[HISTORY: Adopted by the Borough Council of the Borough of Schwenksville as indicated in article histories. Amendments noted where applicable.]
[Adopted 2-10-2000 by Ord. No. 295]
Schwenksville Borough, being a member municipality of the Pennsylvania Municipal Retirement System, hereby elects to change its police pension benefits in that System as authorized by the Pennsylvania Municipal Retirement Law, as amended, and does hereby agree to be bound by all the requirements and provisions of the Law, and to assume all obligation, financial and otherwise, placed upon member municipalities by said Law. All references hereafter shall be based on benefits negotiated between the Board and the municipality under the provisions of Article IV of the Pennsylvania Municipal Retirement Law.
Membership in the Pennsylvania Municipal Retirement System shall be mandatory for all full-time police officers of the Borough. Membership for elected officials and employees hired on a temporary or seasonal basis is prohibited, as is membership for individuals paid only on a fee basis.
Credit for prior service for original members is granted for each year or partial year thereof that the member was employed by the Borough from original date of hire or the expiration of the member's probationary period if one so existed. Benefits provided to members in the agreement dated February 10, 2000, shall accrue based on all credited service granted and earned in accordance with this section.
Payment for any obligation established by the adoption of this article and the agreement between the System and Schwenksville Borough shall be made by the Borough in accordance with the Pennsylvania Municipal Retirement Law and Act 205 of 1984, the Municipal Pension Plan Funding Standard and Recovery Act.
As part of this article, the Borough agrees that the System shall provide the benefits set forth in the agreement between the Board and Schwenksville Borough, dated February 10, 2000. The passage and adoption of this article by Schwenksville Borough is an official acceptance of said agreement and the financial obligations resulting from the administration of said benefit package. Schwenksville Borough hereby assumes all liability for any unfundedness created due to the acceptance of the benefit structure outlined in the above-referenced agreement.
Schwenksville Borough intends this article to be the complete authorization of the Borough's police pension plan and therefore specifically repeals the previous agreement and Ordinance Number 244.
A duly certified copy of this article and the referenced agreement shall be filed with the Pennsylvania Municipal Retirement System of the Commonwealth of Pennsylvania. Membership for the police pension plan of Schwenksville Borough in the Pennsylvania Municipal Retirement System shall be effective the first day of September 1990, with the revised plan structure reflected in the agreement dated February 10, 2000, effective the first day of January, 2000.
[Adopted 3-10-2016 by Ord. No. 384]
Fulltime Borough Employees are authorized to participate in and be eligible to establish Simple IRA Retirement Plans and that the Borough shall agree to match up to 3% of employees gross annual pay.