The following words and phrases, as used in this Part 1, shall have the meanings set forth in this article, unless a different meaning is otherwise clearly required by the context:
As of any given date, the benefit determined under § 23-11, calculated on the basis of final monthly average salary as of the date of determination, and then multiplied by a fraction, the numerator of which shall be the participant's aggregate service determined as of such date and the denominator of which shall be the projected aggregate service of the participant as if the participant continues in employment until attainment of normal retirement age. Notwithstanding anything contained herein to the contrary, in no event shall the fraction exceed 1.0. In no event, however, shall the "accrued benefit" exceed the maximum limitation, determined as of the date of computation, provided under § 23-14. All "accrued benefits" are subject to all applicable limitations, reductions, offsets and actuarial adjustments provided pursuant to the terms of the plan prior to the actual payment thereof.
The total amount contributed by any participant to this fund or its predecessor by way of payroll deduction or otherwise, plus interest credited at 2 1/2% per annum for all years prior to January 1, 1972, and at the interest rate earned by the fund thereafter. Interest shall be credited in the form of a compound interest rate from the midpoint of the plan year during which the contributions were paid to the first day of the month preceding the date that a distribution of accumulated contributions under §§ 23-21.4 and 23-21.6 shall be paid or payment of benefits shall commence.
The Municipal Pension Plan Funding Standard and Recovery
Act, which was enacted as Act 205 of 1984, as amended, 53 P.S. § 895.101
et seq.
Two forms of payment of equal actuarial present value on
a specified date. The actuarial present value shall be determined
by use of the UP-1984 Mortality Table, set back five years for females,
and 7% interest unless otherwise specifically provided herein.
The person, partnership, association or corporation which
at any given time is serving as actuary, provided that such "actuary"
must be an approved actuary as defined in the Act.
The total period or periods of the participant's employment with the employer whether or not interrupted. Notwithstanding the preceding sentence, should any such participant receive a distribution of accumulated contributions or a disability retirement benefit with respect to a period of employment, such period of employment shall not be included in "aggregate service" thereafter unless, at the commencement of the next period of employment, the participant repays to the fund the amount of such distribution with interest. For purposes of this definition, interest shall accrue as of the date the employee receives a distribution of accumulated contributions and shall be computed at the same rate and in the same manner as described in § 23-1, definition of "accumulated contributions."
The person or entity designated by the participant to receive
a distribution of the participant's accumulated contributions should
the participant die prior to becoming entitled to a retirement benefit.
In the event that a participant does not designate a "beneficiary"
or the "beneficiary" does not survive the participant, the "beneficiary"
shall be the surviving spouse, or if there is no surviving spouse,
the issue, per stirpes, or if there is no surviving issue, the estate;
but if no personal representative has been appointed, to those persons
who would be entitled to the estate under the intestacy laws of the
Commonwealth of Pennsylvania if the participant had died intestate
and a resident of Pennsylvania.
The person designated by the Borough who has the primary
responsibility for the execution of the administrative affairs for
the plan.
The Internal Revenue Code of 1986, as amended.
The Police Pension Committee as determined pursuant to § 23-21.9.
The Commonwealth of Pennsylvania.
The total compensation of the employee, whether salary or
hourly wages, including overtime pay, holiday pay, longevity pay and
any other form of compensation paid by the employer for police services
rendered. "Compensation" shall be limited to the amount specified
pursuant to Code Section 401 (a)(17), as adjusted under Code Section
415(d), which amount shall be $228,860 as of the restatement date.
The Borough Council of the Borough of Edgeworth.
The date when a participant, pursuant to application to the
plan, is determined by the plan administrator to be incapacitated
due to total and permanent disability, or the date when the participant's
employment terminates due to such total and permanent disability,
if later.
Any individual employed by the employer on a regular, full-time
basis as a member of the employer's police force.
The Borough of Edgeworth, Allegheny County, Pennsylvania.
For the purpose of determining aggregate service:
The period of time for which an employee is
directly or indirectly compensated or entitled to compensation by
the employer for the performance of duties as a police officer.
Any period of time for which an employee is
paid a fixed, periodic amount in the nature of salary continuation
payments for reasons other than the performance of duties (such as
vacation, holidays, sickness, entitlement to benefits under workers'
compensation or similar laws), either directly by the employer or
through a program to which the employer has made contributions on
behalf of the employee.
Any period during which an employee is entitled
to disability benefits under this plan, provided that the employee
returns to employment within three months of the date on which it
is determined that the participant is no longer totally and permanently
disabled if such determination occurs prior to the date a participant
attains normal retirement age.
Any period of voluntary or involuntary military
service with the armed forces of the United States of America, provided
that the participant has been employed as a regular, full-time member
of the employer's police force for a period of at least six months
immediately prior to the period of military service, and the participant
returns to employment within six months following discharge from military
service or within such longer period during which employment rights
are guaranteed by applicable law or under the terms of a collective
bargaining agreement with the employer.
The average monthly salary earned by the participant and paid by the employer during the final 36 months immediately preceding termination of active employment. Salary shall include the employee's compensation to which the employee is entitled for the rendering of services in employment but shall exclude for this purpose any single sum or extraordinary payments made which are not directly attributable to active employment during the averaging period, including but not limited to payment for accumulated sick leave, payment of a longevity bonus or payment of a back pay damage award, unless participant contributions were made with respect to such sums under § 23-5.
"Final monthly average salary" shall be calculated
by taking into account only those completed full months during which
an employee receives salary, as that term is defined in this definition.
Therefore, for example, the final monthly average salary for a participant
who receives disability benefits from this plan or who is voluntarily
or involuntarily serving in the United States armed forces during
the final 36 months of aggregate service shall be based on the period
during which the employee last received salary (as defined in the
preceding subsection) from the employer.
Salary used to determine "final monthly average
salary" shall be limited to the amount specified in accordance with
Code Section 401(a)(117), as adjusted under Code Section 415(d), which
amount shall be $228,860 as of the restatement date.
A legal reserve life insurance company authorized to do business
in the Commonwealth of Pennsylvania.
The minimum obligation of the municipality as determined
by the actuary pursuant to the provisions of the Act.
The date on which the participant has completed 25 years
of aggregate service with the employer and has attained age 55.
An employee who has met the eligibility requirements to participate in the plan as provided in § 23-2 and who has not for any reason ceased to be a participant hereunder.
The Police Pension Fund administered under the terms of this
plan and which shall include all money, property, investments, policies
and contracts standing in the name of the plan.
The plan set forth herein, as amended from time to time and
designated as the "Borough of Edgeworth Police Pension Plan."
The committee or the individual appointed for the purpose
of supervising and administering the provisions of the plan. In the
event that no such appointment is made, the "plan administrator" shall
be the Council.
The twelve-month period beginning on January 1 and ending
on December 31 of each year.
A retirement annuity or retirement income endowment policy
(or a combination of both) or any other form of insurance contract
or policy which shall be deemed appropriate in accordance with the
provisions of applicable law.
January 1, 1992, the date upon which this amendment and restatement
of the plan becomes effective.
The first day of the month coincident with or next following
the date on which the participant retires from employment or the first
day of any month thereafter on which the payment of retirement benefits
pursuant to this plan shall commence.
A condition of physical or mental impairment due to which a participant is unable to perform the usual and customary duties of employment, which condition continues for at least six months and which is reasonably expected to continue to be permanent for the remainder of the participant's lifetime. For purposes of this definition and Article V, a condition shall not be treated as a "total and permanent disability" unless such condition is a direct result of and occurs in service. Therefore, an employee whose physical or mental impairment does not occur in service is not entitled to receive disability benefits under the plan.
