The following words and phrases as used in this
Part 2 shall have the meanings set forth in this Part 2 unless a different
meaning is otherwise clearly required by the context:
[Amended 1-20-1998 by Ord. No.
471]:
"Accrued benefit" for a participant hired on
or before January 1, 1997, shall mean, as of any given date, 50% 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.
"Accrued benefit" for a participant hired after
January 1, 1997, shall mean, as of any given date, 50% 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 greater of the projected aggregate service of the participant
as if the participant continues in employment until attainment of
normal retirement age or 300. Notwithstanding anything contained herein
to the contrary, in no event shall the fraction exceed 1.0.
In addition, in no event shall the accrued benefit exceed the maximum limitation determined as of the date of computation provided under § 23-34. 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 Municipal Pension Plan Funding Standard and Recovery
Act, enacted as Act 205 of 1984.[1]
Two forms of payment of equal actuarial present value on
a specified date based on the UP-1984 mortality table and an interest
rate of 7%.
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, expressed in terms of months. Credit for a leave of absence shall be given or not given in accordance with the standards set forth in the definition of "year of service" in § 23-22.
Any leave of absence granted in writing by the employer for
reasons including but not limited to accident, sickness, pregnancy
or temporary disability, education, training or jury duty.
Any person or legal entity designated by a participant to
receive death benefits under the plan. A participant shall designate
a beneficiary or beneficiaries with respect to any benefits which
may become payable upon his death, and he/she may from time to time
change such beneficiary or beneficiaries. All such designations shall
be made on forms provided by the plan administrator. In the absence
of such a designation, if applicable, the participant's beneficiary
shall be the participant's surviving spouse, if then living; or if
there is no surviving spouse, his issue per stirpes; or if there is
no surviving spouse, his issue per stirpes; or if there is no surviving
issue, his parents, if either is then living; or if there is no parent,
his estate; but if no personal representative has been appointed,
the beneficiary shall be those persons who would be entitled to his
estate under the intestacy laws of state in which the participant
was domiciled at the time of his death.
The person designated by the municipality who has the primary
responsibility for the execution of the administrative affairs for
the municipality.
The Internal Revenue Code of 1986, as amended.
The Commonwealth of Pennsylvania.
For purposes of determining final average earnings,
the base salary or wages paid to the employee by the employer within
the plan year, including longevity payments, but excluding nonperiodic
payments such as overtime pay, shift differential pay, jury duty compensation
and the like.
For any plan year commencing on or after January
1, 1989, compensation shall be limited to $200,000 as adjusted from
time to time by the United States Treasury.
The sum of:
[Amended 12-18-2001 by Ord. No. 483]
The period of time for which an employee is
employed in continuous, uninterrupted employment as an employee beginning
on the individual's employment commencement date (or if applicable,
his reemployment commencement date) and ending on his retirement,
death or other termination of employment as an employee;
Any period of time for which an employee is
granted an authorized leave of absence;
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 employee
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; and
Any period of qualified military service as
determined under the requirements of Chapter 43 of Title 38, United
States Code, provided that the participant returns to employment following
such period of qualified military service, and the participant makes
payment to the plan in an amount equal to the participant contributions
that would otherwise have been paid to the plan during such period
of qualified military service. The amount of participant contributions
shall be based upon an estimate of the compensation that would have
been paid to the participant during such period of qualified military
service as determined by the average compensation paid to the participant
during the 12 months immediately preceding the period of qualified
military service. The amount of participant contributions so calculated
must be paid into the plan before the end of the period that begins
on the date of reemployment and ends on the earlier of the date that
ends the period that has a duration of three times the period of qualified
military service, or the date that is five years after the date of
reemployment.
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 the Act.
The Borough Council of the Borough of Edgeworth.
Any individual employed by the employer on a permanent, full-time
basis, excepting any individual employed as a member of the employer's
police force.
The Borough of Edgeworth, Allegheny County, Pennsylvania,
a political subdivision of the commonwealth.
The date on which an individual is first employed as an employee.
The date on which an employee completes the eligibility requirements described in Article XIV.
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, included but not
limited to payment for accumulated sick leave, payment of a longevity
bonus or payment of a back pay damage award.
"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 herein. 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 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 $200,000 as of the restatement date.
Any legal reserve life insurance company licensed to do business
in one or more states of the United States and which issues a contract
with respect to the plan.
The first day of the month coincident with or next following the date when a participant retires pursuant to the provisions of § 23-30.
The later of:
The first of the month coincident with or next following
the date when an employee attains his normal retirement age.
Any employee who has commenced participation in this plan in accordance with Article XIV and has not for any reason ceased to participate hereunder.
The assets of this plan, which shall be accounted for separately
from the assets of any other plans maintained by the Borough and which
shall be administered under the supervision of the employer in accordance
with the terms of the plan.
The Borough of Edgeworth General Pension Plan.
The pension board, as appointed by Council, for the purpose
of supervising and administering the plan. In the event no such board
is appointed, the "plan administrator" shall be the Council.
The twelve-month period beginning on January 1 and ending
on December 31.
The monthly retirement benefit payable to a participant under
the federal social security system as of the participant's social
security normal retirement age and based on the laws in effect as
of the time he/she is first eligible for normal retirement benefits
under the plan. A participant's "primary social security benefit"
shall not be recalculated on the basis of subsequent changes in Federal
Social Security Law.
The date on which a former employee is again employed as
an employee following a period during which the individual was not
an employee.
January 1, 1989, the effective date of this amended and restated
plan.
The date on which a participant is first entitled to unreduced
retirement benefits under the Federal Social Security Act.
For purposes of determining the amount of a participant's
benefit hereunder and the vested percentage thereof, the period of
a participant's continuous service as an employee subject to the exceptions,
limitations and additions described in this section. "Years of service"
shall be calculated in whole years and completed months of continuous
service.
During any leave of absence that is not an authorized
leave of absence or a period of military service (see "continuous
service"), an employee shall not be given credit for years of service
for vesting nor shall be/she continue to accrue any benefits hereunder.
During any authorized leave of absence or a
period of military service (see "continuous service"), a participant
shall receive credit for up to one year of service for purposes of
determining eligibility for normal, early or disability retirement
and for benefit accrual purposes, provided that he/she returns to
employment as an employee at the time and under the circumstances
required to give him/her reemployment rights under applicable federal
or commonwealth law, if later, or within three months of the end of
the leave or period of military service.
If the individual is not reemployed as an employee in the time prescribed in Subsection B, his participation in the plan shall cease on the date on which his authorized leave of absence or period of military service commenced and he/she will not accrue a year of service or fraction thereof for the period of his absence.
[1]
Editor's Note: See 53 P.S. § 895.101
et seq.
