Smyrna times., 1956-01-19
Ordinance
REGARDING TOWN POLICE PENSION
PLAN

WHEREAS. it is imperative for the
force be maintained with proper and
efficient personnel. and such personnel
can only ne attracted TO employment in
municipal police work by the assurance
OF an adequate pension system and
WHEREAS. il is necessary to provide
the means of financing and administer
ing the municipal police pension fund
and
WHEREAS. the General Assembly of
ter "a. Title is of the Delaware Code
by providing for a special tax on GER
tain gross premiums of Insurance. COM
panies for the purpose of creating a
special fund to be paid out by the state
treasurer to the proper officers in charge
Of any municipal police department or
bureau having a pension fund and
WHEREAS. it Is the intent and desire
OF the Mayor and members of council
TO establish a pension system for the
municipal police and to participate in
the distribution Of the funds received
and paid out by the state treasurer
pursuant to the aforementioned act of
the General Assembly of the State of
Delaware.
NOW. THEREFORE,. be it enacted by
the Mayor and the Council of the Town
of the Council eoncurring therein:
SECTION la municipal police pen
sion board consisting Of three members,
to serve without compensation. appointed
by the Mayor for term of three years
shall govern and control the creation
and administration of a municipal police
pension fund. One member of said board
shall be a member of the town council
one member shall be a member Of the
44nla m nd Npa 4f,.zrs
shall be resident of and property own
er within the Town OF Smyrna. In the
event of vacancy occurring by death.
resignation or otherwise the Mayor shall
appoint a successor TO fill the unexpired
term of the departed member. The menu
bers of the board shall elect, at their
first meeting. chairman. a vice-chair-
man and a secretary-treasurer, who after
the said election shall take their re-
spective Offices and perform their duties
according to rules and regulations adopt
ed by said board and approved by the
Mayor and members of council prior to
the payment of any money into the
pension fund.
SECTION 2:-The said pension board
shall have authority to purchase out
of the funds received by the Board.
such supplies and equipment as may
be necessary to carry out its duties
and to properly administer the said PEN
sion fund.
SECTION s:-The records and accounts
of the said pension board shall be aud
tied within thirty 1907 days after the
end Of the fiscal year of the said board
which year shall coincide with the fiscal !
year of the Town of Smyrna.
SECTION 4:-The said pension board |
shall have authority to invest and re-
invest the funds received by it subject |
to the approval of the Mayor and menu /
bers of council.
SECTION 5:-The said pension board |
shall have authority to receive gifts, |
donations and rewards for the said PEN
sion fund.
SECTION 6:-All rewards received by
the police department shall be turned
over to the police pension board. to
be placed in the police pension fund.
SECTION 1.-THE police pension board
shall carry a life insurance policy ON
each member of the police department.
until such membership is terminated by
resignation. discharge or otherwise, in
the sum of Two Thousand (2.000.00)
mated in writing by the said member.
Upon termination of the membership of
the department any refund or premium
paid shalt become part of the police
pension fund.
SECTION 8:-Each member of the
Smyrna Police Department, after serving
six months, shall have deducted from
his salary each week three (3) percent
of his total salary. An additional amount
sufficient to support the pension fund
shall be provided by the Town of Smyr-
ma. or some other source as provided
by State Law. to augment the three
percent contributed weekly by each eligi-
ole policeman. Said money to be turned
over to the Police pension board is
to be used as set forth in the 0rdin-
ance of the police pension plan.
SECTION 9:-Each policeman, after
reaching the age of sixty (60) years
and having twenty five (25) years ser
vice with the Smyrna Police Depart
ment. shall be eligible to retire at one
half of his salary at time of retire
ment. and will continue to draw such |
pension until such time as he will be |
eligible to collect F.0.A.B. At this |
time he must retire and his pension |
which will be reduced by the amount |
he receives from F.O.A.B.
SECTION 10:-If. for any reason, |
Policeman, after having served one ~ |
year under police pension plan. should |
be discharged, resigns, or dies on appli- |
cation by the proper person to the
police pension board shall within sixty |
1907 days Of the date of application
shall be refunded the full amount that
has been deducted from his salary and
paid into the police pension fund.