[Adopted 9-9-1958 by Ord.
No. 785[1]]
[1]
Editor's Note: Due to certain benefit modifications to
the Police Pension Plan, Ord. No. 1060, adopted 11-15-1994, and Ord.
No. 1101, adopted 11-14-2000, restated the Police Pension Plan and
Trust for the purpose of providing retirement and other benefits.
[Amended 12-9-1969 by Ord. No. 883; 10-21-2003 by Ord. No. 1131]
Upon completion of the minimum service and age requirements
as prescribed by Act No. 600, as amended by Act 358 of the 1957 Legislature
as enacted or amended,[1] the police officer shall be eligible to retire on the
minimum pension as set forth or retire at an age and period of service
and an amount of pension not inconsistent with such law but mutually
agreeable between the municipality and the officer. Upon retirement,
the trustee shall convert the existing policy in accordance with statute.
[1]
Editor's Note: See 53 P.S. § 761 et seq.
Each police officer eligible to participate under the law as
set forth by the Commonwealth of Pennsylvania shall be provided for
by the necessary contracts and agreements of pension and insurance
benefits by an underwriting life insurance company selected by the
governing body of the municipality.
The municipality shall make annual appropriations to a Police
Pension, Death and Disability Fund of the amounts necessary, which,
with other funds and benefits available to the municipality as described
by law, shall be sufficient to provide the benefits as set forth by
the laws of the commonwealth, with the amounts to be limited to that
necessary to meet premiums and deposits required by such contracts
of pension, insurance and disability nature issued by the selected
insurance companies in order to fulfill the terms of such contracts.
Each participating officer shall contribute 5% of his monthly
wage to the Police Pension, Death and Disability Fund, and the remainder
of the needed annual contributions to said fund shall become the obligation
of the Borough and shall be paid by it from any sources available
to said fund by annual appropriations; provided, however, that upon
termination of employment prior to retirement, the contributions of
the police officer shall be returned without interest.
The municipality shall create a Police Pension, Death and Disability
Trust Fund, supervised and operated by a corporate trustee or trustees,
who shall be designated and appointed in a resolution of the Council
to be passed to implement this article. The duties of the trustee
or trustees shall be to receive and disburse all sums of money applicable
to the purposes described in such resolution and Act No. 358 of the
1957 Legislature, as enacted and amended.
The proper officials of the municipality are hereby authorized
to execute all forms and documents required to establish the contracts
necessary to fulfill the required benefits under the law and to arrange
for the payments of premiums and deposits as they may become due and
payable from the Police Pension, Death and Disability Trust Fund.
