[HISTORY: Adopted by the Township Board of the Township of Denton 4-10-1991
by Ord. No. 50. Amendments noted where applicable.]
A.
The purpose of this chapter is to create, establish and
ratify a Denton Township Pension Plan covering all of the elected officials
and full-time employees of the Township; to authorize the Township Supervisor
and the Township Clerk to contract, in the name of the Township, for such
plan; to set forth respective contributions which are to be made by the Township
to the plan on behalf of each elected official or full-time employee; to ratify
and affirm other types of insurance now provided for such elected officials
and full-time employees; and to repeal all ordinances or parts of ordinances
in conflict herewith.
B.
This chapter shall be known and cited as the "Pension
Plan Chapter."
Pursuant to Act 77 of the Public Acts of 1989, as amended (MCLA § 41.110b
et seq.), Denton Township hereby creates and establishes by ratification a
group pension plan to provide retirement benefits for its elected officials
and full-time employees as provided hereafter and also hereby authorizes the
Township Supervisor and the Township Clerk to contract, in the name of the
Township, subject to the approval of the Township Board, with any company
authorized to transact such business within the State of Michigan for such
group pension plan.
The group pension plan created, established and ratified and contracted
for under this chapter shall provide the following contribution formula in
arriving at the amount of the annual contribution for each elected official
and full-time employee to be made to the plan: The annual contribution for
each such person shall be 10% of their annual compensation exclusive of bonuses,
commissions or overtime with a minimum annual contribution of $100 or as set
by resolution.
The annual contributions as specified above shall be secured from the
same fund from which the official or employee receives compensation and paid,
in monthly installments, to the company which has contracted with the Township
to provide the pension plan. The calculations shall be made as soon as possible
after March 31 of each year hereafter as may be practicable based upon the
then current salaries of those persons participating in the plan.
The anniversary date of the plan shall be April 1, and all eligible
officials and employees may enter into the plan only on such anniversary date.
Each person participating in the plan shall have a 100% vested interest in
the plan following the third anniversary of such person's entry into the plan.
The pension plan as approved by the Township Board shall provide for
a normal retirement age for the receipts of benefits; the accumulation of
each beneficiary's pension account; the types of payments of benefits upon
becoming eligible; benefits in the event of withdrawal as a result of death,
total disability or termination of employment; funding and investment provisions;
and payment of plan expenses.
Denton Township hereby ratifies and confirms any other plans of life,
health, hospitalization, medical or surgical service and expense and accident
insurance or any one or more of such forms of insurance which may be in existence
for the benefit of elected officials and full-time employees on the effective
date of this chapter, and same shall not be effected by this chapter, such
ratification including, but not necessarily limited to, a pension plan approved
by Denton Township by resolution passed July 10, 1967, and amended by resolutions
passed April 2, 1975, and April 4, 1979.
