§ 282.04 RETIREMENT BENEFITS.
   (a)   Normal retirement.
      (1)   Each member may retire on or at any time after his or her normal retirement date. Any member so retiring shall be entitled to receive a monthly pension commencing as of the first day following his or her date of actual retirement and ending with the payment made as of the first day of the month in which his or her death occurs. The monthly pension to which such retired member shall be entitled to under this Plan shall be equal to 50% of such member’s average applicable compensation reduced by a percentage of the primary Social Security benefit payment at age 65 or later.
      (2)   The percentage of the Social Security offset shall be determined based upon the following dates of retirement:
Date of Retirement
Social Security Offset
Date of Retirement
Social Security Offset
Retired prior to 1-1-1996
50%
1-1-1996 through 6-30-1997
0%
7-1-1997 through 12-31-1997
40%
1-1-1998 through 12-31-1998
30%
1-1-1999 through 12-31-2003
20%
1-1-2004 through 12-31-2006
5%
1-1-2007 and thereafter
0%
 
      (3)   In addition to the monthly retirement benefit described above, each member who has completed 26 years of service shall receive an additional monthly pension benefit equal to a maximum of $100 per month.
      (4)   Officers hired or after January 1, 2012: for each additional year of service over 25 years, a police officer’s pension benefit shall be increased by $100 per month, up to a maximum increase of $300 per month.
   (b)   Early retirement benefit. Each member may retire on or at any time after his or her early retirement date. Upon termination, the member must file with the Secretary of the township, a written notice of his or her intention to elect an early retirement benefit. This benefit shall become effective as of the date of the notice or the date designated in the notice, whichever is later. The amount of the early retirement benefit shall be the actuarial equivalent of a vested retirement benefit as computed in § 282.06(a). The actuarial equivalent of the vested retirement benefit shall be determined by actuarially reducing the vested retirement benefit to reflect that it will commence on the effective date of the early retirement rather than on the member’s normal retirement date. The actuarial reduction shall be calculated using the actuarial assumptions reported in the last actuarial valuation report filed with the Public Employee Retirement Commission.
   (c)   Postponed retirement. An employee shall be allowed to continue as an employee beyond his or her normal retirement date. In such case, the employee shall remain a member of the plan until he or she actually retires or ceases to be an employee. Any contributions required pursuant to § 282.03(a) shall continue.
   (d)   Disability benefit. If a member retires because of a total and permanent disability, he or she shall be entitled to receive a pension benefit equal to 75% of his or her salary at the time the disability was incurred, offset by any Social Security disability benefits received by the member for the same injury. The benefit will commence on the first day of the month following the month in which he or she retires. In no event, however, shall the member’s benefit exceed 100% of his or her salary including worker’s compensation as received in 12-month period preceding retirement.
   (e)   Cost of living adjustment. There shall be a cost of living adjustment provided to all members who retire provided however, that such cost of living increase shall not exceed the percentage increase in the All Urban Consumers CPI for the Philadelphia area from the year in which the police officer last worked; provided further, that in no case shall the total police pension benefits exceed 75% of the salary for computing retirement benefits; provided further that the total cost of living increase shall not exceed 30%. No cost of living increases(s) shall be granted which would impair the actuarial soundness of the Plan. All adjustments shall be made in January and calculated on the 12-month-percentage change in the consumer price index as of the previous October.
(Ord. 839, passed 5-17-2006; Ord. 903, passed 6-27-2012; Ord. 945, passed 3-16-2016)