[HISTORY: Adopted by the Board of Commissioners of the Township
of Stowe as indicated in article histories. Amendments noted where
applicable.]
[Adopted 9-9-1985 by Ord.
No. 687 (Ch. 1, Part 5, of the 1993 Code of Ordinances)]
Pursuant to the provisions of Act 600[1] and any amendments thereto, the Township of Stowe hereby
establishes a police pension fund to be funded through the purchase
of a group annuity contract or other permissible funding vehicle through
the HDH Group, Inc.
[1]
Editor's Note: See 53 P.S. § 767 et seq.
The fund is to be maintained by a charge against each member
of the police force, by annual appropriation made by the Township
of Stowe, by payment made by the State Treasurer to the Township of
Stowe Treasurer, from monies received from taxes paid on premiums
by foreign casualty insurance companies for purposes of pension, for
policemen, and by gifts, grants, devises, or bequests granted to such
pension fund pursuant to the provision of such Act.
Such Police Pension Fund shall be under the direction of the
Township of Stowe Board of Commissioners and shall be applied under
such regulations as the Board of Commissioners may, by ordinance or
resolution, prescribe for the benefit of such members of the Township
of Stowe police force as shall receive honorable discharge therefrom
by reason of age and service.
The Township of Stowe is hereby authorized to take, by gift,
grant, devise or bequest, any money or property real, personal or
mixed, in trust of benefit of such funds, and the care, management,
investment and disposal of such trust funds or property shall be vested
in the Township of Stowe, the person, the agent and the company having
the management of such police pension funds, and the said trust funds
shall be governed thereby, subject to such directions not inconsistent
therewith as the donors of such funds and property may prescribe.
[Amended 3-16-1993 by Ord. No. 753]
The Township of Stowe hereby prescribes a minimum period of
total service in the aggregate of 25 years in the Township of Stowe
and shall fix the age of the members of the force at 50 years, after
which they may retire from active duty, and such members as are retired
shall be subject to service, from time to time, as a police reserve
in cases of riot, tumult or preservation of the public peace until
unfitted for such service, when they may be finally discharged by
reason of age or disability. Any member who serves the required number
of years as a full-time policeman and reaches his eligible retirement
age shall retire immediately upon reaching retirement age. Any member
who has reached such eligible retirement age may request the Township
of Stowe Board of Commissioners for an extension of full-time employment
as a policeman. Such extension may be granted by the Board of Commissioners
from year to year.
A.
Any member of the police force employed by the Township of Stowe
who has been a regular appointed employee of the Township of Stowe
for a period of at least six months who thereafter shall enter into
the military service of the United States shall have credited to his
employment record for pension or retirement benefits all of the time
spent by him in such military service, if such person returns or has
heretofore returned to his employment within six months after his
separation from the service.
B.
Any member of the police force employed by the Township of Stowe
may be entitled to receive full service credit for each year of military
service or fraction thereof, not to exceed five years, to any member
who was not employed by the Township prior to such military service.
The amount due for the purchase of credit for military service other
than intervening military service shall be computed by applying the
average normal cost rate for borough, town, township and regional
police pension plans as certified by the Public Employee Retirement
Commission, but not to exceed 10%, to the member's average annual
rate of compensation over the first three years of municipal service
as a full-time police officer and multiplying the result by the number
of years or fractional part of a year of creditable, nonintervening
military service being purchased, together with interest at the rate
of four and 3/4% compounded annually from the date of initial employment
as a full-time police officer to the date of payment.
[Added 12-10-2002 by Ord.
No. 854]
C.
Any member of the police force shall be eligible to receive credit for intervening or nonintervening military service as provided in Subsections A and B, provided that he is not entitled to receive, eligible to receive now or in the future or is receiving retirement benefits for such service under a retirement system administered and wholly or partially paid for by any other government agency, with the exception of a member eligible to receive or receiving military retirement pay earned by a combination of active duty and non-active duty with a reserve or national guard component of the armed forces, which retirement pay is payable only upon the attainment of a specified age and period of service under 10 U.S.C. Ch. 67 (relating to retired pay for nonregular service).[1]
[Added 12-10-2002 by Ord.
No. 854]
[1]
Editor's Note: See now 10 U.S.C. § 12731 et seq.
A.
