[Ord. No. 1014, 6/8/2020]
The Borough retains the power to amend the plan, except as such
power may be limited by law. The Borough acknowledges its obligation
to amend the police pension plan ordinance and plan document, from
time to time, as required by the results of collective bargaining
and/or Act 111 arbitration, so that these conform to the collective
bargaining agreement. If, in amending either the pension ordinance
or the plan document, an error is made which causes the benefit structure
described in either the ordinance or the plan to differ from the benefit
structure produced through the course of collective bargaining/Act
111 arbitration, the benefit structure reflected in the latter document(s)
shall prevail. Amendments to the plan may be made by ordinance or
resolution.
[Ord. No. 1014, 6/8/2020]
Subject to any collective bargaining or state law limitations,
the employer shall have the power to terminate this plan in its entirety
at any time by an instrument in writing executed in the name of the
employer.
[Ord. No. 1014, 6/8/2020]
Subject to the provisions of Act 205 governing financially distressed
municipalities, the liability of the employer to make contributions
to the pension fund shall automatically terminate upon liquidation
or dissolution of the employer, upon its adjudication as a bankrupt
or upon the making of a general assignment for the benefit of its
creditors.
[Ord. No. 1014, 6/8/2020]
All assets attributable to the terminated plan shall be distributed
and disposed of in accordance with the provisions of applicable law
and the terms of any instrument adopted by the employer which effects
such termination.
[Ord. No. 1014, 6/8/2020]
If all liabilities to vested participants and any others entitled
to receive a benefit under the terms of the plan have been satisfied
and there remain any residual assets in the pension fund, such residual
assets remaining shall be returned to the employer insofar as such
return does not contravene any provision of law, and any remaining
balance, in excess of employer contributions, shall be returned to
the commonwealth.
[Ord. No. 1014, 6/8/2020]
In the event of the discontinuance and termination of the plan
as provided herein, the employer shall dispose of the pension fund
in accordance with the terms of the plan and applicable law; at no
time prior to the satisfaction of all liabilities under the plan shall
any part of the corpus or income of the pension fund, after deducting
any administrative or other expenses properly chargeable to the pension
fund, be used for or diverted to purposes other than for the exclusive
benefit of the participants in the plan, their beneficiaries or their
estates.
