[HISTORY: Adopted by the Board of Supervisors
of the Township of Elizabeth as indicated in article histories. Amendments
noted where applicable.]
GENERAL REFERENCES
Salaries and compensation — See Ch. 42.
[Adopted 5-14-2018 by Ord. No. 2018-1[1]]
[1]
Editor's Note: This ordinance also repealed former Art.
I, Pennsylvania Municipal Retirement System, adopted 12-9-2012 by
Ord. No. 2003-4.
Elizabeth Township (the Township), having established a pension
plan administered by the Pennsylvania Municipal Retirement System
(the System), hereby elects to amend its Municipal Pension Plan administered
by the System in accordance with Article IV of the Pennsylvania Municipal
Retirement Law, 53 P.S. § 881.101 et seq. (Retirement Law),
and does hereby agree to be bound by all the requirements and provisions
of the Retirement Law and the Municipal -Pension Plan Funding Standard
and Recovery Act, 53 P.S. § 895.101 et seq., and to assume
all obligations, financial and otherwise, placed upon member municipalities.
As part of this article, the Township agrees that the System
shall administer and provide the benefits set forth in the amended
Municipal Pension Plan Contract entered into between the Pennsylvania
Municipal Retirement Board and the Township effective July 1, 2017
(the contract).
The Township acknowledges that by passage and adoption of this
article, the Township officially accepts the contract and the financial
obligations resulting from the administration of the contract.
Payment for any obligation established by the adoption of this
article and the contract shall be made by the Township in accordance
with the Retirement Law and the Municipal Pension Plan Funding Standard
and Recovery Act. The Township hereby assumes all liability for any
unfundedness created due to the benefit structure set forth in the
contract.
A duly certified copy of this article and an executed contract
shall be filed with the System.
