(A) The township, being a member municipality of the Pennsylvania Municipal Retirement System, hereby elects to amend its police pension plan administered by the System in accordance with Article IV of the State 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.
(B) As part of this section, the township agrees that the System shall administer and provide the benefits set forth in the amended police pension plan contract entered into between the State Municipal Retirement Board and the township effective March 1, 2013.
(C) The passage and adoption of this section by the township is an official acceptance of the contract and the financial obligations resulting from the administration of the contract, a copy of which is attached to the ordinance codified herein as Exhibit “A” and incorporated in this section as if fully set out herein.
(D) Payment for any obligation established by the adoption of this section 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.
(E) The township intends this section to be the complete authorization of the contract.
(Ord. 215, passed 12-27-2013)