[Ord. No. 2023-588, 4/12/2023]
1.
The Borough of Red Hill (Borough") hereby elects to participate in
the Pennsylvania Municipalities Pension Trust ("Trust") and in order
to effectuate that participation the Borough Council of the Borough
of Red Hill hereby adopts the Restated Trust Agreement governing the
Trust and agrees to participate in the Trust in accordance with the
amended and updated terms of the Restated Trust Agreement and that
the President and Secretary of the Borough are hereby authorized to
sign the Restated Trust Agreement and any other agreements necessary
for the Borough's participation in the Trust.
2.
The Restated Trust Agreement shall remain on file for inspection
and review at the Borough's offices at 56 West Fourth Street,
Red Hill, Pennsylvania 18076. The Restated Trust Agreement may be
subsequently modified or amended in accordance with its terms, but
in no event shall such modifications or amendments divert any of the
trust funds from the purposes of the Trust. The Borough may withdraw
from the Trust in accordance with the Restated Trust Agreement, including
if the Borough determines the modifications or amendments are not
in its best interests.
[Ord. No. 2023-588, 4/12/2023]
The Borough's participation in the Trust is authorized
for the purpose of offering high quality pension and retirement plans
at a reasonable cost to the Borough and its employees.
[Ord. No. 2023-588, 4/12/2023]
The Borough agrees to participate in the Trust and may withdraw
for any reason and in accordance with the Restated Trust Agreement
if it has fulfilled all its financial obligations to the Trust upon
withdrawal.
[Ord. No. 2023-588, 4/12/2023]
As set forth in greater detail in the Restated Trust Agreement
and as otherwise stated herein, the following conditions apply to
the participation of the Borough in the Trust:
1.
That each Participating Employer must meet the admission and eligibility
requirements set forth therein.
2.
That each Participating Employer agrees to pay all contributions
when due as provided in the Restated Trust Agreement or as otherwise
established by the Board of Trustees; and
3.
That each Participating Employer complies with all other conditions
of the Restated Trust Agreement.
[Ord. No. 2023-588, 4/12/2023]
The effective date of the Borough's agreement to and joinder
in the Restated Trust Agreement and the participation of the Borough
in the Trust pursuant to the terms of the Restated Trust Agreement
will be _____.
[Ord. No. 2023-588, 4/12/2023]
The Borough as a Participating Employer delegates to the Board
of Trustees the powers enumerated in the Restated Trust Agreement.
[Ord. No. 2023-588, 4/12/2023]
The organizational structure of the Trust shall consist of a
Board of Trustees. Under the Restated Trust Agreement, the Board of
Trustees is authorized to, among other things, enter into contracts
with third parties to perform various services necessary for the administration
of the Trust.
[Ord. No. 2023-588, 4/12/2023]
The funds required for the operation of the Trust shall be provided
by the Borough as a Participating Employer through scheduled appropriations
as determined by the Board of Trustees.
[Ord. No. 2023-588, 4/12/2023]
That the Trust is empowered to enter into contracts for policies
of group insurance and employee benefits, including Social Security,
for employees of the Trust, if any.
[Ord. No. 2023-588, 4/12/2023]
As a condition of participating in the Trust, the Borough agrees
to comply with all the terms and conditions in the Restated Trust
Agreement.
[Ord. No. 2023-588, 4/12/2023]
The Secretary of the Borough shall provide a copy of this Ordinance
upon its adoption to the Board of Trustees of the Trust.
[Ord. No. 2023-588, 4/12/2023]
The Borough Council is hereby authorized to take any and all
such other actions as may be necessary or appropriate to carry out
the purposes of this Ordinance and comply with the requirements of
the Restated Trust Agreement and any duly adopted amendments thereto.
[Ord. No. 2023-588, 4/12/2023]
The duration of the term of the Borough's participation
in the Trust and obligations under the Restated Trust Agreement shall
continue until withdrawal from the Trust by the Borough in accordance
with the terms of the Restated Trust Agreement.
[Ord. No. 2023-588, 4/12/2023]
The Borough Council hereby specifically finds and determines
as follows:
1.
The conditions of the intergovernmental cooperative agreement are
set forth in the Restated Trust Agreement incorporated by reference
herein.
2.
The Borough shall participate in the Trust in accordance with the
Restated Trust Agreement until it withdraws by giving notice to the
Board of Trustees in accordance with the terms of the Restated Trust
Agreement.
3.
The purpose and objectives of the intergovernmental cooperative arrangement,
including powers and scope of authority delegated to the Board of
Trustees, are set forth in the incorporated Restated Trust Agreement.
4.
The manner and extent of financing of the agreement are that (i)
funds to implement the Borough's obligations under the agreement
shall come from the normal and usual budgeted amounts for Borough
employee compensation and employee benefits; and (ii) no borrowing
is anticipated to be required.
5.
The Trust shall be managed by the Board of Trustees pursuant to the
terms of the Restated Trust Agreement.
6.
All assets and property, real or personal, of the Trust shall be
titled to, acquired, managed, licensed or disposed of by the Trust,
and its Board of Trustees, in accordance with the terms of the Restated
Trust Agreement.
7.
The Trust in accordance with the Restated Trust Agreement shall be
empowered to enter into contracts for the creation and administration
of group and/or individual pension and retirement plans to be offered
to Participating Employers for their eligible employee and dependents.
