[Adopted 12-26-1972 by Ord. No. 79-1972 (Art. 147 of the 1979 Codified Ordinances)]
[Amended 8-8-1996 by Ord. No. 27-1996]
A. 
Whereas, prior to January 1, 1972, none of the firemen in the five fire companies in the City were City employees; and
B. 
Whereas, certain paid firemen of the five fire companies in the City became City employees as of January 1, 1972; and
C. 
Whereas, pursuant to an award of a Board of Arbitrators dated December 9, 1971, the City is obligated to create and establish a pension plan for the aforesaid paid City firemen to be effective as of January 1, 1972; now, therefore, this article is hereby enacted.
D. 
A Paid Firemen's Pension Fund is hereby created and established for paid City firemen as set forth in this article.
E. 
The Pension Fund shall consist of the following:
(1) 
The contributions from the paid firemen and appropriation of moneys by the City as provided by § 97-53.
(2) 
All bequests, legacies, gifts, donations and all emoluments made to such Pension Fund; and all net income resulting from activities conducted by or under the supervision of the Fire Department with approval of Council.
F. 
Definitions. As used in this article, certain words are defined as follows:
SALARY
Includes regular wages (including personal, sick and vacation days), overtime wages, longevity wages, holiday pay, education benefits and any payment for reimbursement of health premiums.
[Amended 9-29-1987 by Ord. No. 12-1987]
A. 
Effective January 1, 1988, all of the funds, assets, accounts, claims and liabilities of the Paid Firemen's Pension Fund shall be transferred to the City of Chester Aggregated Pension Fund.
B. 
Effective January 1, 1988, the City of Chester Aggregated Pension Fund Board shall act as trustee of the City of Chester Aggregated Pension Fund and shall have legal title to the assets being transferred as aforesaid to such Fund.
C. 
The Fund shall be applied, under such regulations as the Board shall prescribe, for the benefit of the paid City Firemen who receive honorable discharge therefrom by reason of service, age or disability, for the families of retired members who die and for the families of such members as may be killed or who die in the service being eligible for pension at the time of his or her death. All such pensions, as are allowed to those who are retired by reason of disability or of service or age, shall be in conformity with the uniform scale, together with service increments as hereinafter provided. Benefits allowed from the aforesaid pension fund to families of such City Firemen as are killed or who die in service, shall take into consideration the member's widow and his or her minor children under 18 years of age, if any survive.
[Amended 3-20-1985 by Ord. No. 8-1985; 9-29-1987 by Ord. No. 12-1987; 10-21-1987 by Ord. No. 15-1987]
A. 
This article shall apply to all regular salaried paid City firemen who are so employed at the time of the adoption of this section or who may become so employed after the adoption of this section subject to the provisions set forth hereinafter.
B. 
Upon the adoption of this section, it shall be optional with any paid fireman who became a City employee on January 1, 1972, as to whether or not he desires to become subject to the provisions of this article. Such paid firemen shall make their decision within such period of time as is established by the City of Chester Aggregated Pension Fund Board. If any of such paid City firemen desire to become subject to the provisions of this article, he shall signify his decision upon written forms as directed by the City of Chester Aggregated Pension Fund Board.
C. 
Upon the adoption of this section, all paid firemen who became City employees on or after January 2, 1972, or after the adoption of this section, shall be subject to the provisions of this article.
D. 
The service of a paid fireman subject to the provisions of this article shall begin as follows:
(1) 
The service of a paid fireman who became an employee of the City on January 1, 1972, shall begin as of the date on which he signifies his decision to become subject to the provisions of this article in writing as directed by the City of Chester Aggregated Pension Fund Board. If any of the paid firemen desires to have his service begin as of January 1, 1972, he shall signify his decision in writing at the same time that he signifies his decision in writing, to become subject to the provisions of this article, and he shall make such additional contributions to the City of Chester Aggregated Pension Fund as directed by the City of Chester Aggregated Pension Fund Board.
(2) 
The service of a paid fireman who became an employee of the City on or after January 2, 1972, but prior to the adoption of this section, shall begin as of the date of the adoption of this section. If any of such paid firemen desires to have his service begin as of the date on which he became a City employee as a paid fireman, he shall signify his decision in writing as directed by the City of Chester Aggregated Pension Fund Board, and he shall make such additional contributions to the City of Chester Aggregated Pension Fund as directed by the City of Chester Aggregated Pension Fund Board.
