[Adopted 2-16-1966 by Ord. No. 1503; amended in its entirety 7-16-2008 by Ord. No. 3858]
A Police Pension Fund (hereinafter referred to as the "fund") originally effective as of February 20, 1957, and established by Ordinance No. 1503 for the benefit of eligible members of the police force of the Township pursuant to Act No. 600, approved May 29, 1956, P.L. 1804,[1] is hereby continued, as amended from time to time, to be maintained by:
A. 
A charge against each member of the police force.
B. 
Annual appropriations by the Township.
C. 
Payments made by the State Treasurer to the Township Treasurer from the moneys received from taxes paid upon premiums by foreign casualty insurance companies for the purposes of pensions and retirement for policemen.
D. 
Gifts, grants, devises or bequests granted to this Police Pension Fund.
[1]
Editor's Note: See 53 P.S. § 767 et seq.
A. 
The Police Pension Fund created by this article shall be managed and administered by five individual trustees, three of whom shall be appointed by the President of the Board of Commissioners, subject to confirmation by the Board. The fourth trustee shall be the Township Manager, who shall serve ex-officio with all the rights and duties of a trustee. The fifth trustee shall be an active police bargaining unit member to be appointed annually by the Lower Merion Township Fraternal Order of Police. Initially, one trustee shall be appointed to serve for one year, one for two years and one for three years. Thereafter, each trustee shall be appointed for a three-year term. The five trustees may, with the approval of the Board of Commissioners, appoint a corporate fiduciary to act with them as a cotrustee. The trust shall be managed and administered under an appropriate deed of trust to be prepared by the Township Solicitor and approved by the Board of Commissioners.
B. 
Plan administrator.
(1) 
The Township Manager shall be the plan administrator to handle the day-to-day operation of the plan, including the expenditure of the plan's funds for the benefit of its participants. The Township Manager may serve through a designee appointed by him, unless the Board of Commissioners shall appoint another individual or entity.
(2) 
The plan administrator or designee shall keep minutes of the Board of Trustees' proceedings and all dates, records, and documents pertaining to the trustees' administration of the fund.
A. 
The plan for the Police Pension Fund as amended and restated is presently on file in the office of the Township Manager and shall remain on file there, together with any amendments thereto adopted by the Board of Commissioners of the Township.
B. 
Inspection. The plan shall remain on file in the office of the Township Manager and shall be open to inspection during usual business hours by members of the police force and the public.
The Township Manager is hereby authorized to continue or establish a system of payroll deductions necessary for the administration of the plan.
The Board of Commissioners reserves the right to amend or modify the plan at any time; provided, however, that any such action shall not adversely affect the previously acquired rights of any participant in the plan, nor shall it be in violation of the Township's contractual or statutory obligations.
The expenses of management and administration of the fund, including the compensation of the trustees and the actuary, shall be paid by the Police Pension Fund to the extent allowable by law.