Source: https://www.ecode360.com/14277243
Timestamp: 2018-09-18 15:11:24
Document Index: 513188717

Matched Legal Cases: ['§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42', '§ 42']

Borough of Boyertown, PA Retirement Plan
Ch 42 Art I Retirement Income Plan and Fund
§ 42-2 Funding.
§ 42-3 Administration.
§ 42-4 Eligibility.
§ 42-5 Normal retirement.
§ 42-6 Normal retirement benefit.
§ 42-7 Early retirement date.
§ 42-8 Early retirement benefit.
§ 42-9 Disability benefits.
§ 42-10 Death benefits.
§ 42-11 Termination benefits and vesting.
§ 42-12 Transfer or assignment.
Ch 42 Art II Amendment to Plan
§ 42-13 Definitions.
§ 42-14 Distribution of benefits.
§ 42-15 Compensation and benefit limitations.
§ 42-16 Vesting.
§ 42-17 Qualified domestic relations order.
§ 42-18 Alienation.
§ 42-19 Unlocatable member or beneficiary.
§ 42-20 Forfeitures.
§ 42-21 Merger or consolidation.
§ 42-22 Actuarial assumptions.
§ 42-23 Optional direct transfer of eligible rollover distributions.
Chapter 42: Retirement Plan
Police Pension Plan — See Ch. 33.
Chapter 42 : Retirement Plan
Article I Retirement Income Plan and Fund
Article II Amendment to Plan
Article I: Retirement Income Plan and Fund
[Adopted 8-3-1987 by Ord. No. 14-87]
Eighty-two and one-half percent of 1% of the number of years in Subsection A below, as computed to the nearest 1/12 of a year, up to a maximum of 30 years.
[Amended 7-1-1996 by Ord. No. 2-96]
The number of years of service between the entry date and the date of determination.
Annual basic compensation with the employer as of January 1 in each year, excluding overtime payments, commissions, bonuses and any other additional compensation.
The original effective date of the plan is January 1, 1971.
The anniversary date of one year of service from the date of employment.
The average compensation on the last five January 1s before early retirement, termination of employment or retirement.
The Borough of Boyertown Retirement Income Plan Trust Fund.
Any Borough employee who meets the requirements set forth in § 42-4 of this chapter.
The Borough of Boyertown Retirement Income Plan.
Continuous employment with the employer. Absence from employment on account of leave of absence authorized by the employer pursuant to the employer's established leave policy will be counted as continuous employment with the employer, provided that such leave of absence is of not more than two years' duration and provided further that the employee returns to active service with the employer at the end of such leave of absence. The employer's leave policy shall be applied in a uniform and nondiscriminatory manner to all participants under similar circumstances. Absence from employment on account of active duty with the Armed Forces of the United States will be counted as continuous employment with the employer, provided that the employee returns to active service with the employer within 90 days after he becomes eligible for release from such active duty.
This plan is to be funded and maintained by any of the following methods or combinations of each:
State aid. Funds which are received from the Commonwealth of Pennsylvania pursuant to Act 205 which are directed to this plan, as approved by the Borough Council, may be used.
Subject to the control and direction of the Borough Council, the Retirement Income Plan Committee, as appointed by the Borough Council, shall have full responsibility for administration of the plan and fund. The Committee shall hold, invest, reinvest and distribute all funds and property received pursuant thereto in trust for the purposes of this chapter. The Committee may receive at any time gifts, grants, devises or bequests to the Retirement Income Plan Trust Fund of any money or property, real or personal or mixed, to be held by the Committee in trust for the benefit of this fund and in accordance with the provisions hereof. The Committee shall be subject to such rules and regulations as may from time to time be adopted by the Borough Council through ordinance or resolution.
The Committee shall have full power and authority, either directly or through its designated representatives, to do all acts, to execute, acknowledge and deliver all instruments and to exercise for the sole benefit of the participants hereunder any and all powers and discretions necessary to implement and effectuate the purposes of this chapter, including, for purposes of illustration, but not limited to, any of the following:
To hold, invest and reinvest all funds received pursuant to this chapter in such investments as may be authorized as legal investments under the laws of the Commonwealth of Pennsylvania.
To make distribution of the moneys in the fund, in accordance with the terms of this chapter.
To appoint a trustee or custodian to hold, invest and reinvest plan funds in accordance with this chapter. Such trustee or custodian may be removed or may resign by giving 60 days' written notice to the other party. The Committee shall maintain the authority to oversee and review the performance of the trustee or custodian both on an investment and administrative basis. Plan funds may be invested in pooled funds designated for employee benefit trust funds.
Each regular full-time employee of the Borough whose customary employment is for more than 30 hours per week will be eligible to participate on the day when he completes one year of service. No one will be eligible for this plan if he is hired after his 60th birthday or if he is a police officer, part-time employee, dispatcher, or member of a bargaining unit.
The normal retirement date to receive benefits from the fund shall be the first day of the month coinciding with or next following the 65th birthday or the completion of 10 years of service, if later. If a participant is continuing in the employ of the employer after the normal retirement date, benefit payments will be postponed to the first day of the month next following the actual date of retirement and will be in an amount equal to the actuarial equivalent of the normal retirement benefit.
The basis for determining the amount of annual pension to a participant retiring under § 42-5 shall be 0.825% of the participant's final average compensation multiplied by the number of years in Subsection A(1) below, as computed to the nearest 1/12 of a year, up to a maximum of 30 years.
