[HISTORY: Adopted by the City Council of
the City of Bradford as indicated in article histories. Amendments
noted where applicable.]
[Current pension plans of the City, as amended, are on
file and available for examination during normal business hours in
the City Administrator's office.]
[Adopted 10-27-1987 by Ord. No. 3113]
There is hereby established, pursuant to the
requirements of the Municipal Pension Plan Funding Standard and Recovery
Act (Act No. 205 of 1984, P.L. 1005, 53 P.S. § 895.101 et
seq.), hereafter "Act," a Board of Trustees to be known as the "Board
of Trustees of the Comprehensive Municipal Pension Trust Fund of the
City of Bradford," hereafter "Board," to establish a trust fund to
be known as the "Comprehensive Municipal Pension Trust Fund," hereafter
referred to as "fund," of the City of Bradford and to invest and otherwise
manage the assets of said fund in accordance with the requirements
of the Act.
The Board of Trustees of the Comprehensive Municipal
Pension Trust Fund shall consist of seven members to be determined
according to the requirements of the Act. The Mayor, Director of Finance,
City Controller and City Administrator shall be members of the Board
of the fund. The remaining three members shall consist of one representative
of the active membership of each pension plan included in the Comprehensive
Municipal Pension Trust Fund, which representative shall be elected
by the active membership of each respective pension plan. The fund
will include all current pension plans and funds of all City employees.
Each elected member of the Board shall serve
for a term of four years. Any vacancies created by the resignation,
death or removal of an elected member shall be filled by a special
election of the active membership of the applicable pension plan for
the unexpired portion of elected member's term.
Members of the Board of Trustees of the fund
shall serve without compensation. This provision, however, shall not
be deemed to prevent reimbursement for proper expenses incurred in
the performance of a Trustee's duties and approved by the Board.
The majority of the seven members of the Board
of Trustees of the fund shall constitute a quorum for the transaction
of any business or the decision of any matters within its jurisdiction.
The majority of such quorum shall be sufficient to decide any question
before it.
[Amended 7-28-1992 by Ord. No. 3113.1]
The Board of Trustees of the fund, acting by
a quorum of its members, shall have the following powers and duties:
A.
To set investment strategies, monitor investment returns
and provide guidance on the administration of the plans.
Legal title to assets in the Comprehensive Municipal
Pension Trust Fund shall be in the City as trustee, or its nominees,
as trustees, for any person having a beneficial interest in a particular
pension plan which is associated with the Pension Trust Fund.
A.
Each pension plan subject to the aggregation of pensions
shall have an undivided participation in the assets of the fund. For
accounting purposes, the value of the participation by each individual
plan aggregated shall be calculated annually.
B.
The value for the initial year following aggregation
shall be that portion of the total value of the pension trust fund
which bears the same relationship that the value of the pension plan,
as of the date of the aggregation, plus the contributions received
by the pension trust fund with respect to that pension plan since
the date of aggregation and reduced by the amount of retirement annuities
and benefits paid from the pension trust fund for annuitants and benefit
recipients of that pension plan since the date of aggregation, bears
to the total value of all assets transferred to the pension trust
fund as of the date of aggregation, plus the total contributions received
by the pension trust fund since the date of aggregation and reduced
by the total amount of retirement annuities and benefits paid for
all annuitants and benefit recipients since the date of aggregation.
C.
The value of the participation for each year subsequent
to the initial year following aggregation shall be that portion of
the total value of the pension trust fund which bears the same relationship
that the value of the participation of the pension plan, as of the
close of the preceding year, plus the contributions received by the
pension trust fund with respect to that pension plan during the year
and reduced by the amount of retirement annuities and benefits paid
from the pension trust fund for annuitants and benefits recipients
of that pension plan during the year, bears to the total value of
all participation in the pension trust fund as of the close of the
preceding year, plus the total contributions received by the pension
trust fund during the year and reduced by the total amount of retirement
annuities and benefits paid for all annuitants and benefit recipients
during the year.
The assets of the fund shall be invested in
investment securities which are authorized investments pursuant to
any applicable law for any of the associated pension plans.
Valuation of assets shall be determined by the
provisions of Section 202(e)(1) of the Act.[1]
[1]
Editor's Note: See 53 P.S. § 895.202(e)(1).
This article shall be construed in accordance
with the Act and applicable law.
