The City of Nanticoke (the City), having established a nonuniform
pension plan administered by the Pennsylvania Municipal Retirement
System (the System), hereby elects to amend its nonuniform pension
plan administered by the System in accordance with Article IV of the
Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101
et seq. (Retirement Law), and does hereby agree to be bound by all
the requirements and provisions of the Retirement Law and the Municipal
Pension Plan Funding Standard and Recovery Act, 53 P.S. § 895.101
et seq., and to assume all obligations, financial and otherwise, placed
upon member municipalities.
As part of this article, the City agrees that the System shall
administer and provide the benefits set forth in the amended nonuniform
pension plan document entered into between the Pennsylvania Municipal
Retirement Board and the City effective as of the date specified in
the adoption agreement (the contract).
The City acknowledges that by passage and adoption of this article,
the City officially accepts the contract and the financial obligations
resulting from the administration of the contract.
Payment for any obligation established by the adoption of this
article and the contract shall be made by the City in accordance with
the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act. The City hereby assumes all liability for any unfundedness
created due to the benefit structure set forth in the contract.
The City intends this Ordinance to be the complete authorization
of the Contract, as amended, and it shall become effective as of the
date specified in the adoption agreement, which is the effective date
of the Contract, as amended.
A duly certified copy of this Ordinance and an executed Contract
shall be filed with the System.