Payments made under the provisions of this article shall not be a
charge on any other fund in the treasury of the Township of Stowe
or under its control, save the Police Pension Fund herein provided
for. The basis for determining any pension payable under this article
following the retirement of any member of the force meeting the service
and age qualifications of this article shall be as follows:
(1)
Monthly pension or retirement benefits, other than length-of-service
increments, shall be computed at no more than 1/2 of the average monthly
salary of such member during the last 36 months of employment. Such
pension or retirement benefits for any month shall be computed as
a sum of:
(a)
Any pension benefits from pension plans heretofore established
by a private organization or association for the members of the police
force.
(b)
Twenty-five percent of the member's full social security
old age insurance benefits, calculated in accordance with the provisions
of the Federal Social Security Act,[1] in effect on the date of the member's termination
of employment, except that such amount shall be included only upon
attainment of the age at which the officer would be eligible to receive
full social security old age insurance benefits, and in determining
such eligibility and in such amount, only compensation for services
actually rendered by the officer and covered by the Police Pension
Fund shall be included.
[1]
Editor's Note: See 42 U.S.C. § 301 et seq.
(c)
Benefits from the Police Pension Fund established pursuant to
this Act to the extent necessary to bring the total benefit in any
month up to 1/2 the aforesaid monthly average salary; provided, however,
that any officer who receives pension or retirement benefits from
any plan established at any time pursuant to this Act and who is also
entitled to receive social security old age insurance benefits shall
not, regardless of when the officer retired from active service, have
his pension or retirement benefits offset or reduced by more than
25% of the social security old age insurance benefit which he receives.
B.
The fund hereby provides for an early retirement benefit. The early
retirement benefit shall be provided to a police officer of the police
force with 20 or more years of service who terminates employment prior
to the completion of superannuation retirement age and service requirements
and who files a written application for an early retirement benefit
with the Board of Commissioners. The early retirement benefit shall
become effective as of the date the application is filed with the
Board or the date designated on the application, whichever is later,
and shall be the actuarial equivalent of a partial superannuation
retirement benefit, calculated as follows:
[Added 12-10-2002 by Ord.
No. 854]
(1)
A partial superannuation retirement benefit shall be determined by
applying the percentage that the police officer's years of service
bear to the years of service that the police officer would have rendered
had he continued to be employed until his superannuation retirement
date to the gross pension amount calculated using the monthly average
salary during the appropriate period prior to his or her termination
of employment.
(2)
The actuarial equivalent of the partial superannuation retirement
benefit shall be determined by actuarially reducing the partial superannuation
retirement benefit to reflect that it will commence on the effective
date of the early retirement rather than on the date on which the
police officer would have completed superannuation age and service
requirements. The actuarial reduction shall be calculated using the
actuarial assumptions reported in the last actuarial valuation report
filed with the Public Employee Retirement Commission under the Act
of December 18, 1984 (P.L. 1005, No. 205), known as the "Municipal
Pension Plan Funding Standard and Recovery Act."[2]
[2]
Editor's Note: See 53 P.S. § 895.101 et seq.
[Amended 7-11-2000 by Ord. No. 826]
The Township of Stowe hereby prescribes that length of service
increments be payable to the member at retirement at the rate of $100
per month at the completion of the 26th year of service.
The Township of Stowe hereby prescribes that cost-of-living
allowances shall be payable to retired members; however, such amount
shall not exceed the percentage increase in the consumer price index
from the year in which the police member last worked; provided further
that in no case shall the total police pension benefit exceed 75%
of the salary for computing retirement benefits; and provided further
that the total cost-of-living increase shall not exceed 30%. No cost-of-living
increase shall be granted which would impair the actuarial soundness
of the pension fund.
[Amended 12-10-2002 by Ord. No. 854]
A.
The Township of Stowe hereby prescribes that if a member who is eligible
to receive or is receiving retirement benefits dies, the benefit shall
be paid to the surviving spouse or, if no spouse survives or if he
or she survives and subsequently dies, then the child or children
under the age of 18 years or, if attending college, under or attaining
the age of 23 years, in the case of a child or children, in the amount
of 50% of the pension the member was receiving or would have been
receiving had he been retired at the time of his death. Payments to
surviving children shall be paid in equal shares. Notwithstanding
anything to the contrary, if anyone receives benefits under this section,
no other benefits shall be payable from the plan.
B.
The phrase "attending college" shall mean the eligible children are
registered at an accredited institution of higher learning and are
carrying a minimum course load of seven credit hours per semester.
C.
