[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.
Appropriation is hereby continued and made from
the proper fund or funds of the Township in the necessary amount to
pay into the trust fund 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.
