This chapter shall be known and cited as the "Township of Buchanan
Pension Plan Ordinance."
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
Pursuant to Act 77 of the Public Acts of 1989 (MCLA § 41.110b),
the Township of Buchanan hereby creates and establishes an annuity
or pension plan and program for the pensioning of its officers and
employees, and, for such purposes, also authorizes the Township Clerk
and the Township Supervisor to contract, in the name of the Township
subject to approval of the Township Board, with any company authorized
to transact such business within the State of Michigan for annuities
or pensions.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
The annuity or pension plan created, established and contracted
for under this chapter shall cover each person within the following
classes of officers and employees:
A. All members of the Township Board of Trustees.
B. Township Administrative Assistant.
Each person so covered under the annuity or pension plan shall
have a vested right or interest in such plan zero months from the
date the plan becomes effective for such person.
The Township of Buchanan hereby ratifies and confirms the validity
of any annuity or pension plan in existence on the effective date
of this chapter.