[Ord. 2079, passed 10-1-1990; Ord. 2372, passed 3-20-2002]
This chapter shall be known and may be cited as the "Municipality of Penn Hills Police Pension Plan."
[Editor's Note: Res. 88-002, passed 1-18-1988, adopted the International City Management Association Retirement Trust.]
[Ord. 2079, passed 10-1-1990; Ord. 2372, passed 3-20-2002; Ord. 2526, passed 10-18-2010]
The Municipality of Penn Hills Police Pension Plan (hereinafter "plan"), which was previously established under Resolution No. 18 of 1948 dated July 19, 1948, and subsequently amended and restated by Ordinance No. 785, effective October 1, 1957, under the provisions of Pub. Law 1804, 53 Pa. Con. Stat. Ann. 767 et seq., for the benefit of the Municipality's police employees who are eligible to participate pursuant to said plan, and which has been amended and restated by ordinances and/or resolutions from time to time thereafter, shall be, and hereby is amended, by deleting and repealing the provisions of said plan in its entirety and substituting the amended and restated plan in its place, a copy of which is attached to Ordinance 2526, passed October 18, 2010, effective October 18, 2010, and incorporating all of the terms and conditions of said plan as if set forth at length herein.
[Ord. 2321, passed 10-20-1999; Ord. 2372, passed 3-20-2002]
(a)
The Municipality is authorized to enter into and execute an Agreement with CIM Investment Management, Inc. (hereafter referred to as "Investment Advisor") to manage the proceeds from the Municipality's transfer of the cash proceeds from its Police Pension Plan to a new pension custodian, National City Bank of Pennsylvania (hereafter referred to as "Pension Custodian").
(b)
The proper Municipal officials are hereby authorized to enter into an Agreement with the Investment Advisor, pursuant to this chapter in compliance with the provisions of Act No. 600, as amended and in the form attached to original Ordinance 2321, passed October 20, 1999, to manage the pension moneys from the Municipality's transfer.
(c)
The proper Municipal officials are hereby authorized to enter into an Agreement with the new Pension Custodian pursuant to this Chapter 284.
(d)
The proper Municipal officials are also hereby directed to take all steps necessary and applicable in order to effect a transfer of any present pension funds being managed and/or held by Pacific Mutual Life Insurance Company and provide for cash transfer to the Municipality's above chosen new Pension Custodian, for management by the Investment Advisor.
[Ord. 2372, passed 3-20-2002]
Police officers who are retired shall be subject to service, from time to time, as Police Reserve, in cases of riot, tumult or preservation of the public peace, until unfitted for such service by reason of age, disability or any other valid reason. While on duty as a Police Reserve, they shall be paid as wages, in addition to the regular pension, such sum as Council may designate.
[Ord. 2372, passed 3-20-2002]
Payments made to the Police Pension Fund shall not be a charge on any other fund in the Treasury of the Municipality or under its control.
[Ord. 2372, passed 3-20-2002]
The pension payments herein provided for shall not be subject to attachment, execution, levy, garnishment or other legal process, shall be payable only to the member or his or her designated beneficiary and shall not be subject to assignment or transfer.
[Ord. 2370, passed 2-20-2002; Ord. 2372, passed 3-20-2002]
(a)
USERRA Military Service. Any period of qualified military service as determined under the requirements of 38 U.S.C. § 43, provided that the participant returns to employment following such period of qualified military service, and the participant makes payment to the plan in an amount equal to the participant contributions that would otherwise have been paid to the plan during such period of qualified military service. The amount of participant contributions shall be based upon an estimate of the compensation that would have been paid to the participant during such period of qualified military service as determined by the average compensation paid to the participant during the 12 months immediately preceding the period of qualified military service. The amount of participant contributions calculated must be paid into the plan before the end of the period that begins on the date of re-employment and ends on the earlier of the date that ends the period that has a duration of three times the period of qualified military service or the date that is five years after the date of re-employment.
(b)
Maximum Benefit Limitations. Notwithstanding any provision of this plan to the contrary, no benefit provided under this plan attributable to the employer shall exceed, as an annual amount, the amount specified in Code Section 415(b)(1)(A) as adjusted pursuant to Code Section 415(d), assuming the form of benefit shall be a straight life annuity (with no ancillary benefits). The limitations described in this section shall be governed by the following conditions and definitions:
(1)
Benefits paid or payable in a form other than a straight life annuity (with no ancillary benefits) or where the employee contributes to the plan or makes rollover contributions shall be adjusted on an actuarially equivalent basis to determine the limitation contained herein.
(2)
In the case of a benefit which commences prior to the attainment of age 62 by the participant, the limitation herein shall be adjusted on an actuarially equivalent basis to the amount determined pursuant to this section commencing at age 62; however, the reduction shall not reduce the limitation below $75,000 for a benefit commencing at or after age 55, or if the benefit commences prior to attainment of age 55, the amount which is actuarially equivalent to a benefit of $75,000 commencing at age 55; however, in the case of a qualified participant (a participant with respect to whom a period of at least 15 years of service, including applicable military service, as a full-time employee of a police or fire department, is taken into account in determining the amount of benefit), the limitation contained herein shall not reduce the limitation to an amount less than the amount specified pursuant to Code Section 415(b)(2)(G) and such amount shall be adjusted pursuant to Code Section 415(d);
(3)
In the case of a benefit which commences after attainment of age 65 by the participant, the limitation herein shall be adjusted on an actuarially equivalent basis to the amount determined herein, commencing at age 65;
(4)
Benefits paid to the participant which total less than $10,000 from all defined benefit plans maintained by the employer expressed as an annual benefit shall be deemed not to exceed the limitation of this section, provided that the employer has not at any time maintained a defined contribution plan in which the participant has participated; however, in the case of a participant who is not receiving a disability retirement benefit, with fewer than 10 years of participation, the limitation expressed in this Subsection (b)(4) shall be reduced by 1/10 for each year of participation less than 10, but in no event shall this limitation be less than $1,000;
(5)
The limitations expressed herein shall be based upon plan years for calculation purposes, shall be applied to all defined benefit plans maintained by the employer as one defined benefit plan, and to all defined contribution plans maintained by the employer as one defined contribution plan, and shall be applied and interpreted consistent with Code Section 415 and regulations thereunder, as applicable to government plans in general and this plan in particular; and
(6)
In the case of a disability retirement benefit or a survivor's benefit, the adjustment under this subsection shall not apply and the applicable limitation shall be the limitation contained herein without regard to the age of the benefit recipient.
(c)
Effective Date. The terms, limitations and conditions, as set forth in this section, shall be effective January 1, 2002.