The City hereby establishes a single Pension Trust Fund to be known as the "City of Chester Aggregated Pension Fund" which shall be the funding mechanism for the Police Pension Fund, for the Paid Firemen's Pension Fund and for the Officers and Employees Optional Retirement System. Upon the effective date of this article, all of the funds, assets, accounts, claims and liabilities of the Police Pension Fund, Paid Firemen's Pension Fund and Officers and Employees Optional Retirement System shall be transferred to the City of Chester Aggregated Pension Fund; and, the City of Chester Aggregated Pension Fund Board hereinafter created shall assume, administer and control the City of Chester Aggregated Pension Fund and the existing retirement system and the new retirement system for employes hired subsequent to the effective date of this article for each of the aforesaid three pension plans pursuant to the provisions of Act 205 of 1984 known as "The Municipal Pension Plan Funding Standard and Recovery Act."[1]
[Adopted 9-29-1987 by Ord. No. 11-1987 (Art. 142 of the 1979 Codified Ordinances)]
Each of the aforesaid three pension plans, to wit, the Police Pension Fund, the Paid Firemen's Pension Fund and the Officers and Employees Optional Retirement System, shall have an undivided participation in the assets of the City of Chester Aggregated Pension Fund. For accounting purposes, the value of the participation by each of the aforesaid three pension plans shall be calculated annually. The value of the participation of each of the aforesaid three pension plans for each year subsequent to the aggregation of the aforesaid pension assets shall be that portion of the total value of the Aggregated Pension Fund which bears the same relationship that the value of the participation of each of the aforesaid pension plans, as of the close of the preceding year plus the contributions received by the Fund with respect to that pension plan during the year and reduced by the amount of retirement benefits paid from the Fund to benefit recipients of that pension plan during the year, bears to the total value of all participation in the Fund as of the close of the preceding year plus the total contributions received by the Fund during the year and reduced by the total amount of retirement benefits paid for all benefit recipients during the year.
[Amended 12-6-1989 by Ord. No. 20-1989; 1-22-2025 by Ord. No. 13-2025]
The City hereby establishes the City of Chester Aggregated Pension Fund Board to act as trustee of the Aggregated Pension Fund and, upon the effective date of this article and thereafter, the Board shall have legal title to the assets in the Fund. The Board shall consist of 11 members and shall be composed of the following:
A.
The Mayor or his/her designee;
B.
The City Chief of Staff;
C.
The City Chief Financial Officer;
D.
The City Director of Human Resources;
E.
The City Controller;
F.
The City Treasurer;
G.
Two members elected by the active membership of the Paid Firemen's Pension Fund;
H.
Two members elected by the active membership of the Police Pension Fund; and
I.
One member elected by the active membership of the Officers and Employees Optional Retirement System.
[Amended 1-22-2025 by Ord. No. 13-2025]
The term of office of the Mayor or his/ her designee, of the City Chief of Staff, of the City Chief' Financial Officer, of the City Director of Human Resources, of the City Controller, and of the City Treasurer shall be concurrent with his, her, or their tenure of office as such designated public officials. The term of office of the two members elected by the active membership of the Paid Firemen' s Pension Fund, of the two members elected by the active membership of the Police Pension Fund, and of the one member elected by the active membership of the Officers and Employees Optional Retirement System shall be for a period of two years with the initial term for each beginning upon the effective date of this article; and any vacancies in such membership, by reason of retirement, voluntary or involuntary termination of employment, death or otherwise, shall be filled as aforesaid for the balance of the unexpired term.
[Amended 12-6-1989 by Ord. No. 20-1989; 1-22-2025 by Ord. No. 13-2025]
Subject to the requirements of Act 396 of 2009 known as "The Municipal Pension Plan Funding Standard and Recovery Act":[1]
A.
The Mayor shall be the Chairperson of the City of Chester Aggregated Pension Fund Board, the City Chief Financial Officer shall be the Vice-Chairperson thereof, the City Controller shall be the Secretary thereof, and the City Treasurer shall be the Treasurer thereof.
B.
The members of the Board shall receive no additional compensation for his, her or their services performed under the provisions of this article.
C.
The Board shall keep full and accurate accounts of all of its transactions and the minutes of all of its meetings.
D.
The Board shall have the full power to make rules and regulations for the transaction of its business and for the application and investment of the City of Chester Aggregated Pension Fund subject as aforesaid and subject to any other applicable laws of the Commonwealth of Pennsylvania and ordinances of the City.
E.
During each calendar year, the Board shall hold one regular meeting on a stated date and at a stated time and place that the Board designates with the initial and first meeting being held on a date, and at a time and place as designated by the Mayor or his/her designee. Special meeting shall be held upon the call of the Chairperson or upon written request of four members of the Board. All meeting, whether regular or special, shall be open to the public.
F.
A majority of the Board's members shall constitute a quorum and a majority vote of those present shall be sufficient to carry any motion before the Board.
G.
As required by law, each and every year, the Board shall prepare a full and detailed statement of all receipts to and disbursements from the Fund during the preceding calendar year and shall present the same to Council.
H.
All checks drawn against the Fund shall be signed by the Board's Chairperson and countersigned by the Board's Secretary and Treasurer or by any two of the aforesaid three officers of the Board if one of such officers is unavailable for any reason.
I.
In the absence of the Chairperson, the Vice-Chairperson shall act as Chairperson during such period of absence.
J.
The Board's Chairperson, Vice-Chairperson, Treasurer and Secretary shall give a surety bond to the City, in an amount as Council determines by resolution, for the faithful performance of their duties to safekeep, account for and pay over all moneys received by them pursuant to the provisions of this article and any other applicable ordinances. The bond premium shall be paid out of the funds of the Fund.
K.
All expenditures necessary for the transaction of business of the Board shall be paid from the funds of the Fund. No money shall be paid out of the Fund except for the purposes permitted under the applicable laws of the Commonwealth of Pennsylvania and the applicable ordinances of the City.
The City of Chester Aggregated Pension Fund Board shall hold, receive, distribute, administer and control the funds and moneys of the City of Chester Aggregated Pension Fund for the purpose of benefits for and pensioning of members of the Police Pension Fund, Paid Firemen's Pension Fund and Officers and Employees Optional Retirement System, as well as the widows and/or children of such members when applicable, pursuant to the requirements of Act 205 of 1984 known as "The Municipal Pension Plan Funding Standard and Recovery Act."
The City of Chester Aggregated Pension Fund Board is authorized to receive by gift, grant, devise or bequest any money or property for the benefit of the City of Chester Aggregated Pension Fund. The care, management, investment and disposal of such funds or properties shall be vested in the Board subject to such directions, not inconsistent herewith, as the donors of such funds and property may prescribe.