(3) 
The service of a paid fireman who becomes a City employee after the adoption of this section shall begin as of the employment date.
E. 
The names of all paid firemen subject to the provisions of this article shall be entered upon the Paid Firemen's Pension roll, which shall be kept by the City of Chester Aggregated Pension Fund Board Secretary. Such roll shall show conclusively the date upon which any member became subject to the provisions of this article, as well as the date upon which such member became a regular salaried paid City fireman.
F. 
In no case shall the service of any paid City fireman subject to the provisions of this article begin prior to January 1, 1972.
G. 
It shall be the duty of the City Fire Administrator to give prompt notice of the passage of this article to all paid firemen presently employed and to all new paid firemen who become employed in the future.
H. 
All members of the paid firemen's pension fund who are contributors and who served in the armed forces of the United States subsequent to September 1, 1940, and who were not members of the paid firemen's pension fund prior to such military service, shall be entitled to have full credit for each year or fraction thereof, not to exceed five years of such service upon their payment to the paid firemen's pension fund of an amount equal to that which they would have paid had they been members during the period for which they desire credit, and their payment to such fund of an additional amount as the equivalent of the contributions of the City plus any interest the City would have been required to pay on the contributions on account of such military service. Any journeyman firefighter who wishes to exercise the foregoing option must do so by payment of the aforesaid amounts in full within such time as established by the City of Chester Aggregated Pension Fund Board.
I. 
With the written approval of the Commonwealth of Pennsylvania, particularly by the Office of the Auditor General, each and every member of the firemen's pension fund who was an apprentice firefighter for a full three-year period shall be entitled to have full credit for each year or fraction thereof, not to exceed three years of such service upon their payment to the firemen's pension fund of an amount equal to that which they would have paid had they been members during the period for which they desire credit, and their payment to such fund of an additional amount as the equivalent of the contributions of the City plus any interest the City would have been required to pay on account of such apprentice service. The City shall send a written request to the Commonwealth of Pennsylvania and particularly the office of the Auditor General seeking its written permission of the foregoing, and the union shall cooperate in all respects to obtain such permission. If approval is obtained from the Commonwealth of Pennsylvania, any journeyman firefighter who wishes to exercise the foregoing option shall do so by payment of the aforesaid amounts in full within such time period as established by the Firemen's Pension Board.
[Amended 9-29-1987 by Ord. No. 12-1987]
A. 
Monthly the City Treasurer shall deduct from the salary or compensation of each paid fireman subject to the provisions of this article, an amount equal to 4% of his total salary or compensation, which shall be applied to the purposes of this article. The City Treasurer is hereby authorized and directed to make deductions and pay the same to himself as Treasurer of the City of Chester Aggregated Pension Fund Board.
B. 
In addition to such deduction, monthly the City Treasurer shall deduct from the salary or compensation of each paid fireman subject to the provisions of this article, an additional amount equal to 1% of his total salary or compensation, which shall be applied to provide sufficient funds for payment to the families of members retired on pension who die, or to the families of members who are killed or who die in service being eligible for a pension at the time of his death. The City Treasurer is hereby authorized to make deductions and to pay the same to himself as the City of Chester Aggregated Pension Fund Board Treasurer.
[Amended 9-29-1987 by Ord. No. 12-1987]
Council shall annually set aside, apportion and appropriate to the Pension Fund, a sum of money not less 0.5% nor more than 3% of all City taxes levied by the City, other than taxes levied to pay interest on or to extinguish the City debt or any part thereof. Council may exceed the limitations imposed by this section if an additional amount is deemed necessary to provide sufficient funds for payments to the families of members retired on pension who die or to the families of members who are killed or who die in the service being eligible for a pension at the time of his death. However, the City shall annually pay into the City of Chester Aggregated Pension Fund not less than 0.5% of all City taxes levied by the City, other than taxes levied to pay interest on or to extinguish the City debt or any part thereof.
[Amended 12-26-1979 by Ord. No. 35-1979; 9-29-1987 by Ord. No. 12-1987]
A. 
