[HISTORY: Adopted by the Township Council of Horsham Township 2-3-1971 by Ord. No. 82. Amendments noted where applicable.]
GENERAL REFERENCES
Retirement system for nonuniformed employees — See Ch. 50.
It is the legislative intent of this chapter to secure the assistance and advice of Township residents and officers in administering the police pension investments and further to provide for public disclosure and discussion of any proposed change in the nature or form of the investments and/or policies of insurance securing, or to secure, the present and future police pension fund of Horsham Township.[1] Such investments shall be deemed to include all present policies of insurance and investments into which general tax revenues have been channeled and such funds emanating from other sources for such purposes to insure pension funds for all such qualified members of the full-time police force of the said Township, past, present, and future.
[1]
Editor's Note: The current police pension plan is on file in the Township offices.
The Police Pension Advisory Committee shall consist of seven members who shall be appointed by the Township Council as follows:
A. 
Four elector/citizens of the Township.
B. 
The Chief of Police of the Township.
C. 
The Township Manager.
D. 
A representative of the Horsham Township Police Department selected by officers of the Department.
[Amended 7-14-1981 by Ord. No. 123]
[Amended 7-14-1981 by Ord. No. 123]
The members so qualified according to the terms of § 43-2 shall be, in the case of the four elector/citizens, for a four-year term, which shall be so made initially that, upon the expiration of each such term, the subsequent term shall be for a full four-year term. To achieve this objective, the initial appointments shall be for one, two, three, and four years, respectively, and the specific person appointed shall have the length of his term so designated at the time of his appointment. The Chief of Police and the Township Manager shall qualify by virtue of the official office which he or she holds. The representative from the Police Department as selected by the officers of that Department shall serve for a period of four years and shall qualify for membership on the Committee if he or she has had at least three years' service with the Township Police Department.
[Amended 7-14-1981 by Ord. No. 123]
The Police Pension Advisory Committee (hereinafter "Committee") shall meet at least once each year to review the investments of the police pension fund and to make any recommendation to the Township Council concerning the investments. Further, the Committee shall be consulted by the Township Council regarding all proposed investments, or changes in investments, of funds now constituting the fund, or hereafter to be invested. If the Township Council should initiate a proposed change of investment, the Committee shall be notified in writing at least 60 days prior to any official action by the Township Council regarding the change of investment. At least 15 days prior to any action taken by the Township Council, the Committee shall provide the Township Council with its written recommendation concerning the proposed change of investment.
[Amended 7-14-1981 by Ord. No. 123]
The Township Council, prior to any change in insurance investment of such police pension funds, shall first obtain concurrence of the Auditor General of the Commonwealth of Pennsylvania. Such written concurrence of the Auditor General shall be communicated in writing to the Committee at least 30 days before any action by the Township Council effecting a change. Such communication shall also include the written opinion of the actuary retained by the Township Council, if any, recommending such change as proposed.
Members of the Board shall serve without compensation, other than those compensations allocated to them by virtue of their other offices noted in § 43-2 of this chapter.
[Amended 7-14-1981 by Ord. No. 123]
The Committee can only be dissolved by ordinance of the Township Council upon due notice of such proposed action in accordance with the requirements for such notice as provided in the Home Rule Charter.