The following words and phrases as used herein shall have the
meanings set forth in this Part 2, unless a different meaning is plainly
required by the context:
As of any given date, the participant's monthly benefit determined under § 47-15, calculated on the basis of average annual compensation and credited service determined as of such date and which shall represent, as of a given date, the monthly benefit that would be payable at the participant's normal retirement date (or the actuarial equivalent thereof), provided that the participant satisfies any requirements set forth herein for entitlement to receive such benefit. The "accrued benefit" shall not exceed the maximum limitation, determined as of the date of computation, provided under § 47-24. All "accrued benefits" are subject to all applicable limitations, reductions, offsets and actuarial adjustments provided pursuant to the terms of the plan prior to the actual payment thereof.
The total amount contributed by any participant to this fund or its predecessor by way of payroll deduction or otherwise, plus interest credited at 4% per annum. Interest shall be credited annually in the form of a compound interest rate from the first day of the plan year immediately following the date on which the contributions were paid to the first day of the month preceding the date on which a refund of "accumulated contributions" under § 47-32 or 47-35 shall be paid or payment of benefits shall commence. There shall be no interest credited for any period of time prior to December 30, 1970.
The Municipal Pension Plan Funding Standard and Recovery
Act, which was enacted as Act 205 of 1984, as amended, 53 P.S. § 895.101
et seq.
Two forms of payment of equal actuarial present value on
a specified date. The actuarial present value shall be determined
by use of the UP-1984 Mortality Table and seven-percent interest.
The person, partnership, association or corporation which
at any given time is serving as actuary, provided that such actuary
must be an approved actuary as defined in the Act.
The total period or periods of the participant's employment
with the employer, whether or not interrupted. Notwithstanding the
preceding sentence, should any such participant receive a distribution
of accumulated contributions with respect to a period of employment,
such period of employment shall not be included in "aggregate service"
thereafter unless, at the commencement of the next period of employment,
the participant repays to the fund the amount of such withdrawal with
interest. For purposes of this definition, interest shall accrue as
of the date the employee receives a refund of accumulated contributions
and shall be computed at the same rate and in the same manner as described
in the definition of "accumulated contributions."
The annual average of a participant's basic annual earnings
computed based upon the consecutive thirty-six-month period of employment
during which the participant earned the highest basic annual earnings.
The base compensation of the employee, whether salary or
hourly wages, excluding overtime pay, holiday pay, longevity pay and
any other form of irregular compensation, paid by the employer for
services rendered during normal working hours as established by the
employer. The compensation used in determining an employee's
basic annual earnings shall be limited on an annual basis to the amount
specified for government plans pursuant to Internal Revenue Code Section
401(a)(17), as adjusted under Code Section 415(d).
The person or entity designated by the participant to receive
a refund of the participant's accumulated contributions should
the participant die prior to becoming entitled to a retirement benefit.
In the event that a participant does not designate a beneficiary or
the beneficiary does not survive the participant, the beneficiary
shall be the surviving spouse or, if there is no surviving spouse,
the issue, per stirpes, or if there is no surviving issue, the estate
but, if no personal representative has been appointed, to those persons
who would be entitled to the estate under the intestacy laws of the
Commonwealth of Pennsylvania if the participant had died intestate
and a resident of Pennsylvania.
The Board of Commissioners of the Township of Shaler.
The person designated by the Township who has the primary
responsibility for the execution of the administrative affairs for
the plan.
The Internal Revenue Code of 1986, as amended.
The total number of completed years and months of aggregate service but only to the extent such aggregate service represents any period of time for which an employee is in employment as set forth in § 47-5, provided that participant contributions under § 47-10 are paid into the plan for the periods of aggregate service.
[Amended 3-14-2000 by Ord. No. 1769]
Any participant who has completed at least 10 years of aggregate service, who has separated from employment for reasons other than retirement, death or disability, and who has elected to receive a vested retirement benefit pursuant to § 47-36 to commence at a later date.
The date when a participant is determined by the plan administrator
to be incapacitated due to total and permanent disability or the date
when the participant's employment terminates due to such total
and permanent disability, if later.
The date on which the participant has completed 10 years
of aggregate service with the employer and has attained age 55.
