A.
Each employee who is employed prior to January 1, 1991 as a regular,
full-time employee of the employer shall participate herein as of
the day following the completion of any probationary period of employment
as determined by the employer, provided that all prerequisites to
participation under this plan shall have been fulfilled, including
but not limited to completion of all forms required by the plan administrator.
B.
Each employee who was first employed on January 1, 1991 through December
31, 2013 as a regular, full-time employee of the employer shall participate
as of the day following the completion of the ninety-day probationary
period of employment as determined by the employer, provided that
all prerequisites to participation under this plan shall have been
fulfilled, including but not limited to completion of all forms required
by the plan administrator.
C.
Each employee who was first employed on January 1, 2014 or thereafter
as a regular, full-time employee of the employer shall participate
as of such date of employment.
The Board shall furnish the plan administrator with written
notification of the appointment of any new full-time permanent employee
who is eligible for participation hereunder within 60 days of the
date of such appointment.
Any new, full-time employee who becomes a participant hereunder shall provide a written notice which designates the beneficiary or beneficiaries to the Board at the time participation commences. (The beneficiary shall receive a refund of accumulated contributions if such refund is payable pursuant to § 47-95.) The participant's election of any such beneficiary or beneficiaries may be rescinded or changed, without the consent of the beneficiary or beneficiaries, at any time, provided that the participant provides the written notice of the changed designation to the plan administrator in the manner prescribed by the plan administrator. Any designation of a beneficiary made in any manner other than one acceptable to the plan administrator shall be null and void and have no effect under the terms of this plan.
A.
If an employee of the employer shall be transferred into an employment
position which will make such person an employee eligible for participation
hereunder, then such employee shall participate herein as of the date
of such transfer. Aggregate service and credited service hereunder
shall include those periods for which such service was accumulated
as a participant under the Pension Plan of the Township of Shaler
(Nonunion),[1] provided that such service is no longer recognized under
the Pension Plan of the Township of Shaler (Nonunion).
B.
If a participant in this plan shall be transferred into an employment
position which will make such person an employee eligible for participation
under the Pension Plan of the Township of Shaler (Nonunion), then
such person shall participate thereunder as of the date of such transfer
and shall no longer be a participant in this plan. Aggregate service
and credited service hereunder shall be determined as of the date
of transfer and shall thereafter be recognized under the Pension Plan
of the Township of Shaler (Nonunion). The actuary shall determine
the accrued benefit of such participant and shall determine a reasonable
amount of assets which will be transferred to the Pension Plan of
the Township of Shaler (Nonunion) to meet such accrued benefit liability
so transferred.
C.
This § 47-73 is intended to provide for an uninterrupted accrual of benefits for a participant under either the Pension Plan of the Township of Shaler (Nonunion) or this plan when such a change in employment status shall occur and is specifically intended to prevent or preclude a duplicate accrual of benefits for the same period of employment with the employer.
