A.
Police officers shall contribute 5% of their monthly compensation
to the plan.
B.
The Borough Council may, on an annual basis by resolution, reduce
or eliminate payments into the fund by police officers.
C.
Any police officer who discontinues his employment in the Borough
and who, for any reason whatsoever, shall be unable to receive a pension
after having contributed any charge to the plan shall be entitled
to a refund of all such moneys paid by him into such plan, with interest
at the rate of 5% per annum. Such interest is to be credited for the
period commencing on the January first following the year in which
the contribution is made and ending on the first of the month in which
distribution is made.
In addition to contributions made by police officers under § 49-16, funding of the plan shall consist of payments made to the Borough by the Commonwealth of Pennsylvania for the purpose of retirement or disability pensions for police employees under any present or future law providing therefor; by such appropriations thereto as may be lawfully made by the Borough; by gifts, grants, and bequests received by the plan; and by receipts from investment of the plan.
