Except to the extent required by law, the Township acknowledges that, so long as the non-managerial police officers of the Township are represented by a union, the Township does not have a unilateral right to modify the benefit structure of its police Act 600 pension plan. The Township also acknowledges its obligation to amend the Police Pension Plan Ordinance and Plan document, from time to time, as required by the results of collective bargaining and/or Act 111 arbitration, so that these conform to the collective bargaining agreement. If, in amending either the pension ordinance or the Plan document, an error is made which causes the benefit structure described in either the ordinance or the Plan to differ from the benefit structure produced through the course of collective bargaining/Act 111 arbitration, the benefit structure reflected in the latter document(s) shall prevail. Amendments to the Plan may be made by ordinance or resolution.
Subject to any collective bargaining or state law limitations, the Employer shall have the power to terminate this Plan in its entirety at any time by an instrument in writing executed in the name of the Employer.
Subject to the provisions of Act 205 governing financially distressed municipalities, the liability of the Employer to make contributions to the Plan shall automatically terminate upon liquidation or dissolution of the Employer, upon its adjudication as a bankrupt or upon the making of a general assignment for the benefit of its creditors.
All assets attributable to the terminated Plan shall be distributed and disposed of in accordance with the provisions of applicable law and the terms of any instrument adopted by the Employer which effects such termination.
If all liabilities to vested Participants and any others entitled to receive a benefit under the terms of the Plan have been satisfied and there remain any residual assets in the Plan, such residual assets remaining shall be returned to the Employer insofar as such return does not contravene any provision of law, and any remaining balance, in excess of Employer contributions, shall be returned to the Commonwealth.
In the event of the discontinuance and termination of the Plan as provided herein, the Employer shall dispose of the Plan assets in accordance with the terms of the Plan and applicable law; at no time prior to the satisfaction of all liabilities under the Plan shall any part of the corpus or income of the Plan, after deducting any administrative or other expenses properly chargeable to the Plan, be used for or diverted to purposes other than for the exclusive benefit of the Participants in the Plan, their Beneficiaries or their estates.