The Borough of Punxsutawney Police Pension Plan shall be managed
and administered by the Police Pension Committee.
The Police Pension Committee shall consist of five members:
the Borough Manager, the Treasurer of the Police Pension Fund, two
members of the Borough Council who shall be appointed by the President
of the Council and the Chief of Police.
A.
The Committee shall administer the plan in accordance with its terms
and shall have all powers necessary to carry out the provisions of
the plan. The Committee shall interpret the Plan and shall determine
all questions arising in the administration, interpretation, and application,
of the plan. Any such determination by the Committee shall be conclusive
and binding on all persons.
B.
The Committee shall act by a majority of its members at the time
in office, and such action may be taken either by a vote at a meeting
or in writing without a meeting. The Committee, with Borough Council
approval, may authorize any one or more of its members to execute
any document or documents on behalf of the Committee, in which event
the Committee shall notify the trustee, if one be appointed, in writing
of such action and the name or names of its member or members so designated.
The trustee, thereafter shall accept and rely upon any document executed
by such member or members as representing action by the Committee
until the Committee shall file with the trustee a written revocation
of such designation. The Committee may adopt such bylaws and regulations
as it deems desirable for the conduct of its affairs, and may appoint
such accountants, actuaries, counsel, specialists, consultants and
other persons as it may deem necessary or desirable in connection
with the administration of this plan. The Committee shall be entitled
to rely exclusively upon, and shall be fully protected in any action
taken by it in good faith in relying upon any opinions or reports
which shall be furnished to it by any such accountant, actuary, counsel
or other consultants.
C.
The Committee shall adopt from time to time tables for use in all
actuarial calculations required in connection with the plan and shall
establish from time to time the rate or rates of regular interest
which shall be used in all actuarial calculations required in connection
with the plan.
D.
The Committee shall keep a record of all its proceedings and acts
and shall keep all such books of account, records, and other data
as may be necessary for the proper administration of the Plan. The
Committee shall notify the trustee and the Borough Council of any
action taken by the Committee and, when required, shall notify any
other interested person or persons.
The Borough Manager shall be the chief administrative officer
(CAO) of the plan and shall have primary responsibility for the administration
of the pension plan. The duties of the CAO shall be as follows:
A.
Supervise and direct the preparation of actuarial reports;
B.
Certify and file actuarial valuation reports with the Public Employee
Retirement Commission;
C.
Make actuarial report information available to the plan members;
D.
Annually, determine and submit to the Borough Council the financial
requirements of the pension plan and minimum municipal obligation;
and
E.
Provide the Borough Council with a cost estimate of the effect of
any proposed benefit plan modification.
