[Adopted 12-14-2006; amended in its entirety 2-19-2009 by Res. No.
2009-002]
There is hereby established a pension plan for
all non-police employees of the Township of Kidder, County of Carbon,
Pennsylvania; a pension plan for all of said persons who work full
time at least twenty-four hours per week and who are permanent employees.
Said persons would be eligible for said pension
benefits after 10 years of service as employees and at age 65, whichever
is the later date, but not sooner than at age 65.
The pension benefits shall consist of 1% of
the final average monthly salary, averaged over the final 36 months
of employment, multiplied by the years of service at retirement.
Said pension benefits shall vest at 100% after
eight years of continuous service as an employee for the Township,
and said employee shall be entitled thereto upon retirement and after
said 10 years of service or at age 65, whichever is the later date,
but cannot receive any such benefits until at least age 65.
Upon retirement, the standard form of annuity
shall be a life annuity.
Under this article the Township has elected
to participate in the Pennsylvania Municipalities Pension Trust established
for the benefit of the employees of the participating municipalities
of Pennsylvania and the terms and conditions of the trust instrument
entered into to effectuate such plans. Said plan is effective January
1, 2007. This article shall become effective February 19, 2009.
[Added 12-20-2012 by Ord. No. 155[1]]
Where positions covered by the fund are included in an agreement
under the Federal Social Security Act, the participants shall pay
into the fund 2 1/2% and/or such other amount as maybe determined
from time to time by the Supervisors of the Township of Kidder by
appropriate resolution enacted by the Board of Supervisors, on that
portion of the monthly compensation on which Social Security benefits
are payable.
[1]
Editor's Note: This ordinance provided for an effective date
of 1-1-2013.
