[Ord. No. 55,
§ 2, eff. 9-10-1975]
Pursuant to Act No. 77 of the Public Acts of Michigan of 1989
(MCL 41.110b, MSA 5.159(2)), the township hereby creates and establishes
an annuity or pension plan and program for the pensioning of its officers
and employees, and, for such purposes, also hereby authorizes the
township supervisor and the township clerk to contract, in the name
of the township subject to the approval of the township board, with
any company authorized to transact such business within the state
for annuities or pensions.
[Ord. No. 55,
§ 3, eff. 9-10-1975; Ord. No. 55-1, eff. 8-28-1991]
The annuity or pension plans created, established and contracted
for under this division shall cover all members of the township board
and all township employees who are employed for more than 20 hours
per week on a regular basis unless otherwise excluded by collective
bargaining agreements.
[Ord. No. 55,
§ 4, eff. 9-10-1975; Ord. No. 55-1, eff. 8-28-1991]
(a)
The township shall annually contribute 80% of that portion of the premium or charges arising under such annuity or pension contract for each person within the class of officers and employees enumerated in section 2-82. Such contributions shall be secured from the fund or funds of the township utilized to compensate eligible officers and employees. Each person within such class of officers and employees shall be responsible for the remainder of the premium or charges, and the township treasurer is hereby authorized to deduct the same from each person's pay, salary or compensation and to apply the same to such person's responsibility. In addition, an officer or employee may make an unmatched voluntary contribution up to 10% of his monthly compensation.
(b)
Each employee who is employed on the effective date of the annuity
or pension plan or subsequently employed shall be eligible for coverage
provided he meets the following requirements:
(1)
He has completed at least 90 calendar days of continuous employment.
(2)
His age (nearest birthday) is at least 18 years.
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Coverage shall be effective on the first day of the month following
satisfaction of the above-stated requirements. An employee's normal
retirement date shall be the first day of the calendar month that
coincides with, or follows the employee's 65th birthday, or the date
upon which the employee completes 10 years of participation in the
plan, whichever is later.
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(c)
Any person desiring not to be so covered shall give written notice
to the township clerk that he desires not to be covered; and if the
notice is received before the person has become covered under the
contract, he shall not be covered thereunder. If the notice is received
after the individual has become covered, his coverage under the contract
shall cease as provided for in the contract.
[Ord. No. 55,
§ 5, eff. 9-10-1975]
Each person so covered under the annuity or pension plan shall
have a fully vested right or interest in such plan after 20 months
of continuous service from and after the date the plan becomes effective
for such person.
[Ord. No. 55,
§ 6, eff. 9-10-1975]
The township hereby ratifies and confirms the validity of any
annuity or pension plan and amendment thereto in existence on the
effective date of this division.
