[HISTORY: Adopted by the Township Council
of the Township of Lower Saucon as indicated in article histories.
Amendments noted where applicable.]
[Adopted 6-20-1979 by Ord. No. 79-7; amended in its entirety 8-6-1986 by Ord. No. 86-3]
As used in this article, the following terms
shall have the meanings indicated:
A benefit determined by an actuary to be equivalent in value
to the participant's normal retirement benefit, as defined therein,
provided that such actuarial equivalent is within the limitations
provided herein.
The person appointed to administer the Nonuniformed Employee
Pension Fund established pursuant to this article.
The compensation paid to the pension fund by the employer.
The governing body of the Township of Lower Saucon.
The Township of Lower Saucon.
The Nonuniformed Employee Pension Fund established pursuant
to this article.
The amount of salary received by a participant in each and
every month, including overtime, longevity pay and service increments,
if any.
A lifetime monthly pension equal to 1.75% credit for each year of continuous service as a participant in the plan, applied against a participant's average monthly compensation for the thirty-six-month period immediately preceding his or her retirement. Such benefit shall be subject to the vesting schedule set forth in § 38-3G and shall be payable monthly for the participant's life. A participant must have completed at least five years of full-time continuous service to be eligible for the normal retirement benefit.
[Amended 8-18-1999 by Ord. No. 99-11; 8-21-2002 by Ord. No.
2002-08; 4-2-2003 by Ord. No. 2003-05]
The first day of the month following attainment of age 65
and completion of at least five years of service.
[Amended 8-18-1999 by Ord. No. 99-11]
Every person duly appointed from time to time by the municipality
as a full-time salaried employee working at least 40 hours a week
at a definite salary, subject to reasonable vacation and sick leave,
age 21 or over, such person to be included as a participant 30 calendar
days after the date of employment. For purposes of determining normal
retirement date, the calculation of benefits and vesting, credit for
past service shall be given for all full-time salaried employees working
at least 40 hours a week at a definite salary on the effective date
hereof, provided that the term for such credit for past service shall
be the continuous period of employment immediately prior to their
effective date.
The cessation of services by the participant for any reason,
including disability, death, resignation and employer termination.
Voluntary leaves of absence without pay shall not be a termination
for purposes of this article, but no period of such leave shall be
computed in the total service in the aggregate for pension benefit
purposes. Leaves of absence with pay shall not be considered a termination
within the meaning of this article, and such leaves may be computed
in the total service in the aggregate for pension benefit purposes.
[Amended 11-3-2004 by Ord. No. 2004-12]
A.
The Township Council ("Council") shall administer
the Nonuniformed Employee Pension Fund established by this article
by such regulation as shall from time to time be necessary for the
effective maintenance of the fund, provided that no regulation shall
be contrary to the statutes of the Commonwealth of Pennsylvania and
or applicable federal regulations.
B.
The Council shall appoint an advisory committee ("Committee"), which shall assist in the administration of the pension fund established by this article. The Committee shall be established and regulated as set forth in the Lower Saucon Code at Administration of Government, § 5-12J, which section is incorporated herein by this reference.
Retirement requirements and benefits shall be
as follows:
C.
Death benefits.
(1)
Before retirement, disability or other termination
of employment: $5,000.
(2)
For employees hired after June 1, 1979, the death
benefit will be effective 30 calendar days after the date of the individual
participant's employment.
(3)
The death benefit shall be paid within 60 days of
the date of death.
(4)
The death benefit shall be paid in lieu of all other
benefits and accruals under the plan and shall completely discharge
the plan's and municipality's liability to the estate of the participant.
(5)
There shall be no death benefit for any employee already
receiving benefits under the plan at the time of death.
D.
Disability benefits.
(1)
In the event of any participant's total and permanent disability, his account shall become vested in accordance with the vesting schedule as contained in § 38-3G hereafter. The Committee shall direct the trustee to purchase a single premium annuity with immediate monthly payments guaranteed for life on an actuarially sound basis dependent upon the funds available due to the participant's vesting.