Payments to survivors shall commence the month following the member's
date of death and be paid on the same day of the month as that of
the deceased member.
A.
The Township of Stowe hereby prescribes that should a member, before
completing his superannuation retirement age and service requirements
but after completing 12 years of total service, for reasons other
than death, cease to be employed as a police officer by the Township
of Stowe Board of Commissioners, he shall be entitled to vest his
retirement benefits by filing with the Board of Township Commissioners,
within 90 days of the date his employment terminates, a written notice
of his intention to vest. Upon reaching the date which would have
been his superannuation retirement date if he had continued to be
employed as a full-time police officer, he shall be paid a partial
superannuation retirement allowance determined by applying the percentage
his years of service bear to the years of service which he would have
rendered had he continued to work until his superannuation retirement
date to the gross pension, using, however, the monthly average salary
during the appropriate period prior to his termination of employment.
Such pension or retirement benefit for any month shall be the sum
of all benefits established in this article and to the extent necessary
to bring the total benefit in any month up to his partial superannuation
retirement allowance outlined above. The above vesting provision shall
remain in effect continuously and up to the time that this provision
does not impair the actuarial soundness of the Police Pension Fund.
B.
To the extent required by law, the survivor of a member who dies
after receiving a deferred vested benefit or after eligible to receive
a deferred vested benefit will be paid a survivor benefit at the rate
of 50% of the deferred vested benefit; however, commencement of payments
shall occur no earlier than required by law. Notwithstanding anything
to the contrary, if anyone receives benefits under this section, no
other benefits shall be payable from the plan.
[Added 12-10-2002 by Ord.
No. 854]
Any member of the police force of the Township of Stowe who,
for any reason whatsoever, shall be ineligible to receive a pension
after having contributed any charges to a police pension fund established
pursuant to the provisions of this article, he or his named beneficiary,
in the case of death, shall be entitled to a refund of such money
paid by him into such fund, plus 2 1/2% interest.
The actuary to be employed by the Township of Stowe with respect
to the Police Pension Fund hereby established shall be provided through
the HDH Group, Inc., and shall make recommendations as to the amount
which shall be contributed annually into the fund in accordance with
the provisions of Act 205.[1]
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
[Amended 7-11-2000 by Res. No. 16; 7-11-2000 by Ord. No. 826; 12-10-2002 by Ord. No. 854]
A.
Each member shall as a requirement of participation in the Police
Pension Plan pay regular contributions, by way of payroll deduction,
to the Police Pension Plan in an amount equal to 4.25% of the member's
compensation.
B.
The Township may, on an annual basis by ordinance or resolution,
reduce or eliminate payments into the Police Pension Plan by members.
The reduction or elimination of member contributions shall not permit
the return of contributions or any interest or plan earnings to be
made to members while actively employed as a police officer.
[Amended 3-16-1993 by Ord. No. 753; 3-16-1993 by Ord. No. 754]
As used in this article, the following terms shall have the
meanings indicated:
The total remuneration of the member/employee, whether salary
or hourly wages, including overtime pay, holiday pay, longevity pay
and any other form of remuneration, excluding reimbursement for expenses,
paid by the Township/employer for police services rendered.
[Amended 5-17-2001 by Ord. No. 840]
[Amended 5-17-2001 by Ord. No. 840]
For calculating pension benefits and contributions, shall mean
the average monthly salary earned by the member/employee and paid
by the Township/employer during the final 36 months immediately preceding
termination of active employment. Salary shall include the member's/employee's
compensation (as defined above) to which the member/employee is entitled
for the rendering of police services but shall exclude for this purpose
a single sum or extraordinary payments made which are not directly
attributable to active employment during the averaging period, including
but not limited to payment for accumulated sick and vacation 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 periods during which a member/employee receives
salary, as that term is defined in this section or those periods during
which workers' compensation benefits are received, if applicable.
Those persons who are regularly employed to work an average
work week of 40 hours or more.
No person participating in a police pension fund established
pursuant to the provisions of this article who becomes entitled to
receive a benefit therefrom shall be deprived of his right to an equal
proportionate share therein upon the basis upon which he first became
entitled thereto.
The pension payments herein provided for shall not be subject
to attachment, execution, levy, garnishment, or other legal process
and shall be payable only to the member or his designated beneficiary
and shall not be subject to assignment or transfer.
The Board of Commissioners of the Township of Stowe hereby authorizes
and directs the Township Secretary to make regular annual payments
on the before-mentioned group annuity contract or other permissible
funding vehicle, when due.
