[HISTORY: Adopted by the Board of Supervisors
of the Township of Girard 8-8-1978 (Ch. 9 of the 1987 Code). Amendments noted where applicable.]
GENERAL REFERENCES
Salaries and compensation — See Ch. 55.
The Girard Township Supervisors, Erie County
(hereinafter referred to as the "employer"), having its principal
place of business in Girard Township, Girard, Pennsylvania 16417,
hereby establishes a Defined Contribution Pension Plan.
The Pension Plan shall contain the following
provisions:
A.
The plan shall be known as the "Girard Township Employee
Pension Plan."
B.
Effective date of the plan is October 5, 1978.
C.
Normal retirement date shall be age 65 or earlier
or later retirement with the consent of the employer and employee.
D.
Compensation shall include the participant's regular
basic pay plus any of the following: commission, bonuses and overtime
pay; not applicable.
E.
Eligibility applies only to all full-time employees,
excluding employees working less than 1,000 hours per year.
F.
The entry date shall be three months.
G.
Each employee will be required to contribute none
to the plan. Voluntary employee contributions are permitted up to
10% of compensation. All employee contributions, including accumulated
interest, shall be fully vested at all times.
H.
The employer shall contribute $550 per year for each
eligible employee.
[Amended 1-12-1982; 10-29-1986]
I.
The employer shall pay the expense of administering
the plan and be the owner of the policy.
J.
If an employee, while employed by the employer and
covered under its plan, shall die prior to the commencement of any
benefit provided, his account shall be fully vested, and his beneficiary
shall receive a death benefit of the value of the employee's account.
K.
Upon termination of employment, the portion of the
employee account eligible for distribution shall be vested according
to the following schedule:
(1)
All full-time employees as of August 8, 1978, shall
be 100% fully vested.
(2)
All future employees shall be put under the pension
plan three months after their starting date and shall be vested with
the following schedule: 25% after the first three years' employment,
with 25% per year up to 100% after six years.
L.
In case of termination of employment due to total
and permanent disability, the employee shall be fully vested in his
account.
M.
Any amounts that were not fully vested under this
plan shall be used to reduce future contributions under this plan.
