City of Erie, PA
Erie County
By using eCode360 you agree to be legally bound by the Terms of Use. If you do not agree to the Terms of Use, please do not use eCode360.
Table of Contents
Table of Contents
CROSS REFERENCES
Municipal Pension Plan Funding Standard and Recovery Act — See 53 P.S. § 895.101 et seq.
[Ord. 76-1987 § 1, passed 11-25-1987]
The assets of the three Municipal Pension Plans are hereby transferred to the City of Erie, as Trustee. These assets are to be managed by a single pension trust fund. This single pension trust fund shall be the funding mechanism for all three pension plans existing prior to the date of this aggregation. The aggregation of the pension plans shall be done in strict compliance with Act 205.
[Ord. 1-2012, passed 2-1-2012]
The Aggregate Board shall be comprised of 14 members. The membership of the Board shall be as follows: The Mayor, the City Controller, the Director of Business Administration, one representative of the Erie City Retirees Association, one representative of the City of Erie Retired Firefighters' Association, one representative elected by the members of each of the three pension plans (total of three), one representative elected by the members of the four Collective Bargaining Units (total of four), one representative selected by City Council from among the City Council members and one retired FOP member in good-standing. The Mayor shall serve as the Chairman.
[Ord. 76-1987 § 1, passed 11-25-1987]
With the exception of the Mayor, City Controller, Director of Administration and Council representative, all of the members of the Aggregate Pension Board shall serve for a term of four years. Except that in the initial election of the three pension plan representatives one shall be elected for a two-year term, one for a three-year term and one for a four-year term. Also, in the initial election of the four Collective Bargaining Representatives one shall be elected for a one year term, one for a two-year term, one for a three-year term and one for a four-year term. All subsequent elections after the initial election shall be for four years.
[Ord. 82-1989 § 1, passed 10-4-1989]
The Aggregate Pension Board shall establish investment guidelines and be responsible for the investment of all assets of the Board. The assets of the aggregated Pension Trust Fund shall be invested in investment securities which are authorized investments pursuant to any applicable law for any of the associated plans.
[Ord. 76-1987 § 1, passed 11-25-1987]
Investment earnings shall be allocated to each associated pension plan in proportion to the most recently determined participation value.
[Ord. 76-1987 § 1, passed 11-25-1987]
The Aggregate Pension Board shall have the power to make loans to any of the associated Pension Plans, to avoid the necessity of the Plans selling their assets. The Board shall charge interest at the prevailing rate of its investment.
[Ord. 76-1987 § 1, passed 11-25-1987]
The Aggregate Pension Board shall establish rules and regulations necessary to carry out its duties as established herein. All rules and regulations shall be approved by Council prior to taking effect.