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Ellwood City, PA Code of Ordinances
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292.10   AMENDMENTS.
   The employer shall have the right to amend the Plan, at any time, by adoption of the appropriate resolution or ordinance, and with respect to any provisions thereof, and all parties thereto or claiming any interest thereunder, shall be bound thereby, provided, however, that no amendment shall revise the accrued benefit of a participant determined as of the later of the date such amendment is adopted or the date such amendment becomes effective, if such revised vested accrued benefit is less than that computed under the Plan without regard to such amendment.
   No amendment to the Pension Plan, which provides for a benefit modification, shall be made, unless the cost estimate described in Section 292.12(c) has been prepared and presented to the employer in accordance with the Act.
(Ord. 2138. Passed 3-15-93.)
292.11   TERMINATION OF PLAN.
   (a)   Right to Terminate. It is the present intention of the employer to maintain the Plan indefinitely. Nevertheless, the employer reserves the right, at any time, to permanently discontinue further contributions to the Plan or to terminate the entire Plan consistent with the provisions of applicable law.
   (b)   Distribution Upon Termination. In the event of the termination or partial termination of the Plan, all amounts of benefits accrued by the affected participants to the date of such termination, to the extent funded on such date, shall immediately become fully vested and nonforfeitable. In the event of termination of the Plan, the employer shall direct either that the accrued benefits of participants in the Plan continue to be held in the Pension Fund in accordance with the provisions of the Plan (other than those provisions relating to forfeitures), without regard to such termination, until all funds have been distributed in accordance with such provisions, or that distribution be made to each participant, in an amount equal to his or her accrued benefit as of such date, in the form of a lump sum or such other form as may be approved by the employer.
   If there are insufficient assets in the Pension Fund to provide for all vested accrued benefits as of the date of Plan termination, priority shall first be given to the distribution of any amounts attributable to participant contributions before assets are applied to the distribution of vested benefits attributable to other sources hereunder.
   (c)   Residual Assets. If all liabilities under the Plan to participants and others entitled to receive a benefit have been satisfied, and there remain any residual assets in the Pension Fund, the residual assets shall be returned to the employer, insofar as such return does not contravene any provision of law, and any remaining balance, in excess of employer contributions, shall be returned to the Commonwealth.
(Ord. 2138. Passed 3-15-93.)
292.12   COMPLIANCE WITH MUNICIPAL PENSION PLAN FUNDING STANDARD AND RECOVERY ACT OF 1984.
   (a)   Actuarial Valuations. The Plan's actuary shall perform an actuarial valuation at least biennially, unless the employer is applying or has applied for supplemental State assistance pursuant to Section 603 of the Act, whereupon actuarial valuation reports shall be made annually.
   Such biennial actuarial valuation report shall be made as of the beginning of each Plan year occurring in an odd-numbered calendar year, beginning with the year 1985.
   Such actuarial valuation shall be prepared and certified by an approved actuary, as such term is defined in the Act.
   The expenses attributable to the preparation of any actuarial valuation report or experience investigation required by the Act, or any other expenses which are permissible under the terms of the Act and which are directly associated with administering the Plan, shall be allowable administrative expenses, payable from the assets of the Pension Fund. Such allowable expenses shall include, but not be limited to, the following:
      (1)   Investment costs associated with obtaining authorized investments and investment management fees;
      (2)   Accounting expenses;
      (3)   Premiums for insurance coverage on Fund assets;
      (4)   Reasonable and necessary counsel fees incurred for advice or to defend the Fund; and
      (5)   Legitimate travel and education expense for Plan officials, provided, however, that the Municipal officials of the employer, in their fiduciary role, shall monitor the services provided to the Plan to ensure that the expenses are necessary and reasonable and benefit the Plan, and provided, further, that the Plan Administrator shall document all such expenses item by item and, where necessary, hour by hour.
   (b)   Duties of Chief Administrative Officer. Such actuarial reports shall be prepared and filed under the supervision of the Chief Administrative Officer.
   The Chief Administrative Officer of the Plan shall determine the financial requirements of the Plan on the basis of the most recent actuarial report and shall determine the minimum Municipal obligation of the employer, with respect to funding the Plan, for any given Plan year. The Chief Administrative Officer shall submit the financial requirements of the Plan and the minimum Municipal obligation of the employer to the governing body of the employer annually and shall certify the accuracy of such calculations and their conformity with the Act.
   (c)   Benefit Plan Modifications. Prior to the adoption of any benefit plan modification by the employer, the Chief Administrative Officer of the Plan shall provide to the employer a cost estimate of the proposed benefit plan modification. Such estimate shall be prepared by an approved actuary, which estimate shall disclose to the employer the impact of the proposed benefit plan modification on the future financial requirements of the Plan and the future minimum Municipal obligation of the employer with respect to the Plan.
(Ord. 2138. Passed 3-15-93.)
292.13   INCAPACITY OF PARTICIPANT.
   If any participant shall be physically or mentally incapable of receiving or acknowledging receipt of any payment of pension benefits hereunder, the employer, upon the receipt of satisfactory evidence that such participant is so incapacitated and that another person or institution is maintaining him or her and that no guardian or committee has been appointed for him or her, may provide for such payment of pension benefits hereunder to such person or institution so maintaining him or her, and any such payment so made shall be deemed for every purpose to have been made to such participant. (Ord. 2138. Passed 3-15-93.)
292.14   BENEFITS FOR DECEASED PARTICIPANTS.
   If any benefit shall be payable under the Plan to or on behalf of a participant who has died, if the Plan provides that the payment of such benefits shall be made to the participant's estate, and if no administration of such participant's estate is pending in a court of proper jurisdiction, then the employer at its sole option, may pay such benefit to the surviving spouse of such deceased participant, or, if there is no such surviving spouse, to such participant's then living issue, per stirpes, provided, however, that nothing contained herein shall prevent the employer from insisting upon the commencement of estate administration proceedings and the delivery of any such benefits to a duly appointed executor or administrator.
(Ord. 2138. Passed 3-15-93.)
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