(2)
The condition of total and permanent disability shall
be finally determined by the Social Security Administration or its
successor, utilizing the guidelines of said Administration in effect
at the time of the alleged disability. The determination of the Social
Security Administration as to disability shall be final and binding
upon the employer and participant.
E.
Benefits upon termination of employment prior to normal
retirement date or withdrawal from plan.
(1)
Termination of employment shall result in a deferred paid-up annuity with benefits commencing at the normal retirement date for the amount which the participant's vested interests in the fund will provide, based on the vesting schedule contained in § 38-3G.
(2)
Any employee who voluntarily withdrew from the plan in accordance with § 38-3E(2) of shall, within 30 days of the adoption of this article, declare, in writing, if they will participate in the plan. All new employees eligible to participate in the plan shall declare upon hiring their intent to participate. No participant shall have the right to voluntarily terminate their participation.
[Amended 12-14-1996 by Ord. No. 96-13]
F.
Optional forms of benefit payment.
(1)
In lieu of the straight life annuity provided for in § 38-1, a participant may elect to receive an actuarially equivalent benefit in any of the following forms:
(2)
In lieu of the benefit provided in § 38-3E(1) for a participant who terminates prior to the normal retirement date, a participant with 10 years of service may choose an actuarially equivalent benefit of any one of the above optional forms of benefit payment commencing within 60 days of the termination of employment or may withdraw the actuarial equivalent of his or her accrued and vested benefits in a single lump sum payable within 90 days of the termination of employment.[1]
[1]
Editor's Note: Former Section 3.7, which set
forth a three-percent employee contribution, was deleted 12-4-1996
by Ord. No. 96-13.
H.
Nonalienation of benefits and vesting. No benefit
under the plan shall be subject in any manner to anticipation alienation,
sale, transfer, assignment, pledge, encumbrance or charge. Nor shall
any such benefits be in any manner liable for or subject to garnishment,
attachment, execution, levy or other legal process. Further, all benefits
granted herein shall vest in the participant upon completion of the
requirements for eligibility, and his benefits shall continue in the
amount and in the form in which he or she first became entitled to
them.
I.
Effective date. The effective date shall be June 1,
1978.
A.
Contributions of the municipality.
(1)
Past service liability. It shall be the obligation
of the municipality to fund the past service liability as determined
by the actuary, provided that such liability may be funded over a
period not to exceed 25 years. The 25 years commences with the passage
of this article.
(2)
Future service cost. The municipality shall have no
liability for the future service cost of the pension fund unless such
costs are not met by the compensation determined by the Township Council.
The maintenance of the actuarial soundness of the fund shall be the
responsibility of the municipality.
(3)
Administrative expenses. It shall be the liability
of the municipality to pay the administration expenses incurred in
the management of the fund. No funds paid for the purpose of funding
pensions shall be used to pay administrative costs.
(4)
In the event that the municipality should for any
reason be ineligible for state aid or state aid is insufficient to
fund the plan, the municipality shall have the sole discretion of
paying the deficiency or directing that the funding or deficiency
shall be covered through contributions by employees of 3/7 of such
deficiency, but in no event to exceed 3% of any individual employee's
total compensation and 4/7 of such deficiency by the municipality,
as well as any other amounts required by law to meet such deficiency.
The municipality shall determine if employee contributions are required
on or before March 31. The contribution by the employees, if required
by the municipality, shall commence on the first of April and continue
for a period of 12 consecutive months. The payment by the municipality
for any deficiency without employee contribution shall not bar the
municipality from requiring employee contribution for future years
where a deficiency should exist.
[Amended 12-14-1996 by Ord. No. 96-13]
B.
Allocation of assets of existing pension fund(s).
