[Amended 8-10-1999 by Ord. No. 1768; 3-14-2000 by Ord. No. 1775; 7-12-2005 by Ord. No. 1834]
A. Each participant shall, as a requirement for participation, pay regular
contributions to the Pension Fund. Each participant shall complete
the necessary forms to authorize the payment of participant contributions
by way of payroll deduction or otherwise. Prior to January 1, 2010,
participant contributions shall be paid in an amount equal to 2.5%
of earnings. After December 31, 2009, participant contributions shall
be paid in an amount equal to 5% of earnings. This amount is subject
to review by an annual study performed by the actuary.
[Amended 7-10-2012 by Ord. No. 1908]
B. "Earnings," for purposes of this §
47-74, shall mean the base compensation of the employee, whether salary or hourly wages, excluding overtime 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.
[Amended 7-10-2012 by Ord. No. 1908]
Notwithstanding the preceding §
47-74, if an actuarial study performed by the actuary shows that the condition of the Pension Fund is such that contributions by the employer will be required to meet the annual financial requirements determined in accordance with the Act, the employer, on an annual basis, by ordinance, may increase contributions into the Pension Fund by participants. Conversely, if the actuarial study performed by the actuary shows that the condition of the Pension Fund is such that payments into the Pension Fund by the participants may be reduced below the minimum percentages prescribed in §
47-74 or may be eliminated and that, if such payments are reduced or eliminated, contributions by the employer will not be required to keep the Pension Fund actuarially sound, the employer may, on an annual basis, by ordinance, reduce or eliminate participant contributions into the Pension Fund.
Payments of general municipal pension system state aid or any
other amount of state aid received in accordance with the Act from
the Commonwealth of Pennsylvania, which are received by the employer
and deposited into the Pension Fund governed by this plan, shall be
used as follows:
A. To reduce the unfunded liability; or after such liability has been
funded,
B. To apply against the annual obligation of the employer for future
service costs; or to the extent that the payment may be in excess
of such obligation,
C. To reduce participant contributions hereunder.
The remainder of the annual contributions required under the
provisions of the Act, as determined by the actuary in accordance
with the Act, shall become the obligation of the employer and shall
be paid into the Pension Fund by annual appropriations.
The Board is authorized to take by gift, grant, devise or otherwise
any money or property, real or personal, for the benefit of the plan
and cause the same to be held as a part of the Pension Fund. The care,
management, investment and disposal of such amounts shall be vested
in the plan administrator, subject to the direction of the donor and
not inconsistent with applicable laws and the terms of the plan.