[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to the interest accrued thereon, (hereinafter referred to collectively as the "member contribution account") may be withdrawn from the plan by or on behalf of a member only under the following circumstances: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.