Any assets of any existing pension fund for the nonuniformed employees
of the municipality are hereby transferred to the fund established
by this article and shall be applied against the unfunded liability.
Any nonuniformed employee of the municipality
for at least six months who thereafter shall enter the military services
of the United States shall have credited to his employment record
for pension benefits all of the time spent by him in such military
service if such person returns to this employment with the municipality
within six months after this separation from the service.
Upon termination of the fund, the assets shall
be distributed as follows:
A.
Sufficient funds shall be maintained to provide the pension benefits prescribed in § 38-3 for all participants who have retired prior to termination or who are eligible for retirement at the time of the termination of this fund.
B.
Of the remaining funds, those which can be identified
as municipality contributions or contributions other than from participants
or from the commonwealth allocation shall be distributed as the Council
sees fit.
A.
Neither the establishment of the plan hereby created
nor any modification thereof nor the creation of any fund or account
nor the payment of any benefits shall be construed as giving to any
participant or other person any legal or equitable right against the
municipality or any officer or employee thereof or the Committee,
except as herein provided. Under no circumstances shall the fund created
hereby constitute a contract for continuing employment for any participant
or in any manner obligate the municipality to continue or discontinue
the services of an employee.
B.
This plan has been established and shall be maintained
by the municipality in accordance with the laws of the Commonwealth
of Pennsylvania. The plan shall continue for such period as may be
required by such laws, and should such laws provide that the municipality
may, by its own action, discontinue this plan, the municipality reserves
the right to take such action in its sole and absolute discretion.
Upon termination, the municipality shall have no liability hereunder
other than that imposed by law.
All investments by the trustee of the assets
of this fund shall comply with the Fiduciaries Investment Act of 1949,
as amended,[1] and such regulations as the Council shall establish for
the purpose of investing such funds.
[1]
Editor's Note: See 20 Pa.C.S.A. § 7301
et seq.
The Council reserves the right to amend at any time, in whole or in part, any or all of the provisions of this article. However, no such amendment shall authorize or permit any part of the fund to be used or diverted to purposes other than for the exclusive benefit of the participants, their beneficiaries or their estates. Nor shall any amendment divest a participant of benefits vested by § 38-3G. All such amendments shall comply with the applicable statutes of the commonwealth.
A.
This plan shall be constructed according to the laws
of the Commonwealth of Pennsylvania, and all provisions hereof shall
be administered according to the laws of such commonwealth.
B.
Whenever any words are used herein in the masculine
gender they shall be construed as though they were also used in the
feminine gender in all cases where they would so apply, and whenever
any words are used herein in the singular form they shall be construed
as though they were also used in the plural form in all cases where
they would so apply.
C.
Headings of sections and subsections of this instrument
are inserted for convenience of reference. They constitute no part
of this plan and are not to be considered in the construction hereof.
[Adopted 8-1-1979 by Ord. No. 79-8; amended
in its entirety 4-6-2005 by Ord. No. 2005-03]
As used in this article, the following terms
shall have the meanings indicated:
A benefit determined by an actuary to be equivalent in value
to the participant's normal retirement benefit, as defined herein,
provided that such actuarial equivalent is within the limitations
provided herein.
The monthly average of the compensation received during the
last 36 months of employment.
The amount of salary received by a participant in each and
every month, including overtime, longevity pay and service increments,
if any.
The person appointed to administer the Uniformed Employee
Pension Fund established pursuant to this article.
The payroll deductions made monthly from the compensation of the participants and paid to the pension fund, except that contributions in § 38-15 shall mean the total contributions accumulated during the period of employment and participation in this fund.
The governing body of Lower Saucon Township.
The Township of Lower Saucon.
The Uniformed Employee Pension Fund established pursuant
to this article.
The value of any participant's benefits, which shall accrue
by virtue of service in the aggregate rendered subsequent to the enactment
of this article.
Every person duly appointed from time to time by the municipality
as a full-time paid policeman, working at least 40 hours a week at
a definite salary, subject to reasonable vacation and sick leave.