The first day of the month coincident with or next following
the date on which a participant who has attained early retirement
age ceases employment and chooses to commence receipt of retirement
benefits prior to the normal retirement date.
Any individual employed by the employer on a regular, full-time
basis, who is not eligible to participate under the provisions of
any other pension plan sponsored by the employer; who is not a member
of a collective bargaining unit for purposes of bargaining collectively
with the employer regarding wages, hours and other terms and conditions
of employment; and who is not a police officer. "Employee," for purposes
of this plan, shall also mean the Township Commissioners.
The Township of Shaler, Allegheny County, Pennsylvania.
For the purpose of determining aggregate service:
[Amended 9-11-2001 by Ord. No. 1783]
The period of time for which an employee is directly or indirectly
compensated or entitled to compensation by the employer for the performance
of duties as an employee;
Any period of time for which an employee is paid a fixed, periodic
amount in the nature of salary continuation payments for reasons other
than the performance of duties (such as vacation, holidays, sickness,
entitlement to benefits under workers' compensation or similar
laws), either directly by the employer or through a program to which
the employer has made contributions on behalf of the employee;
Any period during which an employee is entitled to disability
benefits under this plan, provided that the employee returns to employment
within three months of the date on which it is determined that the
employee is no longer totally and permanently disabled, if such determination
occurs prior to the participant's normal retirement date;
Any period of voluntary or involuntary military service with
the armed forces of the United States of America, provided that the
participant has been employed as a regular, full-time employee for
a period of at least six months immediately prior to the period of
military service, and the participant returns to employment within
six months following discharge from military service or within such
longer period during which employment rights are guaranteed by applicable
law; and
Any period of qualified military service as determined under
the requirements of Chapter 43 of Title 38, United States Code, provided
that the participant returns to employment following such period of
qualified military service, and the participant makes payment to the
plan in an amount equal to the participant contributions that would
otherwise have been paid to the plan during such period of qualified
military service. The amount of participant contributions shall be
based upon an estimate of the compensation that would have been paid
to the participant during such period of qualified military service
as determined by the average compensation paid to the participant
during the 12 months immediately preceding the period of qualified
military service. The amount of participant contributions so calculated
must be paid into the plan before the end of the period that begins
on the date of reemployment and ends on the earlier of the date that
ends the period that has a duration of three times the period of qualified
military service, or the date that is five years after the date of
reemployment.
A legal reserve life insurance company authorized to do business
in the Commonwealth of Pennsylvania.
The date on which the participant has completed 10 years
of aggregate service with the employer and has attained age 65.
The first day of the month coincident with or next following
the attainment of normal retirement age.
An employee who has met the eligibility requirements to participate in the plan as provided in § 47-6 and who has not for any reason ceased to be a participant hereunder.
The pension fund administered under the terms of this plan,
and which shall include all money, property, investments, policies
and contracts standing in the name of the plan.
The plan set forth herein, as amended from time to time and
designated as the Pension Plan of the Township of Shaler (Nonunion).
The Pension and Insurance Committee appointed by the Board
for the purpose of supervising and administering the provisions of
the plan. In the event that no such appointment is made, the plan
administrator shall be the Board.
The twelve-month period beginning on January 1 and ending
on December 31 of each year.
A retirement annuity or retirement income endowment policy
(or a combination of both) or any other form of insurance contract
or policy which shall be deemed appropriate in accordance with the
provisions of applicable law.
January 1, 1994, the date upon which this amendment and restatement
of the plan becomes effective.
The person in a valid marriage with the participant according
to the laws of the Commonwealth of Pennsylvania. A common law marriage
contracted after January 1, 2005, was made invalid by the enactment
of Act 144 of 2004.
[Added 12-13-2005 by Ord.
No. 1840]
A condition of physical or mental impairment due to which a participant is unable to perform the usual and customary duties of employment, which is reasonably expected to continue to be permanent for the remainder of the participant's lifetime and which qualifies the participant for receipt of disability benefits under the Federal Social Security Act. For purposes of this section and Article VI, a condition shall not be treated as a "total and permanent disability" if such condition is a result of alcoholism, addiction to narcotics, willfully self-inflicted injuries or the perpetration of any criminal activity.
