[Adopted 10-18-2016 by Ord. No. 5-2016]
Larksville Borough (the Borough), hereby elects to establish a Municipal Pension Plan with the Pennsylvania Municipal Retirement System (the system) in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101 et seq. (Retirement Law), to be administered by the system for its municipal employees. The Borough hereby agrees 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 Municipal Pension Plan entered into between the Pennsylvania Municipal Retirement Board and the Borough effective October 1, 2016 (the contract).
The passage and adoption of this article by the Borough is an official acceptance of 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.
Editor's Note: See 53 P.S. § 881.101 et seq. and 53 P.S. § 895.101 et seq., respectively.
The Borough intends this article to be the complete authorization of the contract and it shall become effective either immediately or on October 1, 2016, which is the effective date of the contract, whichever is later.
A duly certified copy of this article and an executed contract shall be filed with the system.