Total service, not necessarily continuous.
The cessation of services by the participant for any reason,
including disability, death, resignation and employer termination.
Voluntary leaves of absence without pay shall not be a termination
for purposes of this article, but no period of such leave shall be
computed in the total service in the aggregate for pension benefit
purposes. Leaves of absence with pay shall not be considered a termination
within the meaning of this article, and such leaves may be computed
in the total service in the aggregate for pension benefit purposes,
provided that the municipality is able to certify to the Department
of the Auditor General that such participant on a leave of absence
with pay is within the definition of the term "participant" herein.
The present value of any participant's benefits accrued prior
to the enactment of this article by virtue of his/her prior service
in the aggregate.
A.
The Township Council ("Council") shall administer
the Uniformed Employee Pension Fund established by this article by
such regulation as shall from time to time be necessary for the effective
maintenance of the fund, provided that no regulation shall be contrary
to the statutes of the Commonwealth of Pennsylvania and/or applicable
federal regulations.
B.
The Council shall appoint an advisory committee ("Committee"), which shall assist in the administration of the pension fund established by this article. The Committee shall be established and regulated as set forth in the Lower Saucon Code at Administration of Government, § 5-12J, which section is incorporated herein by this reference.
A.
Eligibility for normal retirement.
(1)
(2)
Every participant shall retire at the age of 65.
(3)
Every participant shall be subject to service from time to time as a police reserve in cases of riot, tumult or the preservation of the public peace until such time as he/she shall be unfit for such service, when he shall be finally discharged by reason of age or disability. This subsection shall not affect the purpose of Subsection A(2) to require retirement at age 65, nor shall Subsection A(2) bar any participant from service as a police reserve.
(4)
Should a participant, before reaching superannuation
retirement age (50 years of age) and after having completed 12 years
of total service, for any reason cease to be a Township policeman,
he/she shall be entitled to vest his/her retirement benefits until
he/she attains superannuation retirement age by filing with the Board
a written notice of his/her intentions to vest within 90 days of the
date of his/her termination of employment. Accumulated deductions
will include interest from the date of termination until the earlier
of the date of the commencement of the annuity or the date of payment
of member contributions.
B.
Normal retirement benefits.
(1)
Each participant who shall complete the age and service eligibility requirements as set out in § 38-13A shall receive a pension for life payable in equal monthly installments in an amount equal to 1/2 the participant's average monthly compensation, or that percentage and based on that number of months as shall be prescribed by statute of the commonwealth subsequent to the adoption of this article.
(2)
Such pension shall be payable from the assets of the
fund established pursuant to this article. There shall be no offset
for social security benefits received by the participant which the
participant may be entitled to because of age.
(3)
A participant who is receiving benefits because of
retirement shall be entitled to an automatic cost-of-living increase
in his/her pension check that is equal to the increased cost-of-living
during his/her retirement up to the maximum of 30% over his/her lifetime.
(4)
A participant shall not be required to contribute
to the pension fund during the term of the uniform contract with the
Township unless an actuarial study requires the contribution.
(5)
The Township shall not be required to contribute to
the fund in order to maintain actuarial soundness.
C.
Death prior to retirement or retirement eligibility.
(1)
Qualification for death benefit:
(a)
The beneficiaries [as defined in Subsection C(4)] of a police officer shall be entitled to receive a death benefit if the police officer dies:
[1]
After he/she has begun receiving benefits under
a normal retirement benefit; or
[2]
After he/she has begun receiving disability
retirement benefits, provided that such benefits did not terminate
prior to his/her death because he/she ceased to be disabled; or
[3]
While still employed by the Township of Lower
Saucon and after having met the age and service requirements for normal
retirement; or
[4]
Prior to commencement of any retirement benefit
under this section and was vested in his/her accrued benefit.