The procedure hereinbefore set forth expressing the intent to
purchase a group annuity contract, or other permissible funding vehicle,
or make applications therefore on the lives of the same or other policemen
of the Township, from time to time and from year to- year, may be
carried into effect with the necessary and desired factual changes
required to implement the terms of this article without necessity
to pass any new ordinance or resolution authorizing such purchase.
The Police Pension Fund provided for herein is hereby established
immediately.
The proper officers of the Township of Stowe are hereby authorized
and empowered to execute and deliver on behalf of the Township of
Stowe such documents as necessary and proper to effectuate and implement
the Police Pension Fund hereby established under the provisions of
Act 600 and any amendments thereto.[1]
[1]
Editor's Note: See 53 P.S. § 767 et seq.
[Added 3-16-1993 by Ord.
No. 753; amended 12-10-2002 by Ord. No. 854; 10-12-2010 by Ord. No. 935]
A.
Any member of the police force of the Township who is injured in
the line of duty while in the employ of the Township, and is subsequently
determined to be permanently disabled by a majority of the Board of
Commissioners, shall be entitled to a monthly disability benefit commencing
on the first day of the calendar month coincident with or following
the date on which the determination of disability is made by the Board
of Commissioners.
B.
The monthly disability benefit shall be calculated at the rate of
50% of the member's salary at the time the disability was incurred,
provided that any member who receives benefits for the same injuries
under the Social Security Act (49 Stat. 620, 42 U.S.C. § 301
et seq.) shall have his disability benefits offset or reduced by the
amount of such social security benefits.
C.
A full-time member of the police force is deemed to be disabled under
this section if, as a result of a service related bodily injury, the
member is totally unable to perform the duties of a police officer.
The determination of permanent disability shall be made by the Board
of Commissioners based in part upon the results of medical examinations
which may be conducted by one or more physicians or vocational specialists
as designated by the Township. Determination by the Social Security
Administration that such member of the police force is entitled to
disability benefits under the Federal Social Security Act may also
be considered by the Board as evidence of permanent disability, although
such entitlement is not conclusive.
D.
A survivor benefit of 100% of the monthly salary of any police officer
who dies as a result of his/her duties shall be paid to his/her eligible
beneficiary or beneficiaries. A death due to a fatal heart attack
or stroke while on duty or not later than 24 hours after participating
in a physical training exercise or responding to an emergency is presumed
to be a death as a result of the performance of his/her duties. The
eligible beneficiary shall continue to receive such monthly payments
until there is no eligible beneficiary to receive them. "Eligible
beneficiary" means the surviving spouse or the child or children under
the age of 18 years, or if attending college, under the age of 23
years, of the police officer who died as a result of the performance
of his duty. The survivor benefit provided herein shall be funded
directly by the Commonwealth of Pennsylvania. However, the benefit
is offset by any pension benefits payable and any workers' compensation
benefits payable. Act 51 of 2009[1] does not repeal the general survivor benefit that is payable
from an Act 600[2] plan.
E.
The term "salary" as used in this section shall mean the compensation
earned by the member in the 12 months immediately preceding the date
of disability or the date killed in service, or lesser period if not
employed for 12 months. Notwithstanding anything to the contrary,
if anyone receives benefits under this section, no other benefits
shall be payable from the plan.
[Adopted 3-8-2016 by Ord.
No. 992]
As used in this article, the following terms shall have the
meanings indicated:
Created as an optional form of benefit under the existing
Stowe Township Police Pension Plan (three-year DROP).
An employee who attains the later age of 53 and 25 years
of service.
Participant account.
A participant may enter the DROP on the first day following
the attainment of the later of age 53 and 25 years of service or January
2025. No participant may enter the DROP during the first six months
of any calendar year.
A.
An eligible participant in the plan electing to participate in the
DROP program must complete and execute the "DROP election form" prepared
by the Stowe Township Chairman and/or pension plan administrator,
which shall evidence the DROP participant's participation in the DROP
program, the DROP participant's election to forego active membership
in the plan and document the DROP participant's rights and obligations
under the DROP. The form must be signed by the DROP participant and
the Chief Administrative Officer of the plan and submitted to the
employer at least 30 days prior to the date on which the DROP participant
elects to enter the DROP (election date). The DROP election form shall
include an irrevocable notice to the employer by the DROP participant
that the DROP participant shall terminate from employment with the
employer effective on a specific date not more than three years from
the effective date of the DROP participant's entry in the DROP. In
addition, all retirement documents required by the plan administrator
must be filed and presented to the Stowe Township Board of Commissioners
for approval of retirement and commencement of the monthly pension
benefit. Once the retirement application has been approved by the
Board of Commissioners, it shall become irrevocable. A DROP participation
shall become effective the day following his election date.
