[Adopted 12-21-2020 by Ord. No. 2020-03]
East Greenville Borough ("Borough") hereby elects to establish a Police Pension Plan for its police officers to be administered by 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"). 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.
As part of this article, the Borough agrees that the System shall administer and provide the benefits set forth in the East Greenville Borough Police Pension Plan entered into between the Pennsylvania Municipal Retirement Board and the Borough effective as of the date specified in the adoption agreement.
The Borough acknowledges that by passage and adoption of this article the Borough officially accepts the provisions of the base plan document and the associated adoption agreement (collectively referred to as the "Plan") and the financial obligations resulting from the administration of the Plan.
Payment for any obligation established by the adoption of this article and the Plan shall be made by the Borough in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act.[1] The Borough hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the Plan.
[1]
Editor's Note: See 53 P.S. § 881.101 et seq. and 53 P.S. § 895.101 et seq., respectively.
The Borough intends this article to be the complete authorization of the Plan and the Plan shall become effective on the Plan effective date specified in the adoption agreement.
A duly certified copy of this article and the executed Plan shall be filed with the System as soon as administratively feasible after their execution.
The Borough hereby acknowledges that an affirmative vote representing at least 75% of the plan members approved the establishment of the contract with the System.
The terms, conditions and provisions of this article are hereby declared to be severable, and, should any portion, part or provision of this article be found by a court of competent jurisdiction to be invalid, non-enforceable or unconstitutional, the Council hereby declares its intent that the article shall have been enacted without regard to the invalid, non-enforceable, or unconstitutional portion, part or provision of this article.
Any and all other ordinances or parts of ordinances in violation or in conflict with the terms, conditions and provisions of this article are hereby repealed to the extent of such irreconcilable conflict.
This article shall become effective immediately.