Every paid fireman subject to the provisions of this article, who has served for a continuous period of 20 years and has reached the age of at least 50 years, may be retired by Council or may elect to retire on pension from active duty. All paid firemen who became City employees on or after January 2, 1972, shall retire at the age of 65 years. However, any paid fireman who became a City employee on January 1, 1972, may continue his employment after attaining the age of 65 years subject to the following provisions:
(1) 
Upon attaining the age of 65 years and thereafter, such paid firemen shall submit to any and all medical examinations required by Council to ascertain his physical or mental ability to perform the duties of a paid fireman.
(2) 
Upon attaining the age of 65 years and thereafter, if it is ascertained by Council that any of such paid firemen is unable to perform his duties as a paid fireman because of physical or mental disability, his employment shall be terminated by Council.
(3) 
Any paid fireman who has not served for a continuous period of 20 years and who is retired pursuant to the provisions of Subsection A(2) hereof, shall receive a pension, which shall be 2 1/2% of his yearly base salary at the time of retirement multiplied by the number of years of service beginning January 1, 1972, less any unemployment offset required by law. However, such person shall not exceed 50% of his base yearly salary. Such pension payment shall be made on a monthly basis.
B. 
Every paid firemen first hired by the City on or after January 1, 1988, subject to the provisions of this article, who has served for a continuous period of 25 years and has reached the age of at least 55 years, may be retired by Council, or may elect to retire on pension from active duty. All such paid firemen shall retire at the age of 65 years.
C. 
Every paid fireman, who is retired as set forth hereinabove, shall receive the pension compensation fixed by the provisions of this article as set forth hereinafter for the remainder of his life, except as may be limited by Subsection A(3) hereof.
D. 
Every paid fireman who is retired, as set forth hereinabove, shall be subject to service, from time to time, as a firemen's reserve in cases of emergency until unfitted for such service when they may be finally discharged by reason of age or disability.
[Amended 12-16-1981 by Ord. No. 37-1981; 9-29-1987 by Ord. No. 12-1987; 7-17-1991 by Ord. No. 7-1991]
A. 
A paid fireman who becomes physically or mentally incapacitated through disease or ailment and by reason thereof is unable to perform his duties as a paid fireman shall be entitled upon application to the City of Chester Aggregated Pension Fund Board by such fireman or by Council to retire and to receive a pension until death or reinstatement, which shall be 2.5% of his yearly salary multiplied by the number of years of service. However, such pension shall not exceed 50% of his yearly salary.
B. 
A paid fireman who becomes physically or mentally incapacitated through injury received while in the actual performance of his duty, and who by reason thereof is unable to perform his duty as a paid fireman, shall be entitled upon application to the City of Chester Aggregated Pension Fund Board by such fireman or by Council to receive a pension until death or reinstatement. Such pension shall not be paid during the time such fireman receives compensation allowed him by the law relative to worker's compensation. Such pension shall be 70% of his yearly salary.
C. 
To be entitled to retire and to receive a pension as set forth in this section, such paid fireman shall submit to a medical examination by a medical commission composed of three physicians to be selected by the City of Chester Aggregated Pension Fund Board. A majority of the medical commission shall certify that such paid fireman is physically or mentally incapacitated and by reason thereof is unable to perform his duties as a paid fireman.
D. 
At the discretion of the Mayor, the City of Chester Aggregated Pension Fund Board, or upon his own application, a pensioner receiving a pension under the provisions of this section may be examined from time to time by a medical commission composed of three physicians as provided herein. Should a majority of the physicians certify that the pensioner is physically or mentally fit for active service as a paid fireman, the City of Chester Aggregated Pension Fund Board shall certify his fitness for duty to the Mayor. The pension for such paid fireman shall cease to be paid when he is ordered to report to duty by the Mayor.
E. 
The costs of any medical examination required under this section shall be paid out of the City of Chester Aggregated Pension Fund.
[Amended 9-29-1987 by Ord. No. 12-1987; 2-26-2003 by Ord. No. 6-2003]
A. 
Payments of pensions will not be a charge on any fund in the City Treasury or under its control except the City of Chester Aggregated Pension Fund herein provided for. The basis of the pension of a member shall be determined by the monthly salary of the member at the date of retirement, or the highest average annual salary which he received during any five years of service preceding retirement, whichever is the higher, whether for disability, or by reason of age or service, and except as to service increments provided for hereinafter, shall be 1/2 the annual salary of such member at the time of retirement computed at such monthly or average annual rate, whichever is the higher. In the case of the payment of pensions to members for permanent injury incurred in service, as set forth hereinbefore, the amount and commencement of the payment of pension shall be fixed by regulations of the City of Chester Aggregated Pension Fund Board. Such regulations shall not take into consideration the amount and duration of Workmen's Compensation benefits allowed by law.