(2)
Death benefit form and amount of payments. The death
benefit shall be paid in a series of monthly payments:
(a)
Beginning on the first day of the month following the month of the police officer's death under the conditions described in Subsection C(1)(a)[1], [2] or [3]; or
(b)
Beginning on the first day of the month following the expected normal retirement date of the deceased police officer and described in Subsection C(1)(a)[4]; and
(c)
Continuing on the first day of each succeeding
month until there is no person who qualifies as a beneficiary;
(d)
In a monthly amount equal to:
[1]
Fifty percent of the monthly amount being received by the police officer at the time of his/her death, or would have been receiving had the police officer been retired at the date of death, described in Subsection C(1)(a)[1], [2] or [3]; or
[2]
Fifty percent of the monthly vested accrued amount the police officer would have been entitled to receive described in Subsection C(1)(a)[4].
(3)
Killed-in-service death benefit. The beneficiaries
of a police officer who dies due to injuries incurred while performing
the duties of his/her employment shall be entitled to receive a killed-in-service
death benefit from the Commonwealth of Pennsylvania in accordance
with the provisions of Act 600 of 1956, as amended by Act 51 of 2009,[3] known as the Emergency and Law Enforcement Personnel Death
Benefits Act.
[Amended 11-3-2010 by Ord. No. 2010-08]
[3]
Editor's Note: See 53 P.S. § 891.
(4)
Beneficiaries.
[Amended 11-3-2010 by Ord. No. 2010-08]
(a)
In general. Any given payment in the series
of payments which constitutes the death benefit shall be paid to the
person(s) who is/are a beneficiary as of the date for which the payment
is being made.
(b)
Definition. For purposes of the death benefit
the "beneficiary" of a police officer shall be his/her spouse. If
there is no spouse or if the spouse survives and subsequently dies,
then the death benefit shall be payable to the police officer's child
or children who have not yet attained age 18 (or are attending college
and have not yet attained the age 23). For purposes of this subsection,
a person is "attending college" if he/she is registered at an accredited
institution of higher learning and is carrying a minimum course load
of seven credit hours per semester. The death benefit shall be payable
to eligible children in equal shares.
(c)
Killed-in-service beneficiaries. For the purposes of the killed-in-service
death benefit, the term "beneficiary" shall be defined as that term
is defined in Act 51 of 2009, as may be amended from time to time.
(5)
Death benefit return of accumulated contributions.
(a)
In general. If a police officer dies at a time when his/her beneficiaries
are not eligible to receive a death benefit, or has no beneficiaries;
and has not received any payments under a normal retirement benefit,
disability retirement benefit, or vested benefit; then the plan shall
distribute an amount equal to the amount of the police officer's accumulated
contributions plus interest at the rate of 5% per annum to the police
officer's named beneficiary(ies). If the police officer failed to
designate a beneficiary or if no designated beneficiary shall have
survived the police officer, the distribution shall be made to the
estate of the police officer.
[Amended 11-3-2010 by Ord. No. 2010-08]
(6)
No other death benefits. Except as provided in this
section, no police officer or former police officer and no estate,
heir, or beneficiary of any police officer or former police officer
shall receive any payment or benefit under this plan or from the trust
due to the death of a police officer or former police officer.
D.
Death after retirement or retirement eligibility. If the participant shall die after retirement or after completing the requirements for eligibility § 38-13B, the widow or widower of such participant shall receive, for life, a pension equal to 1/2 the pension the participant was receiving or was eligible to receive at the time of his or her death. The survivor spouse may remarry, and such remarriage shall not affect the eligibility of the surviving spouse. If the member's spouse dies, the child or children of the deceased participant shall share equally in a pension equal to 1/2 the pension the participant was receiving or was eligible to receive at the time of his or her death. The child or children shall remain eligible for benefits, in the first instance until each reaches the age of 18 years, provided, however, that a surviving child or children shall remain eligible to receive benefits to age 23 years if attending college.
