[Adopted 8-26-1981 by Ord. No. 10-1981 (Ch. 45, Art. II, of the 1987 Code)]
Larksville Borough hereby elects to enter its police into the Pennsylvania Municipal Retirement System, established by the Pennsylvania Municipal Retirement Law under Article IV of Act 15 of 1974, as amended, and does hereby agree to be bound by all the requirements and provisions of the said Pennsylvania Municipal Retirement Law and the amendments thereto and to assume all obligations, financial and otherwise, placed upon member municipalities by said Pennsylvania Municipal Retirement Law and the amendments thereto.
Editor's Note: See 53 P.S. §§ 881.401 through 881.413.
Membership in the Pennsylvania Municipal Retirement System shall be mandatory for any policeman holding a full-time position.
Credit for prior service toward the municipal annuity of each original member shall be for all years of service to the Larksville Borough police. Larksville Borough does hereby assume the liability for payment of 100% of the original members' contributions for all years of service towards the original members' annuity for the prior service of each original member.
Payment for the prior service as set forth in § 54-9 hereof shall be made by the Borough in accordance with said Pennsylvania Municipal Retirement Law and may be spread over a period of 30 years if the Larksville Borough so elects and with the approval of the Pennsylvania Municipal Retirement Board.
Editor's Note: See 53 P.S. § 881.101 et seq.
As part of this article, the Borough agrees to the outline of benefits set forth in the letter from the Retirement Board addressed to Larksville Borough, dated November 18, 1980, and the clarification letter of January 14, 1981, with the basic Act No. 600; three-year final average salary; no offset for social security; service increments; spouse pension; and cost-of-living benefits.
The passage and adoption of this article by the Council is an official acceptance of said benefits.
A duly certified copy of this article shall be filed with the Pennsylvania Municipal Retirement Board of the Commonwealth of Pennsylvania, and membership under Article IV for the Larksville Borough police in the Pennsylvania Municipal Retirement System shall be effective the first day of September 1981.