[Adopted 12-8-2016 by Ord. No. 242]
A.
The Township hereby adopts the restated trust agreement and agrees
to participate in the Trust in accordance with the amended and updated
terms of the restated trust agreement and that the Chairman of the
Board of Supervisors and Secretary of the Township are hereby authorized
to sign the restated trust agreement and any other agreements necessary
for the Township's participation in the Trust.
B.
The Restated Trust Agreement is on file for inspection and review
at the Township's offices at 1 Quarry Road, Reading, Pennsylvania
19605. The restated trust agreement may be subsequently modified or
amended in accordance with its terms, but in no event shall such modifications
or amendments divert any of the trust funds from the purposes of the
Trust. The Township may withdraw from the Trust in accordance with
the restated trust agreement, including if the Township determines
the modifications or amendments are not in the best interests of the
Township.
Participation of the Township in the Trust is authorized for
the purpose of offering high-quality pension and retirement plans
at a reasonable cost to the Township and its employees.
As set forth in greater detail in the Restated Trust Agreement
and as otherwise stated herein, the following conditions apply to
the participation of the Township in the Trust:
A.
Each participating employer must meet the admission and eligibility
requirements set forth therein;
B.
Each participating employer agrees to pay all contributions when
due as provided in the restated trust agreement or as otherwise established
by the Board of Trustees; and
C.
Each participating employer complies with all other conditions of
the restated trust agreement.
The Township agrees to participate in the Trust and may withdraw
for any reason and in accordance with the restated trust agreement
provided that it has fulfilled all its financial obligations to the
Trust upon withdrawal.
The effective date of the Township's agreement to and joinder
in the restated trust agreement and the participation of the Township
in the Trust pursuant to the terms of the restated trust agreement
will be December 13, 2016.
Each participating employer delegates to the Board of Trustees
the powers enumerated in the restated trust agreement.
The organizational structure of the Trust shall consist of a
Board of Trustees. Under the restated trust agreement, the Board of
Trustees is authorized to, among other things, enter into contracts
with third parties to perform various services necessary for the administration
of the Trust.
The funds required for the operation of the Trust shall be provided
by the participating employers through scheduled appropriations as
determined by the Board of Trustees.
The Trust is empowered to enter into contracts for policies
of group insurance and employee benefits, including Social Security,
for employees of the Trust, if any.
As a condition of participating in the Trust, the Township agrees
to comply with all of the terms and conditions in the restated trust
agreement.
The Secretary of the Township shall provide a certified copy
of this article upon its enactment to the Board of Trustees of the
Trust.
The Board of Supervisors of the Township is hereby authorized
to take any and all such other actions as may be necessary or appropriate
to carry out the purposes of this article and comply with the requirements
of the restated trust agreement and any duly adopted amendments thereto.
The duration of the term of the Township's participation
in the Trust and obligations under the restated trust agreement shall
continue until withdrawal from the Trust by the Township in accordance
with the terms of the restated trust agreement.
The Board of Supervisors hereby specifically finds and determines
as follows:
A.
The conditions of the intergovernmental cooperative agreement are
set forth in the restated trust agreement incorporated by reference
herein.
B.
The Township shall participate in the Trust in accordance with the
restated trust agreement until it withdraws by giving notice to the
Board of Trustees in accordance with the terms of the restated trust
agreement.
C.
The purpose and objectives of the intergovernmental cooperative arrangement,
including powers and scope of authority delegated to the Board of
Trustees, are set forth in the incorporated restated trust agreement.
E.
The Trust shall be managed by the Board of Trustees pursuant to the
terms of the restated trust agreement.
F.
All assets and property, real or personal, of the Trust shall be
titled to, acquired, managed, licensed or disposed of by the Trust,
and its Board of Trustees, in accordance with the terms of the restated
trust agreement.
G.
The Trust in accordance with the restated trust agreement shall be
empowered to enter into contracts for the creation and administration
of group and/or individual pension and retirement plans to be offered
to participating employers for their eligible employee and dependents.
The provisions of this Ordinance are severable and in the event
that any provision is held invalid, void, illegal, or unconstitutional
by any court, it is the intent of the Board of Supervisors that such
determination by the court shall not affect or render void the remaining
provisions of this article. It is the declared intent of the Board
of Supervisors that this article would have been enacted if any provision
subsequently declared to be void, invalid, illegal or unconstitutional
had not been included at the time of enactment.
Nothing in this article shall be interpreted to affect any rights
or liabilities of the Township, or to affect any cause of action,
existing prior to the enactment of this article.
This article shall take effect five days from the date of adoption.
