ACTUARY - the person, partnership, association or corporation which at any given time is serving as actuary to the plan; provided, however, that such actuary must be an approved actuary as defined in the Act.
ACT - the Municipal Pension Plan Funding Standard and Recovery Act which was enacted as P.L. 1005 (Act 205 of 1984).
ADMINISTRATOR - the person or corporate entity appointed by the Board of trustees to administer the Master Plan in accordance with provisions of § 427 of this Part 1D.
CONTRACT or POLICY - a retirement annuity or retirement income endowment policy (or combination of both), or any other form of insurance contract or policy which shall be deemed appropriate in accordance with the provisions of the Act.
EMPLOYER - a member of the association (named in the definitions of "plan sponsor"), a political subdivision of the Commonwealth of Pennsylvania (or agency or authority thereof), or an association of municipalities cooperating pursuant to the Intergovernmental Cooperation Law (P.L. 762, No. 180, 1972, as amended), which enters into an agreement to participate in this Master Plan and trust.
INSURER or INSURANCE COMPANY - any legal reserve life insurance company licensed to do business in one or more states of the United States.
MASTER PLAN - refer to the provisions of the master document, the Pennsylvania State Association of Boroughs Master Plan and trust, and its accompanying joinders as set forth herein.
PARTICIPANT - as such term is used in this Part, shall mean any individual who has commenced participation in the plan of a participating employer, and who has not, for any reason, ceased to be a participant therein.
PLAN - any of the separate plans adopted by employers participating under the Master Plan and trust, by execution of one of the Joinder Agreements or in accordance with the special procedures set forth in Chapter V hereof.
PLAN SPONSOR - the Pennsylvania State Association of Boroughs.
TRUST FUND or TRUST - the trust established policies or contracts standing in the name of the Master Plan and trust (including therein all the separate plans adopted by participating employers which are a part hereof) in accordance with the terms of § 428 of this Part 4D.
TRUSTEE of BOARD OF TRUSTEES - the Board of trustees of the Pennsylvania State Association of Boroughs, or such successor trustee as may be hereafter appointed by the plan Sponsor.
(Ord. 253, 2/3/1997, Administrative Provisions, Chapter 1, Art. I)