[HISTORY: Adopted by the Board of Supervisors of the Township of Girard 8-8-1978 (Ch. 9 of the 1987 Code). Amendments noted where applicable.]
Salaries and compensation — See Ch. 55.
The Girard Township Supervisors, Erie County (hereinafter referred to as the "employer"), having its principal place of business in Girard Township, Girard, Pennsylvania 16417, hereby establishes a Defined Contribution Pension Plan.
The Pension Plan shall contain the following provisions:
The plan shall be known as the "Girard Township Employee Pension Plan."
Effective date of the plan is October 5, 1978.
Normal retirement date shall be age 65 or earlier or later retirement with the consent of the employer and employee.
Compensation shall include the participant's regular basic pay plus any of the following: commission, bonuses and overtime pay; not applicable.
Eligibility applies only to all full-time employees, excluding employees working less than 1,000 hours per year.
The entry date shall be three months.
Each employee will be required to contribute none to the plan. Voluntary employee contributions are permitted up to 10% of compensation. All employee contributions, including accumulated interest, shall be fully vested at all times.
The employer shall contribute $550 per year for each eligible employee.
[Amended 1-12-1982; 10-29-1986]
The employer shall pay the expense of administering the plan and be the owner of the policy.
If an employee, while employed by the employer and covered under its plan, shall die prior to the commencement of any benefit provided, his account shall be fully vested, and his beneficiary shall receive a death benefit of the value of the employee's account.
Upon termination of employment, the portion of the employee account eligible for distribution shall be vested according to the following schedule:
All full-time employees as of August 8, 1978, shall be 100% fully vested.
All future employees shall be put under the pension plan three months after their starting date and shall be vested with the following schedule: 25% after the first three years' employment, with 25% per year up to 100% after six years.
In case of termination of employment due to total and permanent disability, the employee shall be fully vested in his account.
Any amounts that were not fully vested under this plan shall be used to reduce future contributions under this plan.