A Pension Advisory Committee is hereby established for the purpose of developing recommendations and advising the Council of the Borough of West Reading (hereinafter referred to as the "Borough") on matters involving or related to the investment and management of the funds and assets of the Borough pension funds and the administration of the Borough pension plans (hereinafter collectively the "pension plans"). The aforesaid Borough Pension Advisory Committee shall be known as the "West Reading Pension Plan Advisory Committee" (hereinafter the "Committee").
[Adopted 9-19-2023 by Ord. No. 1174]
A.
The Committee shall consist of not less than eight members, as follows:
(1)
Two of whom shall be duly elected or appointed Council members serving in such a position, to be selected by the Council.
(2)
One of whom shall be a member of the Borough police bargaining unit, to be recommended by the Borough police bargaining unit and confirmed and approved by the Council.
(3)
One of whom shall be a duly appointed member of the Borough Civil Service Commission serving in such a position, to be recommended by the Civil Service Commission and confirmed by the Council.
(4)
One of whom shall be a duly appointed member of the Public Works Department.
(5)
One of whom shall be the duly appointed Borough Manager of the Borough (hereinafter the "Borough Manager").
(6)
One of whom shall be the duly appointed Borough Treasurer of the Borough (hereinafter the "Borough Treasurer").
(7)
One of whom shall be the elected or appointed Mayor.
B.
The Committee shall delegate a Chairman of the Committee.
The terms of office for members of the Committee shall be two years, provided that any member of the Committee who was selected and is serving as a member of the Committee pursuant to § 72-21A(2) of this article shall cease to be a member of the Committee on the last day of such member's employment with the Borough, and provided further that any member of the Committee who was selected and is serving as a member of the Committee pursuant to § 72-21A(3) of this article shall cease to be a member of the Committee on the day such member ceases to serve as a member of the Borough Civil Service Commission, and provided further that any member of the Committee who shall also be a member of the Council shall cease to be a member of the Board on the day such member ceases to hold office as a Council member. Members may be reappointed or reelected. Vacancies on the Committee shall be filled in the same fashion in which the previous occupant of the vacant member office was selected. Members of the Committee shall serve at the will and pleasure of the Council during their respective terms and may be removed by the Council with or without cause.
Members of the Committee shall serve as such without compensation.
The Borough Manager shall serve as the Secretary of the Committee and shall keep minutes of the Committee's proceedings, votes, recommendations to the Council and all dates, records and documents pertaining to the Committee's activities regarding the pension plans. Annually, or more frequently as and when requested by the Council, the Committee shall report to the Council summarizing the activities of the Committee during the past year and the then-current recommendations of the Committee regarding the pension plans.
The action of the Committee shall be determined by the vote or other affirmative expression of a majority of its members. All actions of the Committee shall be certified by its Chairman and attested to by its Secretary. No member of the Committee shall vote on any matter in which he has a personal interest; provided, however, that Committee members who are also pension plan beneficiaries shall not be deemed to have a conflict of interest. In this respect, the Committee and its members shall comply with the requirements of the Pennsylvania Public Official and Employee Ethics Law, Act No. 170 of 1978, as amended from time to time.[1]
[1]
Editor's Note: See 65 Pa.C.S.A. § 1101 et seq.
The Committee shall meet at a minimum of once every year and at other times at the call of the Chairman or Secretary, at the request of the majority of Committee members, or at the request of the Council. The Committee and its members shall comply with the requirements of the Sunshine Act, Act No. 84 of 1986, as amended from time to time.[1]
[1]
Editor's Note: Act 84 was repealed 10-15-1998 by P.L. 729, No. 93. See now 65 Pa.C.S.A. § 701 et seq.
The role of the Committee shall be that of advisor to the Council. Therefore, the Committee shall have the following responsibilities:
A.
To provide advice and guidance to the Council regarding the investment and management of the funds and assets held in the pension plans.
B.
To provide advice and guidance to the Council regarding the employment and compensation of investment advisors, actuaries, accountants, trustees, and other professionals rendering services in connection with the pension plans.
C.
To provide advice and guidance to the Council regarding the administration of the pension plans, including without limitation the establishment and modification of benefits, the award or denial of benefits to pension plan beneficiaries, actuarial matters and such other pension plan issues and questions as the Council may direct.
D.
When necessary, to examine and review documentation regarding and relating to the pension plans in furtherance of the Committee's responsibilities described in this article, including all pension plan documents, relevant employment records and information regarding pension plan beneficiaries (except such employment records and information as would not otherwise be made available by the Borough as a public record), actuarial and investment information regarding the pension plans and all reports and returns filed with governmental authorities regarding the pension plans.
No member of the Committee shall be liable for any act or omission of any other member of the Committee, nor for any act or omission on his own part, except only his own willful misconduct. The Borough shall indemnify and save harmless each member of the Committee against all expenses, claims or liabilities arising from his or her membership on the Committee, except only expenses and liabilities arising out of the Committee member's own willful misconduct. Members of the Committee shall serve without bond.