A defined contribution retirement plan, entitled the "Upper
Pottsgrove Township Nonuniformed Employees Defined Contribution Retirement
Plan" (the "Plan"), is established as a program of benefits under
the Nonuniformed Employees Pension Plan for the benefit of certain full-time nonuniformed employees
of the Township hired on or after September 1, 2021, and is hereby
ratified and approved and the same is incorporated herein by reference
to the same. A copy of the Plan is attached to this article, marked
as "Exhibit A," in substantially final form and shall remain on file
in the Township office. The Plan requires both a Township and employee
contribution with total vesting to occur on a graduated basis of not
more than six years.
All ordinances, or parts of ordinances, inconsistent with the
provisions of this article are hereby repealed.
This article shall become effective on September 1, 2021.
This Plan is a program of benefits under the Nonuniformed Employees
Pension Plan and is to be funded and maintained by any of the following
methods, or a combination of each:
A. Contributions
from the general fund of the Township which may be required after
appropriate approval of the Board of Commissioners.
B. Contributions
by Plan participants made on an after-tax basis which are "picked
up" by the Township pursuant to Section 414(h)(2) of the Internal
Revenue Code of 1986, as amended.
C. State aid
received pursuant to the Municipal Pension Plan Funding Standard and
Recovery Act (Act of 205 of 1984).
D. Any other
sums to the extent authorized by law and with prior approval of the
Board of Commissioners.