(a) Employees or Appointees Unable to Accumulate Fifteen Years of Service Before Mandatory Retirement. From and after the enactment of this section, any employee or appointee of the Borough not covered by any other retirement plan, who cannot accumulate fifteen years service prior to mandatory retirement, may nonetheless participate in the retirement plan outlined below, provided that he or she will have completed ten years or more of service at the time of his or her mandatory retirement.
(b) Funding of Plan. The retirement plan will be funded as follows:
(1) The employee or appointee shall contribute four percent of his or her wages or salary.
(2) The Borough shall contribute a sum equal to that contributed by the employee or appointee.
(c) Payment to Employees or Appointees Leaving Before Mandatory Retirement. If the employee or appointee leaves the employ of the Borough prior to mandatory retirement, he or she shall receive the amount of his or her contribution to the retirement plan plus interest.
(d) Payment to Employees or Appointees Remaining Until Mandatory Retirement. If the employee or appointee remains in the employ of the Borough until mandatory retirement, he or she shall receive the amount of his or her contribution, the amount of the contribution paid by the Borough and all interest thereon.
(Ord. 1822. Passed 12-22-76.)