[Ord. 7554, adopted 3-14-2002]
There is hereby established, pursuant to the requirements of the Municipal Pension Plan Funding Standard and Recovery Act (Act No. 205 of 1984, Public Law 1005, 53 P.S. 895.101 et seq.), hereafter "Act," a Board of Trustees to be known as the Board of Trustees of the Comprehensive Municipal Pension Trust Fund of the City of New Castle, hereafter "Board" and to continue a trust fund to be known as the Comprehensive Municipal Pension Trust Fund, hereafter referred to as "Fund," of the City of New Castle and to invest and otherwise manage the assets of said fund in accordance with the requirements of the Act.
[Ord. 7554, adopted 3-14-2002; Ord. 7921, passed 5-18-2010]
The Board of Trustees of the Comprehensive Municipal Pension Trust Fund shall consist of nine members to be determined according to the requirements of the Act. The members of City Council and the Mayor shall be members of the Board of the Fund. The remaining three members shall consist of one representative of the active membership of each plan included in the Comprehensive Municipal Pension Trust Fund which representative shall be elected by the active membership of each respective plan. The member selected by the City Employees as well as the City Treasurer shall also serve on the Plan Board of that plan. To clarify, the City Employees Pension Plan Board shall now be composed of the Mayor, City Controller, Business Administrator/Chief Financial Officer of the City, City Treasurer and three participants. The Fund will include all current plans and funds of all City employees.
[Ord. 7554, adopted 3-14-2002]
The three members of the Board elected by the active membership of each plan shall serve for a term of two years. Any vacancies created by the resignation, death or removal of such members shall be filled by a special election of the active membership of the applicable plan for the unexpired portion of elected member's term. After the first term, the terms of such members shall be staggered such that the terms of two such members shall expire on even-numbered years and the terms of one such member shall expire on odd-numbered years. Thus, the second term for one such member shall be for three years.
[Ord. 7554, adopted 3-14-2002]
Members of the Board of Trustees of the Fund shall serve without compensation. This provision, however, shall not be deemed to prevent reimbursement for proper expenses incurred in the performance of a trustee duties and approved by the Board.
[Ord. 7554, adopted 3-14-2002]
The majority of the nine members of the Board of Trustees of the Fund shall constitute a quorum for the transaction of any business or the decision of any matters within its jurisdiction. The majority of such quorum shall be sufficient to decide any question before it except that every action must obtain at least four votes in favor of action in order for it to pass. The Board of Trustees shall meet at least once each quarter.
[Ord. 7554, adopted 3-14-2002]
The Board of Trustees of the Fund, acting by a quorum of its members, shall have the following powers and duties:
(a) 
To select a Chairman of the Board of Trustees at the first meeting of each year;
(b) 
To continue or revise the trust fund to be known as the Fund, to receive and act as a repository for the assets amassed by the City's various plans from which the payment of pension benefits and administrative costs shall henceforth be paid in accordance with the procedures established in C below;
(c) 
To invest and manage the assets of the Fund and to account for the individual interests of the various plans in the said Trust Fund;
(d) 
To establish procedures in accordance with applicable law, to provide access by the various plans to their respective interests in the Trust Fund including the payment and/or deposit of contributions to the fund;
(e) 
To contract for investment and investment consulting services;
(f) 
To assess reasonable administrative expenses of the Board of Trustees of the Fund against the assets of the Fund; and
(g) 
To exercise and perform any and all other powers granted and duties prescribed under the Act.
[Ord. 7554, adopted 3-14-2002]
Each plan will continue its aggregated pension accounting begun when it entered into the Recovery Program summarized below.
Legal title to assets in the Comprehensive Municipal Pension Trust Fund (Fund) shall be in the City as Trustee, or its nominees, as Trustees, for any person having a beneficial interest in a particular plan which is associated with the Pension Trust Fund.
[Ord. 7554, adopted 3-14-2002]
Each plan subject to the aggregation of pensions shall have an undivided participation in the assets of the Fund. For accounting purposes, the value of the participation by each individual plan aggregated shall be calculated annually. The value for the initial year following aggregation shall be that portion of the total value of the Pension Trust Fund which bears the same relationship that the value of the plan, as of the date of the aggregation, plus the contributions received by the Pension Trust Fund with respect to that plan since the date of aggregation, and reduced by the amount of retirement annuities and benefits paid from the Pension Trust Fund for annuitants and benefit recipients of that plan since the date of aggregation, bears to the total value of all assets transferred to the Pension Trust Fund as of the date of aggregation, plus the total contributions received by the Pension Trust Fund since the date of aggregation and reduced by the total amount of retirement annuities and benefits paid for all annuitants and benefit recipients since the date of aggregation. The value of the participation for each year subsequent to the initial year following aggregation shall be that portion of the total value of the Pension Trust Fund bears the same relationship that the value of the participation of the plan, as of the close of the preceding year plus the contributions received by the Pension Trust Fund with respect to that plan during the year and reduced by the amount of retirement annuities and benefits paid from the Pension Trust Fund for annuitants and benefit recipients of that plan during the year, bears to the total value of all participation in the Pension Trust Fund as of the close of the preceding year plus the total contributions received by the Pension Trust Fund during the year and reduced by the total amount of retirement annuities and benefits paid for all annuitants and benefit recipients during the year.
[Ord. 7554, adopted 3-14-2002]
The assets of the Fund shall be invested in investment securities which are authorized investments pursuant to any applicable law for any of the associated plans.
[Ord. 7554, adopted 3-14-2002]
Valuation of assets shall be determined by the provisions of Section 202(e)(1) of the Act.
[Ord. 7554, adopted 3-14-2002]
This ordinance shall be construed in accordance with the Act and applicable law.
[Ord. 7554, adopted 3-14-2002]
Any ordinance or parts of ordinances, in conflict herewith are hereby repealed.