B.
After the DROP participant enters the DROP program, contribution
to the plan by the participant will cease and the amount of the monthly
benefits will be frozen except for any applicable cost-of-living adjustments
(COLA) increased awarded to all pension recipients.
C.
Participants may consult a tax adviser of their choice prior to considering
the DROP program, as there may be serious tax implications and/or
consequences to participating in the DROP.
After the effective date of the DROP program, the participant
shall no longer earn or accrue additional years of services for the
pension purposes, including the calculation of any service increment
should such a service increment become available to active participants
in the plan. The DROP participants shall also forgo any growth in
salary after the election date for the purpose of calculating retirement
benefits under the plan.
Once a DROP participant terminates, he shall be ineligible to
reenroll in the DROP even if the former DROP participant is reemployed
by the local government with renewed active membership in the plan.
For all plan purposes, service of a DROP participant shall remain
as it existed on the effective date of commencement of a participation
in the DROP program. Service thereafter shall not be recognized or
used for the calculation or determination of any benefit payable by
the plan, including any service increments that may be available.
The final monthly average salary of the DROP participant for pension
calculation purposes shall remain as it existed on the effective date
of commencement of participation in the DROP program. Earnings or
increases in earnings thereafter shall be recognized or used for the
calculation or determination of any benefit payable to the participant
and shall increase only as a result of cost-of-living adjustments
(COLAs) effective on or after the date of the DROP participant's participation
in the DROP.
A.
The monthly retirement benefits that would have been payable had
the DROP participant elected to cease employment and receive a retirement
benefit shall, upon the DROP participant commencing participation
in the DROP program, be credited on the first day of each month in
to a separate ledger account established by the plan administrator
to track and accumulate the participant's monthly pension benefits.
This account shall be designated the "DROP account." The DROP account
shall not contain a guarantee interest rate, but shall be credited
with interest at the actual rate earned by the DROP account, but shall
not be less than the actual rate earned shall not be less than 0%
nor greater than 4.5% per annum, and shall be compounded monthly.
The DROP account shall be a segregated account into which each DROP
participant's monthly retirement benefit shall be deposited. All earning
or losses credited to the DROP account will be included in the final
cash settlement. The DROP account shall be invested in a money market
fund. All earnings or losses credited to the DROP account will be
included in the final case settlement.
B.
The DROP shall at all timed comply with the annual benefit limitations
of IRC s-415 and the regulations thereto.
A DROP participant may withdraw from the DROP program at any
time and effectuate a complete retirement from service. No penalty
shall be imposed for early termination of DROP participants. However,
the DROP participant shall not be permitted to make any withdraws
from the DROP account until DROP participation has ended.
A.
Upon the termination date set forth in the DROP election form or
on such date as the DROP participant withdraws or is terminated from
the DROP program, if earlier, the retirement benefits payable to the
participant shall be paid directly to the participant and shall no
longer be credited to the DROP account. Within a period not to exceed
45 days following the actual termination of participant's employment
with Stowe Township, the DROP participant or the DROP participant's
designated beneficiary, where applicable, shall elect one of the following
options: The accumulated balance in the DROP account, less any withholding
taxes required to be remitted to the Internal Revenue Service, shall
be paid to the DROP participant or his designated surviving beneficiary
in a single lump sum payment; or the balance of the DROP participant's
DROP account shall be paid within 45 days directly to the custodian
of an eligible retirement plan as defined in Section 402(c)(8)(b)
of the Internal Revenue Code of 1986 (IRC) or, in the case of an eligible
rollover distribution to the surviving spouse of a deceased DROP participant,
an eligible retirement plan that is an individual retirement account
or an individual retirement annuity as described in IRC Section 402(c)(9).
If the DROP participant or designated beneficiary fails to elect a
method or payment within 60 days after the DROP participant's termination
date, the DROP participant's DROP account shall be paid in a lump
sum as provided above. All distribution of the DROP account shall
comply with the IRC Section 401(a)(9).
B.
