[Amended 11-2-2009 by Ord. No. 259-2009; 12-28-2009 by Ord. No. 260-2009]
A. Payments by participants. All participating members
of the Township of Bern nonuniformed pension fund shall pay into the
nonuniformed pension fund created by this article that percentage
of his monthly compensation as shall from time to time be established
by the Board of Supervisors of the Township of Bern.
[Amended 2-6-2018 by Ord.
No. 312-2018]
B. The municipality shall contribute all other funding
necessary for the plan to be maintained on a financially and actuarially
sound basis.
All contracts, agreements or funds held by this
municipality for the purpose of providing pensions, annuities or retirement
income, or any of them, on any nonuniformed employee who shall be
a participant in the program herein established shall be and hereby
are transferred and assigned to the fund herein created. After such
transfer, the pension fund shall assume the liability, if any, of
continuing the payment of pensions to any employees retired prior
to such transfer in accordance with the laws and regulations under
which such employees were retired.
The expense of administering this pension fund
program, including compensation of an actuary, any custodian of the
fund and any other charges or expenses related thereto, exclusive
of the payment of pensions, shall be paid by this municipality by
appropriations made by the governing body of the municipality.
All expenses of administering the Municipal
Pension Fund for Nonuniformed Employees shall be paid by the fund.