[Adopted 4-20-1977 by Ord. No. 1791]
[Amended 1-17-2007 by Ord. No. 3805]
A. 
Continuation of plan. The Employee Retirement Plan of the Township of Lower Merion (hereinafter referred to as the "plan") originally established by Ordinance No. 1041 for the benefit of eligible employees of the Township is hereby continued, as amended from time to time.
B. 
Effective date of the plan. The plan originally became effective as of October 1, 1947.
A. 
Continuation of agreement. The agreement presently on file in the office of the Township Manager, together with any amendments thereto agreed upon by the Board of Commissioners of the township, is hereby continued.
B. 
Agreement to remain on file. Said agreement shall remain on file in the office of the Township Manager and shall be open to inspection during usual business hours by township employees 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 annuity purchase funds for the administration of the plan.
[Amended 4-20-1983 by Ord. No. 2026; 8-2-2000 by Ord. No. 3579; 1-17-2007 by Ord. No. 3805]
A. 
Board of Trustees. The plan shall be managed and administered by a Board of Trustees comprised of five individuals. Three trustees (the “Board Trustees”) shall be appointed by the Board of Commissioners. Initially, one Board Trustee shall be appointed to serve for one year, one for two years, and one for three years. Thereafter, each Board Trustee shall be appointed for a three-year term. The fourth Trustee shall be the Township Manager, who shall serve ex officio with all rights and duties of a Trustee. The fifth Trustee shall be an active Workers' Association bargaining member to be appointed annually by the Lower Merion Township Workers' Association. The fund shall be managed and administered under an appropriate deed of trust 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.