A pension plan is hereby established for the
full-time nonuniformed employees of Tobyhanna Township. Such plan
shall be under the direction of the Township Supervisors and shall
be applied under such regulations as the Supervisors may prescribe.
The effective date of this plan shall be December 26, 1992.
As used in this article, the following terms
shall have the meanings indicated:
ACTUARIAL EQUIVALENT
A benefit determined by an actuary to be equivalent in value
to the participant's normal retirement benefit, as defined herein, provided that such actuarial equivalent is within the
limitations provided herein.
BOARD
The governing body of the Township of Tobyhanna acting in
the capacity of administrator of the Nonuniformed Employees Pension
Plan established pursuant to this article.
COMMITTEE
The persons who may be appointed to serve in an advisory
capacity to the Board in the administration of the plan.
COMPENSATION
The moneys received by a participant in each and every month,
including base pay, longevity pay, night differential, overtime and
any other such increments. Payments made for unused vacation time
will be included for computation of retirement benefits. Payments
made for unused sick time will not be included for computation of
retirement benefits.
CONTRIBUTION
The moneys paid by the employer to the plan and/or the payroll deductions made monthly from the compensation of the participants and paid to the plan; except that "contributions" in §
26-4F shall mean the participant's total contributions accumulated during the period of employment and participation in this plan.
FUTURE SERVICE LIABILITY
The value of any participant's benefits which shall accrue
by virtue of that participant's service rendered subsequent to the
enactment of this article.
PARTICIPANT
Every person duly appointed from time to time by the employer
as a full-time nonuniformed employee working not less than 35 hours
per week with definite compensation, subject to reasonable vacation
and sick leave, to be included in the plan upon date of hire.
PLAN
The Nonuniformed Employees Pension Plan established pursuant
to this article.
SERVICE
Total aggregate service with the employer, not necessarily
continuous, beginning upon the date of hire. Service of six months
or more will be counted as a full year; service of less than six months
will be disregarded.
TERMINATION
The cessation of service by the participant for any reason,
including death, disability, resignation and employer termination.
Voluntary leaves of absence, without pay, shall not be considered
a termination for purposes of this article; but no period of such
leave shall be computed in the total service for pension benefit purposes.
Leaves of absence with pay shall not be considered a termination within
the meaning of this article (provided that the municipality is able
to certify to the Department of the Auditor General that such participant
on a leave of absence with pay is within the definition of a participant
as set forth herein); but such leaves may be computed in the total
service for pension benefit purposes.
UNFUNDED LIABILITY
The present value of any participant's benefits accrued prior
to the enactment of this article by virtue of that participant's prior
service.
Any participant in the plan with at least six
months of service with the employer who thereafter shall enter the
military service of the United States of America shall have credited
to that participant's service record for pension benefit purposes
only the initial term of military service of the participant, provided
that the participant returns to service with the employer within six
months after said participant's separation from such military service.
Upon termination of the plan, the assets shall
be distributed as follows:
A. Sufficient funds shall be maintained to provide the pension benefits prescribed in §
26-4 for all participants who have retired prior to the termination of the plan or who are eligible to retire at the time of the termination of the plan.
B. Sufficient funds shall be maintained to provide the vested pension benefits prescribed in §
26-4 for all participants who are eligible for such benefits.
C. Of the remaining funds, those which can be identified
as contributions of the employees and employer shall be distributed
as the Board sees fit, provided that such distribution is made on
a uniform basis.
D. All funds in excess of the funds described in Subsections
A,
B and
C above shall be returned to the commonwealth as unused funds. 2606 12-5-2002§
26-8 PENSIONS§ 26-Il
The Board reserves the right to amend at any time, in whole or in part, any or all of the provisions of the plan, provided that no such amendment shall authorize or permit any part of the plan to be used or diverted to purposes other than for the exclusive benefit of the participants, their beneficiaries or their estates, nor shall any amendment divest a participant of benefits vested by the provisions of §
26-4. All such amendments shall comply with the applicable statutes of the Commonwealth of Pennsylvania.