B. 
Payments of pensions shall not be a charge on any fund in the City Treasury or under its control except the City of Chester Aggregated Pension Fund herein provided for. The basis of the pension of a member first hired by the City on or after January 1, 1988, shall be determined by the average annual salary which such member received during the last five years of service immediately preceding retirement, whether for disability, or by reason of age or service, and except as to service increments provided hereinafter, shall be 1/2 of such average annual salary computed as aforesaid. In the case of the payment of pensions to members for permanent injury incurred in service, as set forth hereinbefore, the amount and commencement of the payment of such pension shall be fixed by regulations of the City of Chester Aggregated Pension Fund Board. Such regulations may take into consideration the amount and duration of Workmen's Compensation benefits allowed by law.
C. 
In addition to the pension which is authorized to be paid from the City of Chester Aggregated Pension Fund and notwithstanding the limitations therein placed upon such pensions and upon contributions, every paid fireman who becomes entitled to the pension shall also be entitled to the payment of a service increment as hereinafter provided:
(1) 
Service increment shall be the sum obtained by computing the number of whole years after having served the minimum required by this article during which a contributor has been employed by the City and paid out of the City treasury and multiplying such number of years so computed by an amount equal to 1/40 of the retirement allowance which has become payable to such contributor in accordance with the provisions of this article. In computing the service increment, no employment after the contributor has reached the age of 65 years shall be included, and no service increment shall be paid in excess of $100 per month.
(2) 
Each contributor, from and after the commencement of his contributions as provided in this article, shall pay into the City of Chester Aggregated Pension Fund a monthly sum in addition to his pension contributions, which sum shall be $1 per month. The City Treasurer is hereby authorized and directed to make such deductions and pay the same to himself as City of Chester Aggregated Pension Fund Board Treasurer. Such service increment contributions shall not be paid after the contributor has reached the age of 65 years.
(3) 
Service increment contributions shall be paid at the same time and in the same manner as pensions and may be withdrawn in full, without interest, by paid firemen who leave the employment of the City, subject to the same conditions by which retirement contributions may be withdrawn, or by persons who retire before becoming entitled to any service increment.
D. 
Council may, at any time, at its discretion, upon the recommendation of the person having custody and management of the City of Chester Aggregated Pension Fund, increase the pension allowances of persons receiving pension allowances of any kind from the City of Chester Aggregated Pension Fund by reason of and after the termination of the services of any member of the City of Chester Aggregated Pension Fund. Such increases shall be in conformity with a uniform scale which may be based on the cost of living, but the total of any such pension allowances shall not at any time exceed 1/2 of the current salary being paid to paid firemen of the highest pay grade.
E. 
A one-time postretirement adjustment be provided to the eligible retired members of the Paid Firemen's Pension Plan, the eligibility and amount of such adjustment to be as provided in Act 64 of 2002, and that such adjustment be retroactive to the first monthly pension benefit paid after June 30, 2002.
A. 
The widow of any paid fireman who has retired on pension or who is killed or dies in the service being eligible for a pension at the time of his death, shall, during her life-time or so long as she does not remarry, receive a pension payment of the amount payable to the paid fireman or which would have been payable had he been retired at the time of his death.
B. 
In the event that the aforesaid paid fireman is not survived by a widow, or is survived by a widow who subsequently dies or remarries, and such paid fireman is survived by a child or children under the age of 18 years, such widow's pension shall be paid equally to such children until they reach their eighteenth birthday. In order to be entitled to such pension payments, such children shall have been dependent upon the paid fireman and shall have resided in the same household of the paid fireman at the time of his death or been supported by such paid fireman in a public or private hospital or nursing home at the time of his death.
[Amended 9-29-1987 by Ord. No. 12-1987]
Whenever any paid fireman becomes entitled to receive a pension from the City of Chester Aggregated Pension Fund, and has been admitted to participate therein, he shall not thereafter be deprived of his right of participation therein upon the basis upon which he first became entitled thereto, except one or more of the following causes: Conviction of a felony or misdemeanor; becoming a habitual drunkard; or failing to comply with some general regulation relating to the management of the City of Chester Aggregated Pension Fund which may be made by the City of Chester Aggregated Pension Fund Board, and which may provide that a failure to comply therewith shall terminate the right to participate in the City of Chester Aggregated Pension Fund. Any termination of a pension shall be only after such due notice and hearing as shall be prescribed by the City of Chester Aggregated Pension Fund Board regulation.
