[Added by Ord. No. 2016-1, 3/1/2016[1]]
Jonestown Borough (the Borough), hereby elects to establish a Municipal Pension Plan with the Pennsylvania Municipal Retirement System (the System) in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53. P.S. § 881.101 et seq. (Retirement Law), to be administered by the System for its municipal employees. The Borough hereby agrees 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.
[1]
Editor's Note: This ordinance also repealed former Part 5, Employee Pension Plan, Ord. No. 2014-1, 6/3/2014.
[Added by Ord. No. 2016-1, 3/1/2016]
As part of this Ordinance, the Borough agrees that the System shall administer and provide the benefits set forth in the Municipal Pension Plan entered into between the Pennsylvania Municipal Retirement Board and the Borough effective March 1, 2016 (the Contract).
[Added by Ord. No. 2016-1, 3/1/2016]
The passage and adoption of this part by the Borough is an official acceptance of the Contract and the financial obligations resulting from the administration of the Contract.
[Added by Ord. No. 2016-1, 3/1/2016]
Payment for any obligation established by the adoption of this part and the Contract shall be made by the Borough in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act. The Borough hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the Contract.
[Added by Ord. No. 2016-1, 3/1/2016]
The Borough intends this Ordinance to be the complete authorization the Contract and it shall become effective and specifically repeal Ordinance Number 2014-1 either immediately or on March 1, 2016, which is the effective date of the contract, whichever is later
[Added by Ord. No. 2016-1, 3/1/2016]
A duly certified copy of this part and an executed Contract shall be filed with the System.
[Added by Ord. No. 2016-1, 3/1/2016]
By adoption of this part, the Borough agrees to terminate, upon the effective date of the Contract, any previously maintained pension plan applicable to its municipal employees and to transfer all assets from any existing plan to offset the established liability and to transfer all liabilities relating to retirement allowances or pensions. Liabilities not so so transferred, whether known or not known at the time of the Borough's enrollment into the System, shall remain with the Borough.