Source: https://ecode360.com/14393006
Timestamp: 2020-07-09 21:38:32
Document Index: 87001205

Matched Legal Cases: ['§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 74', '§ 881', '§ 74']

Township of Falls, PA Retirement
Ch 74 Art I ICMA Retirement Corporation Deferred Compensation Plan and Trust
§ 74-1 Purpose; definition of plan.
§ 74-2 Membership.
§ 74-3 Contributions.
§ 74-4 Termination of defined benefit plan.
§ 74-5 Establishment.
Ch 74 Art II Pennsylvania Municipal Retirement System
§ 74-6 Enrollment.
§ 74-7 Membership mandatory.
§ 74-8 Credit for prior service.
§ 74-9 Payment for obligation.
§ 74-10 Provision of benefits.
§ 74-11 Termination of previous programs.
§ 74-12 Vote by members.
§ 74-13 Effective date; repealer.
§ 74-14 Filing of article.
Chapter 74 Retirement
Police Pension Fund — See Ch. 72.
Article I ICMA Retirement Corporation Deferred Compensation Plan and Trust
Article I ICMA Retirement Corporation Deferred Compensation Plan and Trust [1]
Editor's Note: The title of this article was amended 5-13-1998 by Ord. No. 98-4.
[Amended 5-13-1998 by Ord. No. 98-4]
The purpose of this article is to create a deferred compensation plan in accordance with Section 457 of the Internal Revenue Service Code to provide benefits for all full-time employees of Falls Township. This deferred compensation plan is available to the full-time police officers of the Township as well.
Pursuant to the requirements of the Internal Revenue Code the deferred compensation plan is to be identified as the ICMA Retirement Corporation Deferred Compensation Plan and Trust. The plan shall be held in trust, with the employer serving as trustee, for the exclusive benefit of the plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. The trustee's beneficial ownership of plan assets held in the ICMA Retirement Trust shall be held for the further exclusive benefit of the plan participants and their beneficiaries.
Any person employed in a permanent full-time capacity by the Township of Falls may elect to participate in the deferred compensation plan and trust.
Member contributions. Each member shall defer to the plan any whole percent of his compensation from 2% to 25% to the maximum dollar limit established by the Internal Revenue Service for the tax year in which the deferral occurred ($8,000 for 1998). A member may elect to increase his deferral percent once every three months by filing a written joinder agreement with the Township. A member may elect to decrease his deferral percent at any time by filing a written joinder agreement with the Township. Member deferrals shall be collected by the Township through payroll deductions and paid into the plan at such times as the Township shall determine, but in no case shall the transfer be more than 30 days after the end of the month during which the deferral took place.
Township contribution. Contributions by the Township shall be to nonuniformed employees only. The Township will contribute the equivalent of 5% of the employee's monthly compensation to the township's 401(a) Money Purchase Pension Plan for nonuniformed employees. Township contributions shall be paid into the Money Purchase Pension Plan not less frequently than quarterly. No Township contribution will be made on behalf of any member to the Deferred Compensation Plan and Trust.
The defined benefit pension plan is terminated effective April 1, 1984 and the proceeds earned by current participants will be guaranteed to them and paid to them according to the actuarial calculations that are now in process.
The Township of Falls hereby establishes a retirement benefit as provided in Falls Township Deferred Compensation Program, adopted by Resolution 82-28 as subsequently amended, and by the provisions of this article.
[Adopted 8-17-2010 by Ord. No. 10-05]
Falls Township (the "Township") hereby elects to enroll its municipal employees who are excluded from membership in the Township's ICMA pension plan in the Pennsylvania Municipal Retirement System (the "System"), established by the Pennsylvania Municipal Retirement Law, Act 15 of 1974,[1] as amended, with the express purpose of having the System administer the pension plan established for the municipal employees of the Township. The Township does hereby agree to be bound by all the requirements and provisions of said Law, and to assume all obligations, financial and otherwise, placed upon member municipalities by said law. All references hereafter shall be based on benefits negotiated between the Pennsylvania Municipal Retirement Board (the "Board") and the Township under the provisions of Article IV of the Pennsylvania Municipal Retirement Law.[2]
Editor's Note: See 53 P.S. § 881.401 et seq.
Membership in the System shall be mandatory for all full-time municipal employees of the Township who are excluded from membership in the Township's ICMA pension plan. Membership for elected officials, part time employees, and employees hired on a temporary or seasonal basis is prohibited, as is membership for individuals paid only on a fee basis.
Credit for service toward the annuity of each original member shall begin to accrue upon the member's date of enrollment in the System. However, for purposes of determining eligibility for early retirement, credited service shall accrue from each original member's date of hire or upon the expiration of the member's probationary period if one so existed, whichever is more recent. Benefits provided to members in the agreement dated September 1, 2010 (the "Agreement") shall accrue based on all credited service granted and earned in accordance with this section.
Payment for any obligation established by the adoption of this article and the agreement between the Board and the Township shall be made by the Township in accordance with the Pennsylvania Municipal Retirement Law[1] and Act 205 of 1984, the Municipal Pension Plan Funding Standard and Recovery Act.[2]
As part of this article, the Township agrees that the System shall provide the benefits set forth in the agreement. The passage and adoption of this article by the Township is in official acceptance of said agreement and the financial obligations resulting from the administration of said benefit package. The Township hereby assumes all liability for any unfundedness created due to the acceptance of the benefit structure outlined in the above-referenced agreement.
By adoption of this article the Township agrees to terminate, upon the effective date of membership in the System, any previously maintained municipal pension program applicable to those employees identified as members in § 74-7 of this article and to transfer all assets from any existing plan to offset the established liability and to transfer all liabilities relating to retirement allowances or pensions. Liabilities not so transferred, whether known or not known at the time of the Township's enrollment into the System, shall remain with the Township.
The Township also acknowledges that an affirmative vote representing at least 75% of the plan members indicated the members were in agreement with the establishment of the plan with the System.
The Township intends this article to be the complete authorization of the Township's municipal pension plan and it shall become effective and specifically repeal Ordinance Number 10-01 ab initio either immediately or on September 1, 2010, which is the effective date of the agreement, whichever is later.
A duly certified copy of this article and the referenced agreement shall be filed with the System. Membership for the municipal employees of the Township in the System shall be effective the first day of, September, 2010.