[Ord. No. 1014, 6/8/2020]
The term "Member Contribution" shall mean any amount deposited
into the plan by a participant.
[Ord. No. 1014, 6/8/2020]
Each participant shall as a requirement of participation pay
regular contributions to the pension fund in an amount equal to not
less than 5% and not greater than 8% of the participant's basic monthly
earnings (subject to reduction pursuant to § 643 hereof).
Each participant shall complete any necessary forms to process the
payment of participant contributions by way of payroll deduction.
[Ord. No. 1014, 6/8/2020]
1. Notwithstanding the preceding § 642, if an actuarial study
performed by the plan actuary shows that the condition of the pension
fund is such that payments into the pension fund by participants may
be reduced below the minimum percentages prescribed in § 642,
or may be eliminated pursuant to state law, and that if such payments
are reduced or eliminated, contributions by the employer will not
be required to keep the pension fund actuarially sound, the employer
may, on an annual basis, by ordinance or resolution, reduce or eliminate
payments into the pension fund by participants.
2. For plan years beginning after April 17, 2002, notwithstanding the
provisions of § 642 or the above provisions of § 643
hereof, the Borough may, on an annual basis, by ordinance or resolution,
reduce or eliminate payments into the pension fund by participants
subject to the terms, conditions, or limitations contained in the
bargaining agreement between the Bridgeville Borough Police Officers
and the Borough, and subject to any state law.
[Ord. No. 1014, 6/8/2020]
Interest shall accrue to member contributions at the rate of
3% per annum. Such interest shall be credited from the mid-point of
the year (or part of the year) when made through the date of participant's
termination of eligible employment or if later, date of payment.
[Ord. No. 1014, 6/8/2020]
1. Member contributions, in addition to the interest accrued thereon,
(hereinafter referred to collectively as the "member contribution
account") may be withdrawn from the plan by or on behalf of a member
only under the following circumstances:
A. Where the member fails to complete service until normal retirement
date;
B. Where the member fails to elect to vest in a retirement benefit to which he has become entitled, pursuant to § 611, Subsection
1B;
C. Where the member dies without satisfying the requirements of entitlement
to a death benefit, as detailed in § 632 hereof;
D. Where the retirement or disability benefit of such member has not
yet commenced.
2. Where the above conditions for the withdrawal of the member contribution
account have been satisfied, payment of the member contribution account
shall be made to the member, or in the event of the member's death,
to the member's beneficiary, or if no beneficiary is appointed or
survives, the spouse, if surviving, and if not surviving, the participant's
children until age 18 or age 23 if attending college, and if no children
survive, to the member's estate. Such payment shall commence on or
after the first day of the calendar month coincident with or next
following the date on which the member became a former participant
or failed to elect vesting in a retirement benefit to which he had
become entitled, whichever is later.
3. Upon the distribution of the member contribution account, the entitlement
of the member, his spouse or his beneficiary to any future retirement
benefit, deferred vested benefit, disability benefit, or death benefit
shall cease. If the member again becomes an eligible employee, in
order to become eligible for crediting of prior service, he shall
pay to the fund the member contribution account under the terms and
conditions and with such earnings as may be determined by the Borough.