Board of Supervisors Public Hearing Proposed Ordinance

ORDINANCE NO. ______

AN ORDINANCE OF PARADISE TOWNSHIP, MONROE COUNTY, COMMONWEALTH OF PENNSYLVANIA, ELECTING TO AMEND ITS MUNICIPAL PENSION PLAN ADMINISTERED BY THE PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM PURSUANT TO ARTICLE IV OF THE PENNSYLVANIA MUNICIPAL RETIREMENT LAW; AGREEING TO BE BOUND BY ALL PROVISIONS OF THE PENNSYLVANIA MUNICIPAL RETIREMENT LAW AS AMENDED AND AS APPLICABLE TO MEMBER MUNICIPALITIES.  IT IS HEREBY ORDAINED BY PARADISE TOWNSHIP, MONROE COUNTY, COUNTY AS FOLLOWS:

SECTION I. Paradise Township (the Township), having established a pension plan administered by the Pennsylvania Municipal Retirement System (the System), hereby elects to amend its Municipal Pension Plan administered by the System in accordance with Article IV of the Pennsylvania Municipal Retirement Law, 53 P.S. §881.101 et seq. (Retirement Law), and does hereby agree to be bound by all the requirements and provisions of the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act, 53 P.S. §895.101 et seq., and to assume all obligations, financial and otherwise, placed upon member municipalities.  

SECTION II.  As part of this Ordinance, the Township agrees that the System shall administer and provide the benefits set forth in the amended Municipal Pension Plan Contract entered into between the Pennsylvania Municipal Retirement Board and the Township effective January 1, 1990 (the Contract).

SECTION III.  The Township acknowledges that by passage and adoption of this Ordinance, officially accepts the Contract and the financial obligations resulting from the administration of the Contract.

SECTION IV.  Payment for any obligation established by the adoption of this Ordinance and the Contract shall be made by the Township in accordance with the Retirement Law and the Municipal Pension Plan Funding Standard and Recovery Act.  The Township hereby assumes all liability for any unfundedness created due to the benefit structure set forth in the Contract.

SECTION V.  The Township intends this Ordinance to be the complete authorization of the Contract and it shall become effective and specifically repeal all ordinances inconsistent with this ordinance either immediately or on April 1, 2018, which is the effective date of the Contract, whichever is later.

SECTION VI.  A duly certified copy of this Ordinance and an executed Contract shall be filed with the System.

ORDAINED this ____________ day of ____________, 2018.

TALLY OF VOTES – YEAS ______  NAYS ______
ATTEST:                                


PRESIDENT OF TOWNSHIP SUPERVISORS


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