[Ord. No. 545,
§ 3.01, 8-12-1968]
Each participant who remains in employment until his normal
retirement date shall be entitled to receive a monthly pension, payable
during his lifetime on the first day of each month following his termination
of employment, equal to his normal retirement pension.
[Ord. No. 545,
§ 3.02, 8-12-1968; Ord. No. 1330, § 4, 8-14-2000]
Effective for anyone who is an active participant on or after
July 1, 2000, and for whom an early retirement date is defined shall
be entitled to receive, at his option, either:
(1)
A monthly pension, payable during his lifetime and commencing on
the first day of the month following his normal retirement date, equal
to his accrued monthly pension; or
(2)
A reduced monthly pension payable during his lifetime and commencing
on the first day of any month following his early retirement date,
equal to a percentage of his accrued monthly pension. Such percentage
being 100% less 5/12 of 1% for each full and partial month by which
the commencement of his early retirement pension precedes his 60th
birthday.
[Ord. No. 545,
§ 3.03, 8-12-1968]
Each participant for whom a deferred vested pension is defined
shall be entitled to receive a deferred monthly pension, payable during
his lifetime on the first day of each month following his normal retirement
date, equal to his deferred vested pension.
[Ord. No. 545,
§ 3.05, 8-12-1968; Ord. No. 1094, § 5, 2-10-1992]
Notwithstanding any other provision hereunder to the contrary,
no pension shall be paid to any participant for any period prior to
the date he has filed a written application therefor on such form
as may be prescribed by the Township.
By making proper written election on a form acceptable to the
Township and filed with the Township Manager, a participant who becomes
entitled to a retirement pension or in the case of disability, upon
attaining normal retirement age, may elect to receive his benefits
under the plan in the form of either a joint and survivor option or
a ten-year certain and life option, in lieu of the life-only form
of pension. The amount of reduced monthly pension payable under either
option shall be a percentage of the monthly pension such participant
would have received from the plan had he not elected an option. Such
percentage shall be calculated to be that percentage which provides
actuarial equivalence between the value of the benefits under the
option which is elected and the value of the benefits such participant
would have received under the plan if he had not elected an option,
but calculated on the assumption that such participant retired on
his normal retirement date if he remained in employment after his
normal retirement date.
[1]
Editor's Note: This Section of Ord. No. 1391 provided for
an effective date of 1-1-2003.
[Ord. No. 545,
§ 4.02, 8-12-1968]
If a participant elects to receive his benefits in the form
of a joint and survivor option, benefits provided under the option
will be in lieu of and in complete substitution for the benefits otherwise
payable to the participant under the plan, and the following rules
will apply:
(1)
If the participant and the copensioner named by the participant are
both alive on the day that the participant's pension payments are
to begin, the participant will receive a reduced pension, which reduced
pension will be continued to the copensioner named by the participant
for the period, if any, which the copensioner survives the participant.
(2)
If the copensioner named by the participant dies prior to the day
the participant's pension payments are to begin, the option will be
cancelled and the participant will receive his benefits from the plan
in the amount and for the same period that would have been the case
had no option election been made.
(3)
If the participant terminates employment for any reason, including
death, prior to the date his pension payments begin and prior to his
normal retirement date, the option will be cancelled, and no payments
whatsoever will be made under this plan on account of such option.
(4)
If the participant dies prior to the date he has received any pension
payments but after his normal retirement date, and if his copensioner
is alive at the date of his death, a monthly pension will be paid
to such copensioner on the first day of the month in which the death
of the participant occurs and ending on the first day of the month
in which the death of the copensioner occurs and the amount of each
such pension payment will be the same amount as such copensioner would
have received if such participant had retired on the first day of
the month in which his death occurred.
(5)
A participant who has elected a joint and survivor option may cancel
it without the consent of any other party at any time prior to the
date his pension payments are to begin.
[Ord. No. 545,
§ 4.03, 8-12-1968]
If a participant elects to receive his benefits in the form
of a 10 year certain and life option, benefits provided under the
option will be in lieu of and in complete substitution for the benefits
otherwise payable to the participant under the plan, and the following
rules will apply:
(1)
If the participant dies after he has begun to receive pension payments
but before he has received 120 such monthly payments, any unpaid balance
of such 120 monthly payments shall be commuted and paid in one sum
to a beneficiary designated by him. If no designated beneficiary survives
the participant, any unpaid balance will be paid to such one or more
of the spouse, children or estate of the participant as the pension
committee may determine.
