[Adopted 8-1-1996 by Ord. No. 502]
Sinking Spring Borough hereby elects to enroll its police officers in the Pennsylvania Municipal Retirement System, as authorized by the Pennsylvania Municipal Retirement Law, Act 15 of 1974, as amended, with the express purpose of having the Pennsylvania Municipal Retirement System administer the retirement plan established by the Borough for its police officers. The Borough does hereby agree to be bound by all the requirements and provisions of said law and to assume all obligations, financial and otherwise, placed upon member municipalities. All references hereafter shall be based on benefits negotiated between the Board[1] and the municipality under the benefits negotiated between the Board and the municipality under the provisions of Article IV of the Pennsylvania Municipal Retirement Law.
[1]
Editor's Note: The Pennsylvania Municipal Retirement Board.
Membership in the Pennsylvania Municipal Retirement System shall be mandatory for all full-time police officers of the Borough. Membership for elected officials and employees hired on a temporary or seasonal basis is prohibited, as is membership of individuals paid only on a fee basis.
[Amended 9-3-1998 by Ord. No. 508]
Credit for prior service for original members is granted for each year or partial year thereof that the member was employed by the Borough from original date of hire. Benefits provided to members in the agreement dated August 1, 1996, shall accrue based on all credited service granted and earned in accordance with this section.
Payment for any obligation established by the adoption of this article and the agreement between the System and Sinking Spring Borough shall be made by the Borough in accordance with the Pennsylvania Municipal Retirement Law and Act 205 of 1984, the Municipal Pension Plan Funding Standard and Recovery Act.
As part of this article, the Borough agrees that the System shall provide the benefits set forth in the agreement between the Board and Sinking Spring Borough, dated August 1, 1996. The passage and adoption of this article by Sinking Spring Borough is an official acceptance of said agreement and the financial obligations resulting from the administration of said benefit package. Sinking Spring Borough hereby assumes all liability for any unfundedness created due to the acceptance of the benefit structure outlined in the above-referenced agreement.
By adoption of this article the Borough agrees to terminate, upon the effective date of membership in the Pennsylvania Municipal Retirement System, any previously maintained municipal pension program applicable to those employees identified as members in § 32-7 of this article and to transfer any assets from any existing plan to offset the established liability. Sinking Spring Borough also acknowledges that an affirmative vote representing at least 75% of the plan members indicated the members were in agreement with the establishment of the plan with the Pennsylvania Municipal Retirement System.
Sinking Spring Borough intends this article to be the complete authorization of the Borough's police pension plan, and it shall become effective and specifically repeals Ord. Nos. 426, 462, 465, 472, 489 and 490 either immediately or on September 1, 1996, which is the effective date of the agreement dated August 1, 1996, between the Pennsylvania Municipal Retirement System and Sinking Spring Borough, whichever is later.
A duly certified copy of this article and the referenced agreement shall be filed with the Pennsylvania Municipal Retirement System of the Commonwealth of Pennsylvania. Membership for the police pension plan of Sinking Spring Borough in the Pennsylvania Municipal Retirement System shall be effective the first day of September, 1996.