(a) Contributions by Members. Members shall pay into the Fund at the rate of 5.0 percent of compensation. "Compensation," for this purpose, shall be as defined in Section 294.01(d). The Board may, on an annual basis, by ordinance or resolution, reduce or eliminate payments into the Fund by members. Individual records of contributions by members shall be maintained, including all interest credited to their individual account. Interest to be credited shall be six percent compounded annually.
Interest shall be credited from the end of the plan year in which it is paid to the end of the month after which a refund becomes payable.
(b) Refund of Member's Contributions. Any member who for any reason shall be ineligible to receive a pension after having made contributions shall be entitled to a refund of his or her individual account balance. Such refund is payable immediately upon discontinuance of his or her employment with the Police Department or within a reasonable time (not more than fifteen days after discontinuance). If such discontinuance is due to death, then such refund shall be paid to his or her designated beneficiary or, in the absence thereof, to his or her estate. If the disabled or retired member is receiving a benefit by reason of disability or retirement, then the refund payable to the beneficiary is equal to the individual account balance at the date of disability or retirement, less any pension payments made to the member.
(c) Deposits. Contributions by members shall be remitted to the Trustee monthly.
(d) State Aid. The portion of the payments made by the State Treasurer to the Township and designated by the Board to be allocated to the Fund from money received from taxes paid upon premiums by foreign casualty insurance companies for purposes of pension retirement or disability benefits for police officers shall be used as follows: to reduce the unfunded liability; after such liability has been fully funded, to apply against the annual obligation of the Township for future service costs; or, to the extent that the payment may be in excess of such obligations, to reduce member contributions pursuant to subsection (a) hereof.
(e) Township Contributions. Subject to the provisions and limitations set forth in other provisions of this chapter, the Township shall contribute the amounts certified to be necessary by the Fund's actuary to provide the benefits provided by this Plan.
(f) Contributions by Members While on Military Service. A member who enters the military service during a time of national emergency either voluntarily or by conscription shall continue to make contributions to this Plan as outlined in subsection (a) hereof based on the compensation in effect on the last day of service with the Township's Police Department. These contributions will continue throughout the length of his or her military service. During military service, the Trustee shall continue to contribute to the Fund for the officer's benefit. However, no contributions will be made either by or on behalf of a member who voluntarily extends his or her military service during peacetime.
(g) Gifts. The Fund shall be authorized to receive, by gift, grant, devise or bequest, any money or property, real, personal or mixed, in trust for the benefit of the Fund. The Trustee of the Fund shall be subject to such directions not inconsistent with this Plan as the donors of such funds and property may prescribe.
(Ord. 91-5. Passed 6-24-91; Ord. 00-6. Passed 10-16-00; Ord. 2003-02. Passed 4-21-03.)