[Adopted 7-6-2020 by Ord. No. 7-6-20]
Editor's Note: This ordinance also superseded former Art. III, Nonuniform Pension Plan, adopted 2-3-2020 by Ord. No. 2-3-2020-02.
South Waverly Borough (the Borough), having established a nonuniform pension plan administered by the Pennsylvania Municipal Retirement System (the System), hereby elects to amend its Nonuniform Pension Plan administered by the System in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101 et seq. (Retirement Law), and does hereby agree to be bound by all the requirements and provisions of the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act, 53 P.S. § 895.101 et seq., and to assume all obligations, financial and otherwise, placed upon member municipalities.
As part of this article, the Borough agrees that the System shall administer and provide the benefits set forth in the amended Nonuniform Pension Plan document entered into between the Pennsylvania Municipal Retirement Board and the Borough effective as of the date specified in the adoption agreement (the contract).
The Borough acknowledges that by passage and adoption of this article, the Borough officially accepts the contract and the financial obligations resulting from the administration of the contract.
Payment for any obligation established by the adoption of this article and the contract shall be made by the Borough in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act. The Borough hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the contract.
The Borough intends this article to be the complete authorization of the contract, as amended, and it shall become effective as of the date specified in the adoption agreement, which is the effective date of the contract, as amended.
A duly certified copy of this article and an executed contract shall be filed with the System.