[Adopted 6-14-1982 by Ord. No. 347]
A Police Pension Plan is hereby established pursuant to and
in compliance with the Act of May 29, 1956, P.L. 1804, as amended. Such fund shall be under the direction of the Council
of the Borough of Dallastown and shall be applied under such regulations
as the Council may prescribe.
As used in this article, the following terms shall have the
meanings indicated:
ACTUARIAL EQUIVALENT
A benefit determined by an actuary to be equivalent in value
to the participant's normal retirement benefit, as defined herein,
provided that such actuarial equivalent is within the limitations
provided herein.
BOROUGH COUNCIL
The governing body of Dallastown Borough, hereinafter referred
to as "Council."
COMMITTEE
The persons appointed to serve in an advisory capacity to
the Council in the administration of the pension fund.
CONTRIBUTION
The payroll deductions made monthly from the compensation of the participants and paid to the pension fund, except that contributions in §
43-6 shall mean the total contributions accumulated during the period of employment and participation in this fund.
FUND
The Police Pension Fund established pursuant to this article.
FUTURE SERVICE LIABILITY
The value of any participant's benefits which shall
accrue by virtue of service in the aggregate rendered subsequent to
the enactment of this article.
MONTHLY COMPENSATION
The amount of salary received by a participant in each and
every month, including overtime, longevity pay and service increments,
if any.
PARTICIPANT
Every person duly appointed from time to time by the municipality
as a full-time paid policeman working at least 40 hours a week at
a definite salary, subject to reasonable vacation and sick leave.
TERMINATION
The cessation of services by the participant for any reason
including disability, death, resignation and employer termination.
Voluntary leaves of absence without pay shall not be a termination
for purposes of this article; but no period of such leave shall be
computed in the total service in the aggregate for pension benefit
purposes. Leaves of absence with pay shall not be considered a termination
within the meaning of this article, and such leaves may be computed
in the total service in the aggregate for pension benefit purposes,
provided that the municipality is able to certify to the Department
of the Auditor General that such participant on a leave of absence
with pay is within the definition of participant herein.
UNFUNDED LIABILITY
The present value of any participant's benefits accrued
prior to the enactment of this article by virtue of his/her prior
service in the aggregate.
Any member of the police force of the municipality for at least
six months who thereafter shall enter the military service of the
United States shall have credited to his/her employment record for
pension benefits all of the time spent by him/her in such military
service, if such person returns to his/her employment with the municipality
within six months after his/her separation from the service.
Upon termination of the fund, the assets shall be distributed
as follows:
A. Sufficient funds shall be maintained to provide the pension benefits prescribed in §
43-4B for all participants who have retired prior to termination or who are eligible for retirement at the time of the termination of this fund.
B. Contributions with interest at the rate of 6% as provided in §
43-6 shall be refunded to any and all participants who terminate service at the time of the termination of the fund.
C. Of the remaining funds, those which can be identified as municipality
contributions or contributions other than from participants or from
the commonwealth allocation shall be distributed as the Council sees
fit, provided that such distribution is made on a uniform basis.
D. All funds in excess of the funds described in Subsections
A,
B and
C above shall be returned to the commonwealth as unused funds pursuant to the Act of May 12, 1943, P.L. 259, as amended, 72 P.S. § 2263.1 et seq.
The Council reserves the right to amend at any time, in whole or in part, any or all of the provisions of this fund. However, no such amendment shall authorize or permit any part of the fund to be used or diverted to purposes other than for the exclusive benefit of the participants, their beneficiaries or their estates, nor shall any amendment divest a participant of benefits vested by §
43-4F. All such amendments shall comply with the applicable statutes of the commonwealth, including but not limited to the Act of May 29, 1956, P.L. (1955) 1804, as amended, 53 P.S. § 767 et seq.
[Adopted 8-25-2003 by Ord. No. 500]
The Borough of Dallastown hereby adopts the Borough of Dallastown
Defined Benefit Plan with and through the Pennsylvania State Association
of Boroughs Pension Plan and Trust, a copy of which is attached hereto
and made a part hereof, and as may be amended from time to time in the future, as and for the pension plan for the full-time, nonuniformed employees of the Borough of Dallastown, effective on September 3, 2003, subject to the reservation in §
43-14 hereof.
The current pension plan contract for the full-time, nonuniformed employees of the Borough of Dallastown with and through the Principal Financial Group is hereby terminated, in part, effective upon the effective date of the new pension plan contract identified in §
43-13 hereof, subject to the following reservation: the portion of the Borough of Dallastown Defined Benefit Plan with and through the Principal Financial Group which is allocated to and being paid as the pension plan or account of or for the benefit of Mark Lanius is not terminated, and shall continue to be administered for the benefit of Mark Lanius, or his beneficiaries as the same may be applicable, by, with and through the Principal Financial Group.
The proper officers of the Borough of Dallastown are hereby
authorized and directed to execute and deliver said Defined Benefit
Plan attached hereto and any and all other documentation necessary
to put this article into effect.