[HISTORY: Adopted by the Township Council of Horsham Township 2-3-1971
by Ord. No. 82. Amendments noted where applicable.]
GENERAL REFERENCES
Retirement system for nonuniformed employees — See Ch. 50.
It is the legislative intent of this chapter to secure the assistance
and advice of Township residents and officers in administering the police
pension investments and further to provide for public disclosure and discussion
of any proposed change in the nature or form of the investments and/or policies
of insurance securing, or to secure, the present and future police pension
fund of Horsham Township.[1] Such investments shall be deemed to include all present policies
of insurance and investments into which general tax revenues have been channeled
and such funds emanating from other sources for such purposes to insure pension
funds for all such qualified members of the full-time police force of the
said Township, past, present, and future.
[1]
Editor's Note: The current police pension plan is on file in the Township
offices.
The Police Pension Advisory Committee shall consist of seven members
who shall be appointed by the Township Council as follows:
[Amended 7-14-1981 by Ord. No. 123]
The members so qualified according to the terms of § 43-2 shall be, in the case of the four elector/citizens, for a four-year term, which shall be so made initially that, upon the expiration of each such term, the subsequent term shall be for a full four-year term. To achieve this objective, the initial appointments shall be for one, two, three, and four years, respectively, and the specific person appointed shall have the length of his term so designated at the time of his appointment. The Chief of Police and the Township Manager shall qualify by virtue of the official office which he or she holds. The representative from the Police Department as selected by the officers of that Department shall serve for a period of four years and shall qualify for membership on the Committee if he or she has had at least three years' service with the Township Police Department.
[Amended 7-14-1981 by Ord. No. 123]
The Police Pension Advisory Committee (hereinafter "Committee") shall
meet at least once each year to review the investments of the police pension
fund and to make any recommendation to the Township Council concerning the
investments. Further, the Committee shall be consulted by the Township Council
regarding all proposed investments, or changes in investments, of funds now
constituting the fund, or hereafter to be invested. If the Township Council
should initiate a proposed change of investment, the Committee shall be notified
in writing at least 60 days prior to any official action by the Township Council
regarding the change of investment. At least 15 days prior to any action taken
by the Township Council, the Committee shall provide the Township Council
with its written recommendation concerning the proposed change of investment.
[Amended 7-14-1981 by Ord. No. 123]
The Township Council, prior to any change in insurance investment of
such police pension funds, shall first obtain concurrence of the Auditor General
of the Commonwealth of Pennsylvania. Such written concurrence of the Auditor
General shall be communicated in writing to the Committee at least 30 days
before any action by the Township Council effecting a change. Such communication
shall also include the written opinion of the actuary retained by the Township
Council, if any, recommending such change as proposed.
Members of the Board shall serve without compensation, other than those compensations allocated to them by virtue of their other offices noted in § 43-2 of this chapter.
[Amended 7-14-1981 by Ord. No. 123]
The Committee can only be dissolved by ordinance of the Township Council
upon due notice of such proposed action in accordance with the requirements
for such notice as provided in the Home Rule Charter.