[Amended 9-29-1987 by Ord. No. 12-1987]
A. 
If for any cause, any paid fireman contributing to the City of Chester Aggregated Pension Fund ceases to be a paid City fireman before he becomes entitled to a pension, the total amount of the contributions paid onto the City of Chester Aggregated Pension Fund by such paid fireman shall be refunded in full, without interest. If any such paid fireman has returned to him the amount contributed, and shall afterward again become a paid City fireman, he shall not be entitled to the pension designated until 20 years after his re-employment unless he returns to the City of Chester Aggregated Pension Fund the amount withdrawn, in which event, the period of 20 years shall be computed from the time that the paid fireman first became a paid City fireman, excluding therefrom any period of time during which such paid fireman was not employed by the City in such capacity.
B. 
In the event of the death of a paid fireman before the paid fireman becomes entitled to a pension, as aforesaid, the total amount of the contributions paid into the City of Chester Aggregated Pension Fund by such paid fireman shall be paid to his widow, without interest; and if no widow survives such paid fireman, such payment shall be made to the surviving children of the paid fireman. If such paid fireman is not survived by a widow or family entitled to payments as hereinbefore provided, the total amount of contributions paid into the City of Chester Aggregated Pension Fund by the paid fireman shall be paid over to his estate, without interest.
All pensions and service increments granted under this article or any portion thereof shall be exempt from attachment or garnishment processes and shall not be seized, taken or subject to detainer or levied upon by virtue of an execution of any processes or proceedings whatsoever, issued out of or by any court in this Commonwealth for the payment and satisfaction in whole or in part of any claim, damage or judgement against any such pensioner. No pensioner shall have the right to transfer or assign his pension or any part thereof, either by way of mortgage or otherwise.
[Amended 7-23-2003 by Ord. No. 12-2003]
A. 
The following definitions apply to this section, unless the context requires otherwise, in addition to those definitions or defined terms set forth or used elsewhere in this Article IV:
BOARD
The City of Chester Aggregated Pension Fund Board.
DROP
The deferred retirement option plan established under § 97-62 of this article. The DROP is not a separate pension plan from the Pension Fund described in § 97-49D of this article above, but rather operates as a separate account within the Pension Fund.
DROP ACCOUNT
The total amount credited to an individual DROP Participant due to participation due in the DROP.
DROP BENEFIT
A member's total DROP Account balance as of the date the member separates from active service with the City as a paid fireman.
DROP ENTRY DATE
The effective date of the member's participation in the DROP.
DROP PARTICIPANT
A member who is participating in the DROP.
DROP PERIOD
The duration of a member's participation in the DROP, commencing on the DROP Entry Date and ending on the date the member separates from active service with City as a paid fireman.
B. 
Eligible members of the Pension Fund who elect to participate in the DROP shall make an irrevocable commitment to separate from City service as a paid fireman and retire upon ceasing participation in the DROP, which they must do no later than five years after entering the DROP. Such members remain employees of the City for all other purposes (except that deductions for member Pension Fund contributions cease and the employee no longer accrues additional service credit for Pension Fund purposes) and are not treated as separated from the City during their participation in the DROP. (With respect to a member who make an election to participate in the DROP for 2002 or 2003, any member Pension Fund contributions made prior to such member's DROP Entry Date shall be refunded to the member by the Board as soon as administratively practicable following the member's DROP Entry Date.) However, the determination of the retirement benefit annuity amount under the Pension Fund is made and in-service payment is begun upon entry into the DROP, as if the member had retired with an annuity in pay status then commencing, except payments of that annuity are credited to the member's DROP Account under the Pension Fund subject to certain conditions during the DROP Period, rather than paid to the member directly.
C. 
In order to be eligible to participate in the DROP, a member must be an active employee of the City, and must have attained the normal retirement requirements under the Pension Fund as set forth at § 97-54 of this article above the "Normal Retirement Requirements," on or before the member's DROP Entry Date. In lieu of separating from employment with the City and commencing receipt of a service retirement benefit annuity under the Pension Fund, any such member may enter into the DROP on or after the DROP on or after the date the member satisfies the Normal Retirement Requirements; provided, however, that the member's participation in the DROP shall commence as of the DROP Entry Date determined in accordance with Subsection D below. For participation in the DROP to be effective, the member's application must first be approved by the Board.
