[Adopted 1-4-2021 by Ord. No. 01-04-21-01[1]]
[1]
Editor's Note: This ordinance also superseded former Art.
II, Police Pension Plan, adopted 2-3-2020 by Ord. No. 2-3-2020-01.
South Waverly Borough (the Borough), having established a police
pension plan administered by the Pennsylvania Municipal Retirement
System (the System), hereby elects to amend its Police Pension Plan
administered by the System in accordance with Article IV of the Pennsylvania
Municipal Retirement Law, 53 P.S. § 881.101 et seq. (Retirement
Law), and does hereby agree to be bound by all the requirements and
provisions of the Retirement Law and the Municipal Pension Plan Funding
Standard and Recovery Act, 53 P.S. § 895.101 et seq., and
to assume all obligations, financial and otherwise, placed upon member
municipalities.
As part of this article, the Borough agrees that the System
shall administer and provide the benefits set forth in the amended
Police Pension Plan Document entered into between the Pennsylvania
Municipal Retirement Board and the Borough effective as of the date
specified in the adoption agreement (the Contract).
The Borough acknowledges that by passage and adoption of this
article, the Borough officially accepts the Contract and the financial
obligations resulting from the administration of the Contract.
Payment for any obligation established by the adoption of this
article and the Contract shall be made by the Borough in accordance
with the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act. The Borough hereby assumes all liability for any
unfundedness created due to the benefit structure set forth in the
Contract.
The Borough intends this article to be the complete authorization
of the Contract, as amended, and it shall become effective as of the
date specified in the adoption agreement, which is the effective date
of the Contract, as amended.
A duly certified copy of this article and an executed Contract
shall be filed with the System.
