[Adopted 2-10-2000 by Ord. No. 295]
Schwenksville Borough, being a member municipality
of the Pennsylvania Municipal Retirement System, hereby elects to
change its police pension benefits in that System as authorized by
the Pennsylvania Municipal Retirement Law, as amended, and does hereby agree to be bound by all the requirements
and provisions of the Law, and to assume all obligation, financial
and otherwise, placed upon member municipalities by said Law. All
references hereafter shall be based on benefits negotiated between
the Board and the municipality under the provisions of Article IV
of the Pennsylvania Municipal Retirement Law.
Membership in the Pennsylvania Municipal Retirement
System shall be mandatory for all full-time police officers of the
Borough. Membership for elected officials and employees hired on a
temporary or seasonal basis is prohibited, as is membership for individuals
paid only on a fee basis.
Credit for prior service for original members
is granted for each year or partial year thereof that the member was
employed by the Borough from original date of hire or the expiration
of the member's probationary period if one so existed. Benefits provided
to members in the agreement dated February 10, 2000, shall accrue
based on all credited service granted and earned in accordance with
this section.
Payment for any obligation established by the
adoption of this article and the agreement between the System and
Schwenksville Borough shall be made by the Borough in accordance with
the Pennsylvania Municipal Retirement Law and Act 205 of 1984, the Municipal Pension Plan Funding
Standard and Recovery Act.
As part of this article, the Borough agrees
that the System shall provide the benefits set forth in the agreement
between the Board and Schwenksville Borough, dated February 10, 2000.
The passage and adoption of this article by Schwenksville Borough
is an official acceptance of said agreement and the financial obligations
resulting from the administration of said benefit package. Schwenksville
Borough hereby assumes all liability for any unfundedness created
due to the acceptance of the benefit structure outlined in the above-referenced
agreement.
Schwenksville Borough intends this article to
be the complete authorization of the Borough's police pension plan
and therefore specifically repeals the previous agreement and Ordinance
Number 244.
A duly certified copy of this article and the
referenced agreement shall be filed with the Pennsylvania Municipal
Retirement System of the Commonwealth of Pennsylvania. Membership
for the police pension plan of Schwenksville Borough in the Pennsylvania
Municipal Retirement System shall be effective the first day of September
1990, with the revised plan structure reflected in the agreement dated
February 10, 2000, effective the first day of January, 2000.
[Adopted 3-10-2016 by Ord. No. 384]
Fulltime Borough Employees are authorized to participate in
and be eligible to establish Simple IRA Retirement Plans and that
the Borough shall agree to match up to 3% of employees gross annual
pay.