[Ord. No. 1014, 6/8/2020]
The Municipal Pension Plan Funding Standard and Recovery
Act, act of December 18, 1984, P.L. 1005 no. 205, as amended, 53 P.S.
§ 895.101, et seq.
The Police Pension Fund Act, act of May 29, 1956, P.L. (1955)
1804 no. 600, as amended, 53 P.S. 767, et seq.
A person who has at least five years of actuarial experience
with public pension plans and who is either enrolled as a member of
the American Academy of Actuaries or enrolled as an actuary pursuant
to the Federal Employee Retirement Income Security Act of 1974.
The Chief Administrative Officer. The Plan Administrator
may delegate authority to act on its behalf to any persons or entities
it deems appropriate.
The Borough of Bridgeville and any successor which shall
maintain this plan; and any predecessor which has maintained this
plan. The Borough is situated in Allegheny County in the Commonwealth
of Pennsylvania.
The individual, designated by the Council, who shall have
the power and authority to perform all acts and to execute, acknowledge,
and deliver all instruments necessary to implement and effectuate
the purpose of the plan. Where the Council fails to designate a Chief
Administrative Officer, the Chief Administrative Officer shall be
the Manager of the Borough.
The Internal Revenue Code of 1986, as amended or replaced
from time to time.
A Police Pension Advisory Committee or "Committee" that may
be established by the Council. This Committee will meet at least once
a year for the purpose of reviewing the investment and administrative
performance of the pension plan, and to allow it to provide advice
to the pension plan Administrator. The Committee shall be composed
of a representative from Borough management, a representative selected
by the Police Association, and an individual selected by the Council.
The Council in whom rests the responsibility for appointing
the Chief Administrative Officer and for deciding and approving any
matter of finance that affects, or could affect, the plan, its members,
or beneficiaries. All powers relative to the operation and administration
of the plan shall specifically reside with the Council unless delegated
pursuant to this plan document.
The fund administered and established under the terms of
the plan, which fund shall include all money, property, investments,
policies, and contracts standing in the name of the plan.
The current instrument, including all amendments hereto.
The twelve-month period beginning on January 1 and ending
on December 31 of each year.
A retirement annuity or a retirement income endowment policy
(or a combination of both), or any other form of insurance contract
or policy which shall be deemed appropriate with accordance with the
provisions of the Act and P.L. 1804, as amended (53 P.S. 767).
The legal agreement entered into between the Borough and
any fiduciary that shall provide specifically for all objectives,
powers, and responsibilities concerning the management of the fund's
assets.
