[HISTORY: Adopted by the Borough Council of the Borough of Hellertown as indicated in article histories. Amendments noted where applicable.]
[Adopted 11-4-1991 by Ord. No. 579]
This article shall be known and cited as the "Hellertown Borough Nonuniformed Employees Money Purchase Retirement Plan Ordinance of 1991."
Employer hereby establishes a money purchase plan ("plan") in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust, pursuant to the specific provisions of the adoption agreement, copies of which are attached hereto, as Appendix A (Plan and Trust) and Appendix B (Adoption Agreement), and both hereby are adopted and incorporated as fully as if both were set out at length herein.
Editor's Note: Appendixes An and B are on file in the Borough office.
The plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
Employer hereby authorizes and directs its President of Council to execute the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust Adoption Agreement (Appendix B) and to deliver same to Corporation.
Employer hereby agrees to serve as trustee under the plan and to invest all funds held under the plan in the ICMA Retirement Trust.
The Hellertown Borough Manager shall be the coordinator of the plan and shall receive necessary reports, notices, etc., from the Corporation or the ICMA Retirement Trust, and shall cast, on behalf of employer, any required votes under the ICMA Retirement Trust. Administrative duties relating to the plan may be delegated further to appropriate departments and/or personnel.
Employer hereby designates and authorizes its President of Council to execute all necessary agreements with the Corporation incidental to the administration of the plan.
[Adopted 11-15-2004 by Ord. No. 670]