(2)
If the participant dies after he has begun to receive pension payments
and after he has received at least 120 monthly payments, no further
benefits will be payable under the plan.
(3)
If the participant continues in employment beyond his normal retirement
date but dies before his actual retirement, his designated beneficiary
shall be entitled to receive, in one sum, the commuted value of the
amount payable had the participant retired on the day of his death.
(4)
If the participant's employment terminates prior to the date his
pension payments are to begin and prior to his normal retirement date,
the option will be cancelled and no payments whatsoever will be made
under this plan on account of such option.
(5)
A participant who has elected a 10 year certain and life option may
cancel it without the consent of any other party at any time prior
to the date his pension payments are to begin.
[Ord. No. 545,
§ 8.01, 8-12-1968]
To the extent permitted by law, none of the benefits payable
hereunder shall be subject to the claims of any creditor of any participant,
beneficiary or copensioner, nor shall the same be subject to attachment,
garnishment or other legal or equitable process by any creditor of
any participant, beneficiary or copensioner, nor shall any participant,
beneficiary or copensioner have any right to alienate, anticipate,
commute, pledge, encumber or assign any of such benefits.
[Ord. No. 545,
§ 8.02, 8-12-1968]
If any participant, beneficiary or copensioner shall be physically
or mentally incapable of receiving or acknowledging receipt of any
payment due under the terms of the plan and no legal representative
shall have been appointed for him, the pension committee may direct
that any such payment due him be paid to any person or institution
maintaining such participant, beneficiary or copensioner and the release
of such person or institution shall be a valid and complete discharge
for such payment.
[Ord. No. 545,
§ 8.03, 8-12-1968]
If the beneficiary or copensioner of any participant shall be
a minor and no guardian shall have been appointed for him, the pension
committee may direct that any payment due under the plan for his benefit
be retained until he attains majority. Such amount, as authorized
by the committee may be held in cash, deposited in bank or savings
accounts, or invested and reinvested in direct obligations of the
United States, and the income thereon may be accumulated and invested
or the income and principal may be expended and applied directly for
the maintenance, education and support of such minor without the intervention
of any guardian and without application to any court.
[Ord. No. 944,
§ 2, 3-10-1986; Ord. No. 1391, § 4,[1] 11-13-2002]
Upon the death of a disabled or retired participant, there shall
be paid to his designated beneficiary or to his/her estate if no designation
is effective at the time of his or her death, in addition to any benefits
payable under the pension plan, a lump sum of one thousand five hundred
dollars ($1,500.00).
[1]
Editor's Note: This Section of Ord. No. 1391 provided for
an effective date of 1-1-2003.
[Ord. No. 1006, § 1(c), 2-13-1989; Ord. No. 1249, § 3, 12-8-1997; Ord.
No. 1327, § 1, 5-8-2000]
(a)
Work related. A participant whose employment terminates after the
date the participant has completed 10 years of continuous service
and who is disabled due to a work-related injury or disease shall
be entitled to a disability pension. The amount of such benefit shall
be 50% of the average salary of the highest five of the last 10 years
of salary, less any other Township-provided disability benefits such
as workers' compensation payments or long-term disability payments.
In the event that the participant receives workers' compensation benefits
or any other Township-provided disability benefits that are subsequently
settled in a lump-sum payment to the participant, future disability
benefits from the pension plan will be reduced by the actuarial equivalent
value of such lump-sum payment.
(b)
Nonwork related. A participant whose employment terminates after
the date the participant has completed 10 years of continuous service
and who is disabled due to a nonwork related injury or disease shall
be entitled to a disability pension. The amount of such benefit shall
be 30% of the average salary of the highest five of the last 10 years
of salary, less any other Township-provided disability benefits such
as long-term disability payments. In the event that the participant
receives any other Township-provided disability benefits that are
subsequently settled in a lump-sum payment to the participant, future
disability benefits from the pension plan will be reduced by the actuarial
equivalent value of such lump-sum payment.
(c)
Notwithstanding the above, in no event shall the benefit payable
on or after the disabled employee's normal retirement date be less
than the participant's accrued benefit as of the date of disability.
[Ord. No. 1249, § 4, 12-8-1997; Ord. No. 1391, § 5,[1] 11-13-2002]
(a)
The named beneficiary of each participant for whom a deferred vested
pension is defined, who is an active participant on or after January
1, 1998, and who dies prior to the commencement of an early or normal
retirement benefit or a disability retirement benefit, shall receive
a lump-sum death benefit. The amount of the lump sum shall be equal
to the actuarial present value of the participant's accrued benefit
as of the date of the participant's death. In the event that no named
beneficiary exists, the lump-sum benefit shall be payable to the participant's
estate.
