[HISTORY: Adopted by the Board of Supervisors of the Township of Middle Smithfield 11-14-2013 by Ord. No. 197; amended in its entirety 12-4-2017 by Ord. No. 218. Subsequent amendments noted where applicable.]
Salaries and compensation — See Ch. 61.
Editor's Note: This ordinance amended in its entirety former Ch. 48, Pensions, comprised of Art. I, Pennsylvania Municipal Retirement System, adopted 6-14-2000 by Ord. No. 102, and Art. II, Addendum to Pension Plan, adopted 3-12-2012 by Ord. No. 110.
Editor's Note: This ordinance also provided that it shall take effect on 1-1-2018.
Middle Smithfield Township (the "Township"), being a member municipality of the Pennsylvania Municipal Retirement System (the "System"), hereby elects to amend its Municipal Pension Plan administered by the System in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. § 881.101 et seq. (the "Retirement Law"), and does hereby agree to be bound by all the requirements and provisions of the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act, 53 P.S. § 895.101 et seq., and to assume all obligations, financial and otherwise, placed upon member municipalities.
As part of the adoption of this article, the Township agrees that the System shall administer and provide the benefits set forth in the amended Municipal Pension Plan Contract entered into between the Pennsylvania Municipal Retirement Board and the Township effective January 1, 2018 (the "Pension Plan Contract" or simply, the "Contract").
Through the passage and adoption of this article, the Township officially accepts the Pension Plan Contract and the financial obligations resulting from the administration of the Contract.
Payment of any obligation established by the adoption of this article and the Pension Plan Contract shall be made by the Township in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act. The Township hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the Contract.
The Township intends this article to be the complete authorization of the Pension Plan Contract and it shall become effective on the effective date of the Township Ordinance adopting this article.
A duly certified copy of the Township Ordinance adopting this article and an executed Pension Plan Contract shall be filed with the System.