[HISTORY: Adopted by the Township Board of the Township of Buchanan 9-10-1991 by Ord. No. 24A. Amendments noted where applicable.]
This chapter shall be known and cited as the "Township of Buchanan Pension Plan Ordinance."
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
Pursuant to Act 77 of the Public Acts of 1989 (MCLA § 41.110b), the Township of Buchanan hereby creates and establishes an annuity or pension plan and program for the pensioning of its officers and employees, and, for such purposes, also authorizes the Township Clerk and the Township Supervisor to contract, in the name of the Township subject to approval of the Township Board, with any company authorized to transact such business within the State of Michigan for annuities or pensions.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
The annuity or pension plan created, established and contracted for under this chapter shall cover each person within the following classes of officers and employees:
A. 
All members of the Township Board of Trustees.
B. 
Township Administrative Assistant.
C. 
Deputy Clerk.
D. 
Deputy Treasurer.
E. 
Building Inspector.
F. 
Zoning Administrator.
G. 
Fire Chief.
H. 
Assistant Fire Chief.
I. 
Assessor.
A. 
The Township of Buchanan shall annually contribute 50% 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 § 55-3 hereof. Such contributions shall be secured from the general fund of the Township. Each person within such class of officers and employees shall be responsible for the remainder of the premium or charges and the Township Clerk 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.
B. 
Each employee who is employed on the effective date of the annuity or pension plan shall be eligible for coverage on that day, provided he or she then meets the following requirements, otherwise to be eligible on the first policy anniversary on which he or she meets them:
(1) 
His or her age (nearest birthday) is at least 18 years and not more than 75 years.
(2) 
He or she has completed at least zero years of continuous employment.
C. 
Every employee who becomes subsequently employed shall be eligible on the first policy anniversary on which he or she meets the following requirements:
(1) 
His or her age (nearest birthday) is at least 18 years and not more than 75 years.
(2) 
He or she has completed at least zero years of continuous employment.
D. 
An employee's normal retirement date shall be the policy anniversary of the annuity or pension plan nearest his or her 65th birthday.
E. 
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.
Each person so covered under the annuity or pension plan shall have a vested right or interest in such plan zero months from the date the plan becomes effective for such person.
The Township of Buchanan hereby ratifies and confirms the validity of any annuity or pension plan in existence on the effective date of this chapter.