The number of years of service between the entry date and the normal retirement date.
Such pension or retirement benefit shall be payable from the assets of the fund established pursuant to this chapter.
The normal form of annuity under the plan is a life annuity. However, upon retirement, a participant may elect to receive benefits in a form different than the normally prescribed annuity form. Any such alternative form must be the actuarial equivalent of the normal form of annuity. Alternative options include, but are not limited to, the following:
A life annuity coupled with a guaranty that payments will be made for a certain period of years, such as five, 10 or 15 years.
A joint and contingent survivor annuity, whereby the annuity is to continue to the participant's spouse after the death of the retired participant as a specified percentage of the annuity being paid while the participant survived.
Any other alternative form requested by the participant which is approved by the employer.
The early retirement date is the first of the month coincident with or next following a participant's retirement from the employ of the employer which occurs within five years before the normal retirement date. Such retirement is subject to the written consent of the Committee and to the requirement that the participant have 10 years of service.
The early retirement benefit is the actuarial equivalent of the accrued benefit earned to the early retirement date.
A participant is disabled when he is wholly disabled by bodily injury or disease so as to be unable to engage in any occupation or employment for wage or profit and such disability is expected to be permanent and continuous during the remainder of his life, but excluding a disability resulting from military service, for which a government pension is payable, and excluding a disability resulting from habitual drunkenness or addiction to narcotics, engaging in a criminal enterprise or intentionally self-inflicted injury.
The determination of whether or not a participant is or continues to be disabled will be made by the Committee on the basis of such medical evidence and other relevant data as the Committee deems necessary or desirable. Failure of a participant to furnish such evidence or data when requested shall be sufficient reason for the Committee to determine that the participant is not disabled or no longer disabled.
A participant will not cease to be disabled solely because he engages in gainful employment for purposes of rehabilitation, as approved by the Committee.
For purposes of this disability benefit section, the eligibility requirements for a participant are as follows:
The participant has 10 years of service.
The participant has attained the 45th birthday.
If a participant becomes disabled after meeting the eligibility requirements and remains disabled for six consecutive months, he will become eligible to receive disability benefits as of the first day of each month thereafter as long as he is living and remains disabled.
The amount of disability benefits to be received by a participant will be equal to 100% of the accrued benefit determined as if termination of employment had occurred on the date that the participant became disabled. The amount of disability benefits will be reduced by the amount of any periodic cash payments provided for the participant under or on account of any workmen's compensation law or similar law which became payable on or after the date he first became eligible for disability benefits hereunder.
If a participant has become eligible for disability benefits under the provisions of Subsection E above but thereafter improves to the point that he is able to perform some type or types of employment for compensation but still remains unfit, either physically, mentally, emotionally or by lack of training or experience, to perform any type of work for the Borough of Boyertown, the Committee shall have the discretion to award unto the participant such part-time disability benefits as it deems proper, taking into consideration the amounts the participant is able to earn in other employment.
There are no death benefits under this plan except for any death benefits that may be payable based upon the annuity option elected for someone in benefit receipt status.
A participant's vesting percentage is 100% upon attainment of normal retirement date or upon being disabled. Upon early retirement or termination of employment, the vesting percentage is as follows:
Participant's Years of Service
The benefit payments herein provided for shall not be subject to attachment, execution, levy, garnishment or other legal process and shall be payable only to the participant or the designated beneficiary.
No participant or his beneficiary shall have any right to alienate, encumber or assign any assets of the fund on his behalf or any of the benefits or proceeds of any contract or agreement purchased or acquired hereunder.
Any contract or agreement purchased or acquired pursuant to this chapter upon the life of such participant shall contain a provision, in substance, that to the extent permitted by law, none of the benefits or payments or proceeds of such contract or agreement shall be subject to any legal process by any creditor of such participant or beneficiary of such participant.
Article II: Amendment to Plan
[Adopted 3-4-2002 by Ord. No. 1-02]
Plan member's wages, as defined in Code Section 3401(a), for a plan year for which the municipality is required to provide the plan member a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. Such 415 compensation shall include any elective deferrals defined in Code Section 402(g)(3) and all amounts contributed or deferred at the election of the plan members which are not includible in the gross income of the plan member by reason of either Code Sections 125, 402(e)(3), 402(h)(1)(B), 403(b), 414(h)(2) or 457.
Editor's Note: Said political subdivision refers to the Borough of Boyertown, as indicated in the preamble of Ord. No. 1-02.
Editor's Note: Said plan refers to the Borough of Boyertown Retirement Income Plan, as indicated in the preamble of Ord. No. 1-02.
Notwithstanding § 42-16, the plan shall recognize any qualified domestic relations order (QDRO) set forth under Code Section 414(p). Any plan member's benefits, rights or elections shall be subject to any rights afforded to the alternate payee by a QDRO. Further, a distribution to an alternate payee is permitted if authorized by a QDRO, even if the plan member involved has not separated from service and has not reached the earliest retirement age under the plan.
No plan member or beneficiary shall have any benefit subject to any type of alienation, anticipation, assignment, charge, encumbrance, pledge, sale or transfer. Further, no benefits shall be subject to or liable for any debts, contracts, engagements, liabilities or torts. The only exceptions to this section are those in § 42-17, above and those referenced in Code Sections 401(a)(13)(C) and (D).