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City of Bradford, PA
Mckean County
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Table of Contents
Table of Contents
Code
New Laws (1) Index
Public Documents
Minutes (1)
[HISTORY: Adopted by the City Council of the City of Bradford as indicated in article histories. Amendments noted where applicable.]
GENERAL REFERENCES
Administration of government — See Ch. 3.
Ordinance No. 3165, adopted 11-28-1995, superseded the former pension plans of the City of Bradford. Amendments to said Ordinance No. 3165 are filed by date of adoption in the Ordinance Books located in the City Clerk's office, where they may be viewed during normal business hours. The following amendments have been made to said Ordinance No. 3165:
General File
CO
Calendar No.
Adoption Date
Plan
3165.1
5047
2
08-21-1997
Nonuniformed (Serv Inc)
3165.1
5058
20
12-09-1997
Police (IRS 414)
3165.2
5059
21
12-09-1997
Fire (IRS 414)
3165.3
5060
22
12-09-1997
Nonuniformed (IRS 414)
3165.4
5071
7
02-24-1998
Police (Vesting)
3165.5
5076
12
07-14-1998
Nonuniformed (Vesting)
3165.4
5080
16
08-25-1998
Police (Military Buy-back)
3165.5
5081
17
08-25-1998
Fire (Contract Modif)
3165.6
5082
18
08-25-1998
Nonuniformed (Spousal)
3165.7
5131
11
05-23-2000
Nonuniformed (IRS chgs)
3165.8
5188
10
08-27-2002
Fire (IRS chgs)
3165.9
5189
11
08-27-2002
Police (IRS chgs)
3165.10
5209
12
11-25-2003
Fire (Survivor's benefit)
3165.10
5269
15
9-26-2006
Fire (Lump-sum distributions)
3165.11
5270
16
9-26-2006
Police (Lump-sum distributions)
3165.12
5271
17
9-26-2006
Nonuniformed (Lump-sum distributions and reemployment)
3165.13
5284
10
11-27-2007
Fire (Service increment; IRS chgs)
3165.14
5311
4
5-12-2009
Nonuniformed (IRS provisions)
3165.15
5312
5
5-12-2009
Police (IRS provisions)
3165.16
5350
14
8-23-2011
Fire (Plan preamble)
3165.17
5351
15
8-23-2011
Nonuniformed (Plan preamble)
3165.18
5354
18
11-22-2011
Fire (PPA and HEART Act)
3165.19
5367
8
9-11-2012
Police (HEART Act)
3165.20
5368
9
9-11-2012
Nonuniformed (HEART Act)
3165.21
5491
9
10-27-2020
Police (Service increment; vesting)
3165.22
5498
4
5-11-2021
Nonuniformed (IRS provisions)
3165.23
5499
5
5-11-2021
Fire (IRS provisions)
3165.24
5500
6
5-11-2021
Police (IRS provisions)
[1]
Editor's Note: Prior pension and retirement legislation comprised former Arts. I through VII, consisting of §§ 42-1 through 42-67, adopted as follows: Art. I, 3-6-1968 by Ord. No. 2799; Art. II, 6-24-1975 by Ord. No. 2973, as amended; Art. III, 7-1-1969 by Ord. No. 2823, as amended; Art. IV, 4-1-1957 by Ord. No. 2575, as amended; Art. V, 10-27-1987 by Ord. No. 3110, as amended; Art. VI, 10-27-1987 by Ord. No. 3111; and Art. VII, 10-27-1987 by Ord. No. 3112, as amended , all of which was superseded by Ord. No. 3165 adopted 11-28-1995. Former Art. VIII, Comprehensive Municipal Pension Trust Fund, consisting of §§ 42-68 through 42-78, was consequently renumbered as Art. II, §§42-1 through 42-11.
[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 Clerk 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.