(A) This section shall be known and cited as the “Pension Plan section.”
(B) The township hereby creates and establishes an annuity or pension plan and program for the pensioning of its officers and employees and, for such purposes, also hereby authorizes the Township Supervisor and Township Clerk to contract, in the name of the Township Board, with any company authorized to transact such business within the state for annuities or pensions.
(C) The annuity or pension plan created, established and contracted for under this section shall cover each person within the following classes of officers and employees:
(1) All members of the Township Board; and
(2) All salaried employees and hourly-rated employees employed for more than 20 hours per week on a regular basis.
(D) (1) The township shall annually contribute 75% of the premium or charge under such annuity or pension plan for each person within the classes of officers and employees enumerated in division (C) above. Such contributions for the township shall be secured from the General Fund of the township. Each person covered by the plan shall be responsible for the remainder of the premium or charge, and the township is hereby authorized to deduct the same from each person’s compensation, and apply the same to such person’s responsibility.
(2) Each officer and employee who is employed on the effective date of the annuity or pension plan shall be eligible for coverage on that day, and each officer and employee who becomes subsequently employed shall be eligible for coverage on the first anniversary date of the policy following employment, if his or her age is at least 18 years, and not more than 75 years.
(E) Each person so covered under the annuity or pension plan shall have a vested right or interest from the date the plan becomes effective for such person.
(F) The township hereby ratifies and confirms the validity of any annuity or pension plan in existence on the effective date of this section.
(G) The normal retirement age is changed from 65 to 55, effective April 1, 2007.
(Ord. 9, passed 9-17-1974; Res. 227, passed 8-13-2007)