D. 
Except as otherwise provided by this section, an election to participate in the DROP is irrevocable. A member's DROP Entry Date shall be the date provided on the member's application, provided that such date may only be the first day of a month and shall not be earlier than 90 days after the date the DROP application is filed with the Board nor earlier than the date of satisfaction of the member's Normal Retirement Requirements, except regarding elections made with respect to calendar year 2002 or 2003, the timing requirements of this sentence shall be waived and members may enroll in the DROP pursuant to uniform rules and regulations promulgated by the Board.
E. 
Credits to a DROP Participant's DROP Account consist of the sum of:
(1) 
A monthly amount equal to the member's normal accrued monthly service retirement benefit annuity under the Pension Fund determined as of the member's DROP Entry Date; plus
(2) 
Interest on the member's DROP Account balance computed at a rate determined by the Board. The initial annual interest rate shall be 0.0% upon the effective date of this article and shall be reviewed not less frequently than annually by the Board at the beginning of each year. The Board may adjust the interest rate prospectively following such review, provided that:
(a) 
The rate selected shall not exceed 12% and shall not be below 0.0%; and
(b) 
The rate selected shall not be more than 3% points lower than the actual rate of return of Fund assets during the previous year.
F. 
Credits to a member's DROP Account shall begin on the participant's DROP Entry Date and shall continue until the DROP Participant separates from active service with the City as a paid firemen, provided that such separation must be no later than five years after the DROP Entry Date. Amounts are creditable for partial crediting periods of not less than one month each. Credits may not be made to a member's DROP Account for any period of time that occurs after the member separates from active service with the City as a paid fireman.
G. 
The DROP Accounts shall not be segregated from other assets of the Pension Fund.
H. 
Upon a member's entry into the DROP, member contributions made to the Pension Fund under § 97-52 of this article above on behalf of that member shall cease for duration of the DROP Period.
I. 
A DROP Participant who separates from active service with the City as a paid fireman is entitled to receive the member's DROP Benefit in a single sum. In addition, upon the effective date of such separation from service, the member shall be deemed retired, and become eligible to receive a service retirement benefit annuity under the Pension Fund, in the monthly amount calculated pursuant to § 97-54 of this article above.
J. 
Once entering the DROP, the member continues to be a DROP Participant until separation from City service as a paid fireman, at which point the member is deemed retired. A retiree may be rehired by the City as a paid Participant who is re-hired by the City as a paid fireman may be eligible to again participate in the DROP.
K. 
Upon the death of a DROP Participant while enrolled in the DROP, the member's total DROP Account balance at the date of death shall be added to any benefit payable under § 97-57 of this article above and be payable to the beneficiary or beneficiaries as determined under that section.
L. 
DROP Participants are not eligible for an ordinary disability retirement under § 97-55A of this article above. If a DROP Participant becomes disabled and does not meet the requirements for a service-connected disability retirement benefit, that DROP Participant shall be terminated from the DROP and separated from service with the City to commence a service retirement benefit annuity under the Pension Fund and to receive the DROP Benefit, as provided in § 97-62I of this article.
M. 
If a DROP Participant applies for, and the Board grants, a service connected disability retirement benefit under § 97-55B of this article above, the member shall be terminated from the DROP and separated from service with the City to begin a service connected disability retirement benefit annuity and to receive the DROP Benefit, as provided in § 97-62I of this article, with the service-connected disability retirement benefit being based on the compensation and service levels as determined at the DROP Entry Date.
N. 
Upon entry into the DROP, a member's service level is frozen for purposes of the Pension Fund. Therefore, a DROP Participant is not eligible to purchase any past service credit under the Pension Fund; provided, however, that a DROP Participant may complete any installment or other method of purchase within the parameters of § 97-51H and I of this article above.
O. 
The DROP shall operate as a cost-neutral benefit. The Board shall conduct an actuarial study of the financial impact of the DROP on the Pension Fund as of the fourth anniversary of the effective date of this article.
P. 
The Board may, by regulation, provide for additional details of implementation and interpretation of this section.
Q. 
The provisions of this article shall become effective as of January, 1, 2002.