Under this § 103-31, a distributee may elect to have an eligible rollover distribution paid directly to an eligible retirement plan by the way of direct rollover. For purposes of this section, an "a distribute" includes a DROP participant, a DROP participant survivor as provided by Act 600 of 1956, 53 P.S. § 767 et seq., or, in lieu thereof, the DROP participant's designated beneficiary, and a DROP participant's former spouse is an alternate payee under a qualified domestic relations order. For purposes of this section "eligible rollover distribution" has the meaning given the term by IRC Section 402(f)(2)(A) except that a qualified trust shall be considered an eligible plan only if it accepts that distributee's eligible rollover distribution and, in the case of an eligible rollover distribution to a surviving spouse, an eligible retirement plan is an "individual retirement account" or an "individual retirement annuity" as those terms defined in IRC Section 408(a) and (b).
A.
A DROP participant's eligibility to be a participant in the DROP
terminates upon the death of the DROP participant. If a DROP participant
dies on or after the effective date of participation in the DROP but
before the first monthly retirement benefit due the DROP participant
for that month has been credited to his DROP account, the plan shall
pay the monthly retirement benefit as though the DROP participant
had not elected DROP participation and had died after the DROP participant's
effective date of retirement but before receipt of the DROP participant's
first regular retirement benefit. If a DROP participant dies while
participating in the DROP and after his monthly retirement benefits
have begun to have been credited to his DROP account, the monthly
retirement benefit to the DROP participant's DROP account during the
month of the DROP participant's death shall be the final monthly retirement
benefit from the plan credited to his DROP account.
B.
Except for those benefits specifically payable as a result of death
incurred in the course of performing a hazardous public duty, the
survivor of the DROP participant who dies shall not be eligible to
receive retirement system death benefits payable in the event of the
death of an active member. The DROP participant survivor(s) shall
be eligible to receive benefits normally payable in the event of the
death of a retired participant.
If a DROP participant becomes eligible for a disability benefit
from the plan and terminates employment, the monthly nondisability
retirement benefit of the DROP participant shall terminate.
Except for benefits specifically foregone by the DROP participant pursuant to § 103-26, a DROP participant shall be eligible for the employee benefits provided to active employees that is appended to this agreement.
A DROP participant shall be eligible for all preretirement benefits
for employees otherwise provided by law, including, but not limited
to, the following:
A DROP participant may designate a DROP beneficiary who shall
be entitled to apply for and receive the DROP participant's DROP account
in the event of the DROP participant's death while participating in
the DROP. In the event that a DROP participant does not designate
a beneficiary and dies while participating in the DROP, his DROP account
will be paid to his survivor(s) as determined under Act 600 of 1956,[1] and if no such survivors exist, then to his estate.
[1]
Editor's Note: See 53 P.S. § 767 et seq.
Any amendment to the DROP shall be consistent with the provisions
covering deferred retirement option plans set forth in any applicable
collective bargaining agreement or state or federal law and shall
be binding upon all future participants who have a balance in their
DROP accounts.
Except as provided in this section, the right of a DROP participant to any benefit or right accrued or accruing under the provisions of this Article II and monies in the DROP participant's DROP account are exempt from any state or municipal tax, levy and sale, garnishment, attachment, spouse election or any other process whatsoever. Rights and benefits under this Article II shall be subject to forfeiture as provided by the Public Employee Pension Forfeiture Act [the Act of July 8, 1978 (P.L. 752, No. 140)].[1] Forfeitures under this section or under any other provisions of law may not be applied to increase the benefits that any DROP participant otherwise would receive under this Article II. Rights under this Article II shall be subject to attachment in favor of an alternate payee as set forth in a qualified domestic relations order.
[1]
Editor's Note: See 43 P.S. § 1311 et seq.
A DROP participant's DROP account shall be held in trust for
the exclusive benefit of plan participants who are or were DROP participants
and for their beneficiary.
The provisions of this Article II shall be severable, and if any of its provisions shall be held to be unconstitutional or illegal, the validity of any of the remaining provisions of this Article II shall not be affected thereby. It is hereby expressly declared as the intent of the Township that this Article II has been adopted as if such unconstitutional or illegal provision or provisions have not been included herein.
If the Auditor General issues a finding of noncompliance with
the provisions of Act 44 of 2009[1] that govern this DROP, the Township shall be authorized to reform this Article II to bring in to compliance with the DROP within 90 days of the date the Auditor General's finding becomes final.
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
