]
Valuation of assets shall be determined by the provisions of
53 P.S. § 895-202(e)(1) of the Act and any applicable rules
and regulations issued by PERC.
[Ord. 386, 12/16/2010, § XI]
This Part shall be construed in accordance with the Act and
applicable law.
