[Adopted 7-7-1992 by Ord. No. 232[1] ]
[1]
Editor's Note: This ordinance repealed former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[1]]
A.
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.
B.
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.
[1]
Editor's Note: This ordinance provided an
effective date of 7-1-1995 unless otherwise specified.
[Amended 3-5-1996 by Ord. No. 249[1]]
A.
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.
B.
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.
C.
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.
[1]
Editor's Note: This ordinance provided an
effective date of 7-1-1995 unless otherwise specified.
A.
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[1] ]
[1]
Editor's Note: This ordinance provided an
effective date of 7-1-1995 unless otherwise specified.
B.
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.
A.
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.
B.
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.
C.
Disability benefits under this plan shall be paid
monthly and continue until the member recovers or dies.
A.
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.
B.
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.