(b)
In the event of death prior to age 62 of a participant who was receiving disability retirement benefits pursuant to Section 2-236, his or her spouse shall receive 50% of the benefit that the disabled participant was receiving at the time of death for such spouse's remaining lifetime (subject to any cost-of-living adjustments pursuant to sec. 2-240).
[1]
Editor's Note: This Section of Ord. No. 1391 provided for
an effective date of 1-1-2003.
[Ord. No. 1311, § 2, 12-13-1999]
(a)
Each retirement pension as provided under Sections 2-223, 2-224 or 2-225 that first becomes payable on or after January 1, 2000, shall be annually adjusted. Such adjustment shall be made as of each January 1 to reflect the cost-of-living change in the preceding year, based on the increase in the CPI-W Consumer Price Index of the United States Department of Labor for Philadelphia (urban wage earners and clerical workers) for the twelve-month period ending on October 31 preceding each such January 1.
(b)
Each disability pension as provided under Section 2-236 that first becomes payable on or after January 1, 2000, shall be annually adjusted. The first such adjustment shall be effective on the first day of January next following the participant's normal retirement date. The amount of the adjustment will be based on the participant's disability benefit without regard to any reductions for workers' compensation payments. Such adjustment shall be made as of each January 1 to reflect the cost-of-living change in the preceding year, based on the increase in the CPI-W Consumer Price Index of the United States Department of Labor for Philadelphia (urban wage earners and clerical workers) for the twelve-month period ending on October 31 preceding each such January 1.
(c)
Notwithstanding the above, the following limitations shall be applicable
to all cost-of-living adjustments:
(1)
No cost-of-living adjustment shall be made in the first year
of retirement unless the member was retired for at least six months
prior to January 1.
(2)
In no case shall the total pension benefit (including all service
increments and automatic cost-of-living adjustments) exceed 75% of
the member's monthly plan compensation used for computing retirement
benefits.
(3)
The total aggregate of the cost-of-living increases for all
years shall not exceed 30%.
(4)
No cost-of-living increase shall be granted which shall impair
the actuarial soundness of the pension fund.
[Ord. No. 1327, § 3, 5-8-2000]
(a)
Each retirement pension as provided under Section 2-223, 2-224 or 2-225 that was in pay status as of December 31, 1999, shall be annually adjusted. The first such adjustment shall be made as of January 1, 2000. Such adjustment shall be made as of each January 1 to reflect the cost-of-living change in the preceding year, based on the increase in the CPI-W Consumer Price Index of the United States Department of Labor for Philadelphia (urban wage earners and clerical workers) for the twelve-month period ending on October 31 preceding each such January 1.
(b)
Each disability pension as provided under Section 2-236 that was in pay status as of December 31, 1999, shall be annually adjusted. The first such adjustment shall be effective on the later of the first day of January next following the participant's normal retirement date or January 1, 2000. Such adjustment shall be made as of each January 1 to reflect the cost-of-living change in the preceding year, based on the increase in the CPI-W Consumer Price Index of the United States Department of Labor for Philadelphia (urban wage earners and clerical workers) for the twelve-month period ending on October 31 preceding each such January 1.
(c)
Notwithstanding the above, the following limitations shall be applicable
to all cost-of-living adjustments:
(1)
No cost-of-living adjustment shall be made in the first year
of retirement unless the member was retired for at least six months
prior to January 1.
(2)
In no case shall the total pension benefit (including all service
increments and automatic cost-of-living adjustments) exceed 75% of
the member's monthly plan compensation used for computing retirement
benefits.
(3)
The total aggregate of the cost-of-living increases for all
years shall not exceed 30%.
(4)
No cost-of-living increase shall be granted which shall impair
the actuarial soundness of the pension fund.
[Ord. No. 1391, § 7,[1] 11-13-2002]
Cost-of-living adjustments that have been granted to a retired
participant pursuant to sec. 2-238 or 2-239, shall continue to be
granted to the surviving spouse or beneficiary of such participant,
provided such participant elected an optional form of pension under
sec. 2-228. In the case of a surviving spouse of a disabled participant
who is receiving a death benefit pursuant to sec. 2-237, such surviving
spouse shall be granted cost-of-living adjustments commencing when
the participant would have attained age 62.
[1]
Editor's Note: This Section of Ord. No. 1391 provided for
an effective date of 1-1-2003.