[Amended 6-6-2018 by Ord.
No. 2018-01]
E.
Disability retirement benefit.
(1)
If a police officer shall qualify for a permanent
and total service-related disability benefit under the provisions
of the plan, such police officer shall be eligible to receive a disability
benefit from the plan.
(2)
In the event of a permanent and total service-related
disability, benefits shall become payable to an injured police officer
in an amount equal to 50% of the police officer's salary at the time
the disability was incurred, provided that any police officer who
receives benefits for the same injuries under the Social Security
Act (49 Stat. 620, 42 U.S.C. § 301 et seq.) shall have the
disability benefit offset or reduced by the amount of such social
security benefits.
(3)
Total and permanent disability means a physical or
mental condition of a member resulting from bodily injury or disease
or mental disorder contracted, without fault or misconduct on such
police officer's part, from the performance of such officer's duties
in the Police Department, which renders the member incapable of continuing
in the employment as a police officer for the Township of Lower Saucon.
(4)
A determination by the Township Council or its designated
agent that a police officer is totally and permanently disabled shall
be required for such member to receive a disability benefit under
the plan. Before making such determination, the Township Council or
its designated agent shall secure the opinion of one or more practicing
physicians licensed to practice medicine in the Commonwealth of Pennsylvania.
The Township Council shall have the right to require a physical examination
and a redetermination at its option.
[Amended 6-3-2009 by Ord. No. 2009-03]
F.
Designation of beneficiaries.
(1)
Each participant shall have the right to name the
beneficiary or beneficiaries for preretirement death benefits incidental
to policies of insurance purchased primarily to fund the participant's
pension, provided that the ownership of such policies shall remain
in the municipality's governing body and shall be endorsed to prevent
the assignment of ownership to the insured. If the participant shall
fail to name a beneficiary, such benefits that would have accrued
to his beneficiaries shall be paid to the participant's estate.
(2)
Each participant may from time to time change the
beneficiaries in such form and manner as shall be prescribed by the
Council.
G.
Nonalienation of benefits and vesting.
(1)
No benefit under the plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge. Nor shall any such benefits be in any manner
liable for or subject to garnishment, attachment, execution, levy
or other legal process.
H.
Service increments. In addition to other monthly pension
or retirement allowances, the Uniformed Employee Pension Fund will
pay length of service increments in an amount equal to $100 per month
for each completed year of service in excess of 25 years up to a maximum
of $500 per month after five completed years of service in excess
of 25 years.
[Amended 8-19-2009 by Ord. No. 2009-07]
[1]
Editor's Note: See also the Deferred Retirement Option Plan
(DROP), effective 1-1-2022, included as an attachment to this chapter.
A.
Police officers shall contribute 5% of their monthly
compensation to the plan.
B.
The Township Council may, on an annual basis by resolution,
reduce or eliminate payments into the fund by police officers.
C.
Contributions of the municipality.
(1)
Past service liability. It shall be the obligation
of the municipality to fund the past service liability, as determined
by the actuary, provided that such liability may be funded over a
period not to exceed 25 years. The 25 years commences with the passage
of this article.
(2)
Future service cost. The municipality shall have no
liability for the future service cost of the pension fund unless such
costs are not met by the allocation of commonwealth funds and participants'
contributions. The maintenance of the actuarial soundness shall be
the responsibility of the municipality.
(3)
Administration expenses. It shall be the liability
of the municipality to pay the administrative expenses incurred in
the management of the fund. No funds paid for the purpose of funding
pensions shall be used to pay administrative costs.
D.
Allocation of commonwealth funds. The payments made
by the State Treasurer to the municipality from the moneys received
from the taxes paid on the premiums of foreign casualty insurance
companies for purposes of pension retirement or disability benefits
for policemen shall be used as follows:
E.
