A. 
For each Plan Year the Township shall contribute an amount which, when added to the State Aid and forfeitures to be allocated, equals 8 1/2% of the Compensation of each Participant who is credited with a Year of Service for that Plan Year.
B. 
General Municipal Pension System State Aid, or any other amount of State Aid, received in accordance with the Act, which is deposited into the Pension Plan, shall be applied against the annual obligation of the Township for current costs of the Plan.
C. 
Forfeitures may be used to pay Plan expenses. Any amount remaining after the payment of expenses shall be used to reduce the amount of the Employer contribution. If there are any forfeitures left after the allocation in Subsection A, they will be allocated among the accounts of Participants eligible for allocations under subsection in proportion to the Compensation of such Participants.
Effective as of January 1, 2007, Participants are neither permitted nor required to contribute. [Historical Note: As of January 1, 2007, the Trust held no amount attributable to a Participant contribution.]
The Plan Administrator shall, for bookkeeping purposes, establish a separate account for each Participant. Rollover and transfer amounts shall be accounted for separately from Employer contributions.
A. 
As of each Valuation Date, the Administrator shall add to each account:
(1) 
The proportionate share of any investment earnings and increase in fair market value since last Valuation Date;
(2) 
Where applicable, any rollover or transfer contributions made by the Participant; and
(3) 
Any payment of amounts previously paid out to a Participant upon a separation from service and repaid by the Participant since the last Valuation Date.
B. 
The Administrator shall deduct from each account:
(1) 
The proportionate share of any decrease in fair market value of the Account since last Valuation Date;
(2) 
The proportionate share of any expenses paid from Plan assets; and
(3) 
Any withdrawals or payments made from the Account since the last Valuation Date.
C. 
The Plan Administrator may segregate accounts of former employees and value them separately.
D. 
Notwithstanding the above, to the extent that any trust assets are invested through any arrangement with a bank, trust company, insurance company, or other investment organization, accounts shall be valued and gains, losses, costs, and expenses shall be allocated (but not less frequently than annually) in accordance with the terms of the applicable investment contract or arrangement. As of the effective date of this restatement, Participants had the right to direct the investment of their accounts, and accounts were valued daily.
A. 
Acceptance by Trustee. The Trustee may accept a rollover amount (including a direct rollover) from another qualified trust or an IRA on behalf of a Participant as permitted under the Code. A rollover must take place within the 60-day period immediately following the date on which the Participant received the rollover amount. The Trustee may require of the Participant such assurances and representations as it may deem necessary.
B. 
Rollover accounts. Any rollover amount accepted under Subsection A shall be held in a separate rollover account, and such account shall at all times be 100% vested. Rollover accounts shall be distributable to a Participant (or beneficiary) at the same time and in the same manner as the account attributable to Employer contributions.
C. 
After-tax contributions. Notwithstanding the above, the Trustee may not accept any rollover amount that includes after-tax contributions.