[Adopted 7-7-1992 by Ord. No. 232 ]
Editor's Note: This ordinance repealed former Art. II, Police Pension Fund, adopted 9-2-1975 as Ord. No. 168, approved 10-7-1975, as amended.
This Article is passed in order to establish a Police Pension Fund for qualified policemen employed by the Borough of Matamoras, Pike County, Pennsylvania.
[Amended 3-5-1996 by Ord. No. 249]
In order to qualify for a normal retirement benefit under the Police Pension Fund of the Borough of Matamoras, Pike County, Pennsylvania, a policeman must be employed in a full-time position on the police force; such an individual must have served at least twenty (20) years of full-time service, and he must be at least sixty (60) years of age in order to be eligible for full pension payments. The normal retirement date shall be the first of the month coincident with or next following attainment of age sixty (60) or completion of twenty (20) years of full-time service, whichever is later.
In order to qualify for an early retirement benefit under the Borough of Matamoras Police Pension Fund, a policeman must be employed in a full-time position on the police force; such an individual must have served at least fifteen (15) years of full-time service, and he must be at least sixty (60) years of age. The early retirement date shall be any first of the month coincident with or next following the attainment of age sixty (60) or completion of fifteen (15) or more years of full-time service, whichever is later.
[Amended 3-5-1996 by Ord. No. 249]
The amount of monthly normal retirement pension for the qualified members, as described in § 28-9A hereof, shall be equal to one-half (1/2) of the member's average monthly salary during the thirty-six (36) months immediately prior to retirement.
The amount of monthly early retirement pension for the qualified members, as described in § 28-9B hereof, shall be the accrued benefit at early retirement date, reduced for early commencement of pension payments. The accrued benefit is one-half (1/2) of the average monthly salary during the thirty-six (36) months immediately prior to actual retirement, multiplied by a ratio, the numerator of which is the full-time service through the date of actual retirement and the denominator of which is the total years of potential service from the initial date of full-time employment to the member's normal retirement date. Early retirement reduction shall be one one-hundred-eightieth (1/180) for each month by which actual early retirement date precedes normal retirement date.
The monthly payments shall be made directly from the Borough of Matamoras Police Pension Fund and shall continue for the remainder of the retired member's lifetime.
The amount of pension payable under the optional annuities shall be reduced by actuarially equivalent conversion factors.
If a member who is in active service, or who has met the age and service requirements stipulated in § 28-9A but who has not yet retired, dies, then and in that event his widow shall become eligible for the full accrued benefit, with payment commencing on the deceased member's normal retirement date. The accrued benefit is one-half (1/2) of the average monthly salary during the thirty-six (36) months immediately prior to death, multiplied by a ratio, the numerator of which is years of full-time service through the date of death and the denominator of which is the total years of potential service from the initial date of full-time employment to the member's normal retirement date.
[Amended 3-5-1996 by Ord. No. 249 ]
If the widow desires immediate commencement of her benefits, the amount of monthly pension shall be actuarially reduced to reflect the longer period of benefit payments.
Any member who suffers a permanent disability shall be eligible to receive a disability benefit from this plan. "Permanent disability" shall mean any condition arising from service-connected injury or illness which precludes a member from performing the duties normally required of a police officer, as certified by a licensed physician designated by the Borough Council. The Borough Council shall have the right to require disabled members to present medical evidence of continuing permanent disability from time to time and to require members to submit to medical examinations by physician(s) designated by the Council. Satisfactory medical evidence of continuing disability is a precondition for the payment of disability benefits.
The amount of monthly disability benefit shall be equal to one-half (1/2) of the monthly average salary during the last thirty-six (36) months immediately prior to the onset of permanent disability. Whenever other disability benefits which are financed in whole or in part by the borough are payable, the amount of monthly disability benefit from this plan shall be reduced, if necessary, so that the sum of monthly disability benefits from all sources will not exceed one hundred percent (100%) of the member's monthly salary as of the date of permanent disability.
Disability benefits under this plan shall be paid monthly and continue until the member recovers or dies.
Any member who ceases to be employed as a full-time police officer by the Borough of Matamoras prior to completing superannuation retirement age and service requirements, but after having completed twelve (12) years of total full-time service, shall be entitled to vest his retirement benefits by filing with the Borough Council within ninety (90) days of the date he ceases to be a full-time police officer a written notice of his intention to vest.
Upon reaching his normal retirement date if he had continued to be employed as a full-time police officer, he shall be paid the accrued benefit as of his termination date determined by applying the percentage his years of full-time service bear to the years of service he would have rendered had he continued to work until his normal retirement date to the gross pension.
Benefit payments made pursuant to the Police Pension Plan shall be charged to the Police Pension Fund. Expenses of administering the Police Pension Plan which are directly associated with the plan and which are necessary, reasonable and which benefit the plan, including the compensation of the actuary, may be paid from the assets of the pension fund effective January 1, 1985. Disbursements of such administrative expenses shall be documented in sufficient detail to satisfy the office of the Auditor General.
The prior pension plan and any ordinance or part of any ordinance conflicting with the provisions of this Article shall be and the same is hereby repealed, insofar as the same affects this Article.
The effective date of this Article shall be January 1, 1992, unless otherwise specified.