As used in this Part, the following terms shall have the meanings
indicated:
AGE
The age attained by the employee at his or her last birthday.
BOARD
The Board of Supervisors of the Township of Vernon, Crawford
County, Pennsylvania.
COMPENSATION
All W-2 earnings subject to state income tax paid by the
Township to the member during a plan year.
DISABILITY
Disability upon eligibility for social security disability.
EFFECTIVE DATE
The effective date of this Part 7A shall be January 1, 2015.
EMPLOYEE
Any nonuniformed personnel hired on or after January 1, 2015,
in the full-time employment of the Township of Vernon, Crawford County,
Pennsylvania, whose customary employment by the Township is for not
less than 35 hours per week.
FORFEITURE
The nonvested portion of a member's account.
FUND
All assets held by the trustee under the trust agreement.
MEMBER
Any employee who has satisfied the eligibility requirements
established in § 1-7A03 of this Part.
MEMBER ACCOUNT
Each member's individual account maintained within the
fund, to include the prorated share of investment earnings or losses.
NORMAL RETIREMENT DATE
The first day of the month coincident with or next following
the later of the date on which the member completes five years of
service and on which the member attains the age of 62 years.
PLAN
The Vernon Township Nonuniformed Employees Defined Contribution
Plan.
PLAN YEAR
A period of 12 consecutive months commencing on any January
1 and ending on the following December 31.
ROLLOVER ACCOUNT
The distribution amount transferred to the plan by a member
from a qualified pension or profit-sharing plan.
SERVICE
The aggregate of a member's total periods of employment
as a full-time employee of the Township of Vernon. If a member enters
military service, either voluntarily or by conscription, after he
has been employed for at least six months, such time spent in the
Armed Forces of the United States during a period of national emergency
shall be counted as service for purposes of this plan, provided that
such member returns to service with the Township within six months
after his discharge or release from such active duty in the Armed
Forces of the United States. The time spent in military service due
to voluntary extension of such military service during a period of
peacetime shall not be included as service for the purpose of this
plan.
TOWNSHIP
Vernon Township, Crawford County, Pennsylvania.
TRUST AGREEMENT
The contract between the Township and the trustee establishing
the terms by which and under which the fund is invested, distributed,
accounted for and terminated, as the same now exists and as it may
hereafter be amended.
TRUSTEE
The Board of Supervisors of Vernon Township, Crawford County,
Pennsylvania, or any other agency or person appointed by the Board
to serve in that capacity as set forth in the trust agreement.
VESTED INTEREST
The nonforfeitable right to any immediate or deferred benefit
in the amount which is equal to the sum of Subsections A and B below:
A.
The value on that date of that portion of the participant's
account that is attributable to and derived from a participant's
own contributions, if any.
B.
The value on that date of that portion of the participant's
account that is attributable to and derived from employer contributions
multiplied by his vesting percentage determined on the date applicable.
C.
One hundred percent vesting upon death, disability or normal
retirement.
VESTING PERCENTAGE
The member's nonforfeitable interest to his account
plus earnings thereon computed in accordance with the following schedule
based on years of service with the Township:
Full Years of Service
|
Percentage Vested
|
---|
Less than 4
|
0%
|
4
|
40%
|
5
|
50%
|
6
|
60%
|
7
|
70%
|
8
|
80%
|
9
|
90%
|
10 or more
|
100%
|