[HISTORY: Adopted by the Borough Council of the Borough of Mount Oliver as indicated in article histories. Amendments noted where applicable.]
[Former Art. I, Police Pension Plan, adopted 11-30-1993 by Ord. No. 623, as amended, was repealed 7-16-2007 by Ord. No. 893. This ordinance also adopted the Police Pension Plan effective 1-1-2007. The current plan and any subsequent amendments thereto are on file in the Borough offices.]
[Adopted 5-19-1980 by Ord. No. 673; amended in its entirety 10-18-1999 by Ord. No. 840]
There is hereby established in the Borough a pension plan and pension fund for the benefit of full-time employees (excluding police officers) of the Borough. The pension plan shall be known as the "Mount Oliver Employee Pension Plan" (hereinafter "plan"). The pension fund shall be known as the "Mount Oliver Borough Employee Pension Fund" (hereinafter the "fund").
The Council is hereby authorized to enter into an adoption with a corporate fiduciary, which adoption shall permit the fiduciary to manage and operate the fund and to receive, hold, invest and disburse any sum or sums as may be necessary to carry out the plan. The Council shall determine the form and terms of any such adoption.
The Mount Oliver Borough Employee Pension Fund shall be created and maintained in accordance with the provisions of the Datair Mass-Submitter Prototype Non-Standardized Money Purchase Pension Plan and Trust, as set forth in the fourteen-page document attached to this article.
Editor's Note: Said document (adoption agreement for the Datair Mass-Submitter, Prototype Non-Standard Money Purchase Pension Plan and Trust) is on file in the Borough offices.