[Adopted 3-27-2013 by Ord. No. 1999]
Ridley Township (the "Township"), being a member municipality of the Pennsylvania Municipal Retirement System (the "System"), hereby elects to amend its Municipal Pension Plan administered by the System in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101 et seq. ("Retirement Law"), and does hereby agree to be bound by all the requirements and provisions of the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act, 53 P.S. § 895.101 et seq., and to assume all obligations, financial and otherwise, placed upon member municipalities.
As part of this article, the Township agrees that the System
shall administer and provide the benefits set forth in the amended
Municipal Pension Plan Contract entered into between the Pennsylvania
Municipal Retirement Board and the Township effective February 1,
2013 (the "contract").
The passage and adoption of this article by the Township is
an official acceptance of the contract and the financial obligations
resulting from the administration of the contract.
Payment for any obligation established by the adoption of this
article and the contract shall be made by the Township in accordance
with the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act. The Township hereby assumes all liability for any
unfundedness created due to the benefit structure set forth in the
contract.
The Township intends this article to be the complete authorization
of the contract, and it shall become effective and specifically repeal
Ordinance Number 1921 either immediately or on February 1, 2013, which
is the effective date of the contract, whichever is later.
A duly certified copy of this article and an executed contract
shall be filed with the System.
