[Adopted 11-19-1985 (Ch.
1, Part 2, of the 1999 Code of Ordinances); amended in its entirety 1-7-2002 by Res. No. 1-7-02-1]
The full-time employees shall be eligible for pension benefits
after 10 years of service as employees and at age 62, whichever is
the later date, but not sooner than at age 62. A full-time employee
is defined as an employee who works at least 30 hours per week.
The pension benefits shall consist of 1 1/2% of the final
average monthly salary, averaged over the final 36 months of employment
multiplied by the years of service at retirement.
Said pension benefits shall vest 100% after 10 years of continuous
service as an employee of the Township and said employee shall be
entitled to receive the aforesaid pension on retirement and after
said 10 years of service or at age 62, whichever is the later date,
but cannot receive any such benefits until at least age of 62.
On retirement the standard form of annuity shall be the life
annuity.
Under this resolution, the Township has elected to participate
in the Pennsylvania Municipalities Pension Trust established for the
benefit of the employees of the participating municipalities of Pennsylvania
and the terms and conditions of the trust instrument entered into
to effectuate such plans.
Upon the death of a retired member that is eligible for retirement
on the date of their death or a vested employee on the date of their
death, the surviving spouse shall be entitled to a survivor's
benefit equal to 50% of the immediate retirement benefit to which
the member was receiving or would have been receiving had he been
retired at the time of death. Payments of the benefits shall continue
until death or remarriage of surviving spouse. In the event that the
member is survived by a minor dependent child but not spouse, the
benefits shall be paid to such child until the child has attained
the age of 18 years.
The Supervisors shall from time to time appoint a chief administrative
officer of the Salisbury Township Pension Plan either by a separate
resolution or motion.