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]
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.
[Amended 3-5-1996 by Ord. No. 249]
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.
D. Optional annuities.
(1) In lieu of the single life annuity described above,
a retired member may elect to receive his monthly pension under one
(1) of the optional annuities listed below:
(a)
Ten-year certain and life thereafter.
(b)
Joint and 100% survivor annuity.
(c)
Joint and 50% survivor annuity.
(2) The amount of pension payable under the optional annuities
shall be reduced by actuarially equivalent conversion factors.
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.