[Adopted 8-30-2021 by Ord. No. 515]
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[1] 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.
[1]
Editor's Note: See Art. II, Nonuniformed Employees Pension Plan.
All ordinances, or parts of ordinances, inconsistent with the provisions of this article are hereby repealed.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).[1]
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
D. 
Any other sums to the extent authorized by law and with prior approval of the Board of Commissioners.
A. 
Plan administrators.
(1) 
Plan administrator. The Township shall be the administrator of the Plan.
(2) 
Pension Committee. The general administration and management of the Plan shall be under the direction of the Pension Committee as set forth in § 43-15 of the Code of the Township of Upper Pottsgrove, as amended.
(3) 
Trustee. The Plan shall be under the direction of the trustee as set forth in § 43-15 of the Code of the Township of Upper Pottsgrove, as amended.
B. 
The Upper Pottsgrove Township Nonuniformed Employees Defined Contribution Retirement Plan is a program of benefits under the Nonuniformed Employees Pension Plan. All of the assets of the Nonuniformed Employees Pension Plan shall be held by the trustee(s) as a single plan and trust in accordance with the terms of the Nonuniformed Employees Pension Plan, including the terms of the Nonuniformed Employees Defined Contribution Plan, which is a part thereof.
C. 
The expense of administering this Plan, including compensation of any actuary, any custodian of the Plan, and any other charges or expenses related thereto, exclusive of the payment of benefits, may be paid by the Township or by the Plan as determined by the governing body of the Township.