When used herein, the following terms shall have the following
meanings:
Pennsylvania Legislative Act 600 of 1956, 53 P.S. § 769.
January 1, of each plan year.
For employees hired prior to January 1, 2020, the monthly
average of the compensation received during the last 36 months of
employment. For employees hired on or after January 1, 2020, the monthly
average of the compensation received during the last 60 months of
employment.
The Internal Revenue. Code of 1986, as now in effect or as
hereafter amended. All citations to sections of the Code are to such
sections as they may from time to time be amended or renumbered.
For employees hired prior to January 1, 2007: compensation reportable
as wages, tips and other compensation on federal Form W-2 as required
by Sections 6041, 6051 and 6052 of the Code, excluding severance payments,
accrued, vacation, payment, accrued sick, days payment, or similar
nonrecurring compensation. Compensation shall include only that compensation
which is actually paid to the participant during the applicable period.
For employees hired on or after January 1, 2007: retirement
benefits (and thus employee contributions) shall continue to be based
on an employee's base wage and longevity only, and all other
forms of additional compensation shall be excluded.
In addition, "compensation" shall also mean employer contributions
made pursuant to a salary reduction agreement which are not currently
includible in the participant's gross income by reason of the
application of Code[1] Sections 125, 402(a), 402(h)(1)(B) or 457(a).
The annual compensation of each participant taken into account
for determining all benefits provided under the plan for any plan
year shall not exceed $150,000, as adjusted for increases in the cost
of living in accordance with Section 401(a)(17)(B) of the Internal
Revenue Code. The cost-of-living adjustment in effect for a calendar
year applies to any determination period beginning in such calendar
year.
If a determination period consists of fewer than 12 months,
the annual compensation limit is an amount equal to the otherwise
applicable annual compensation, limit multiplied by a fraction, the
numerator of which is the number of months in the short determination
period and the denominator of which is 12.
The date provided in § 49-10A.
May 29, 1956.
Any individual employed by the employer in a uniformed capacity
of a police officer.
Borough of Punxsutawney.
An employee whose customary employment is for 40 or more
hours per week.
The United States Internal Revenue Service.
The United States Department of Labor.
The date defined in Section 49-8A.
Any employee who is enrolled in the participation of the plan as provided in Article IV.
Borough of Punxsutawney Police Pension Plan.
The twelve-month consecutive period which begins on January
1 and ends on December 31.
The applicable regulations issued under the Code[2] or the Act by the IRS, the Labor Department or any other
governmental authority and any temporary rules promulgated by such
authorities pending the issuance of such regulations.
A participant's normal retirement date, early retirement date or postponed retirement date whichever has become effective pursuant to Article VIII.
Average monthly compensation.
The trust established by the employer as a part of the plan.
The trustee or trustees of the trust.
The first day of each plan year and any other date as the
Committee in its discretion may from time to time determine.
The portion of a participant's account which has become nonforfeitable pursuant to § 49-13A(2).