Gifts, bequest and grants. All other moneys and property
received by the Council, including gifts, bequests, devises and grants,
shall, unless otherwise specifically provided, be applied equally
against the participant and the municipality portions of the future
service cost.
F.
Allocation of assets of existing pension fund(s).
Any assets of any existing pension fund for the members of the municipality's
Police Department are hereby transferred to the fund established by
this article and shall be applied against the unfunded liability.
A.
If for any reason a member of the police force of
the municipality shall terminate service with the municipality, that
member shall be entitled to a refund of contributions, plus interest
at the rate of 5% per annum. Said interest rate shall be uniform for
all participants.
B.
If a member shall subsequently return to service and, within six months of the date of return to service, return the contributions and interest to the fund which were refunded to him upon termination, plus interest at a rate currently paid for United States Treasury Bills (ninety-day rate) on the date of return or 5% per annum, whichever is greater, on the balance actually withdrawn under the aforesaid subsection, calculated from the date of withdrawal (refund) to the date of the participant's restoration of said participant's contribution account as calculated herein, then he/she shall be entitled to credit for the prior years of service to the extent of the return of contributions as herein described. Nothing in this section shall be construed to allow credit for service not actually given to the municipality, except as specifically provided in § 38-16.
Any member of the police force of the municipality
for at least six months who thereafter shall enter the military service
of the United States shall have credited to his employment record
for pension benefits all of the time spent by him in such military
service if such person returns to his employment with the municipality
within six months after his separation from the service.
Upon termination of the fund, the assets shall
be distributed as follows:
A.
Sufficient funds shall be maintained to provide the pension benefits prescribed in § 38-13B for all participants who have retired prior to termination or who are eligible for retirement at the time of the termination of this fund.
B.
Contributions with interest at a rate established by the Committee as provided in § 38-15 shall be refunded to any and all participants who terminate service at the time of the termination of this fund.
C.
Of the remaining funds, those which can be identified
as municipality contributions or contributions other than from participants
or from the commonwealth allocation shall be distributed as the Council
sees fit, provided that such distribution is in compliance with this
article.
A.
Neither the establishment of the plan hereby created
nor any modification thereof nor the creation of any fund or account
nor the payment of any benefits shall be construed as giving to any
participant or other person any legal or equitable right against the
municipality or any officer or employee thereof or the Committee,
except as herein provided. Under no circumstances shall the fund created
hereby constitute a contract for continuing employment for any participant
or in any manner obligate the municipality to continue or discontinue
the services of an employee.
B.
This plan has been established and shall be maintained
by the municipality in accordance with the law of the Commonwealth
of Pennsylvania. The plan shall continue for such period as may be
required by such laws, and should such laws provide that the municipality
may, by its own action, discontinue this plan, the municipality reserves
the right to take such action in its sole and absolute discretion.
Upon termination, the municipality shall have no liability hereunder
other than that imposed by law.
All investments by the trustee of the assets
of this fund shall comply with the Fiduciaries Investment Act of 1949,[1] as amended, and such regulations as the Council shall
establish for the purpose of investing such funds.
[1]
Editor's Note: See 20 Pa.C.S.A. § 7301
et seq.
There shall be no amendments to the plan unless
the amendment is agreed upon by the Township and a majority of the
employees covered by the uniform contract, and all such agreements
shall be reduced in writing and signed by the majority of the employees
covered by the uniform contract and the Township.
A.
This plan shall be constructed according to the laws
of the Commonwealth of Pennsylvania, and all provisions hereof shall
be administered according to the laws of such commonwealth.
B.
Whenever any words are used herein in the masculine
gender they shall be construed as though they were also used in the
feminine gender in all cases where they would so apply, and wherever
any words are used herein in the singular form they shall be construed
as though they were also used in the plural form in all cases where
they would so apply.
C.
Headings of sections and subsections of this instrument
are inserted for convenience of reference. They constitute no part
of this plan and are not to be considered in the construction hereof.
