The Borough of Colwyn has two separate pension plans: the Police
Pension Fund ("Police Fund") and the Civil Employees Pension Fund
("Civil Fund"). The investment of the two Borough-administered pension
plans ("plans") are monitored by the Borough Pension Committee ("Pension
Board") members, under the direction of Borough Council ("Council").
Members of the Pension Board are appointed by Council. The plans are
separately governed by the Pension Board as set forth by various Acts
of the Commonwealth of Pennsylvania, including, but not limited to,
Act 205 (known as the "Municipal Pension Plan Funding Standard and
Recovery Act"); Chapter 73, relating to fiduciary investments, of the
Act of June 30, 1972, P.L. 508, No. 164, (known as the "Probate, Estates
and Fiduciaries Code"); and other laws as may be amended from time to time.