(a) Normal retirement pension. Upon retirement at his or her normal retirement date, each participant shall be entitled to receive the benefit provided in Section 287.04(a) (normal retirement benefit). At such time Council shall take any necessary action so that the participant shall receive such benefit from the plan or directly from an insurer, as Council shall direct.
(b) Late retirement pension. A participant who remains in the employ of the employer beyond his or her normal retirement date shall be entitled to receive, commencing on his or her late retirement date, his or her benefit calculated pursuant to Section 287.04(a) considering his or her final monthly average salary as of his or her late retirement date and crediting of service rendered through his or her late retirement date.
(c) Limited vested benefit. Under the provisions of the benefit, should a participant, before completing the minimum age and minimum period of continuous service requirements but after having completed twelve years of continuous service, the participant shall attain a vested interest in the plan. That vested interest shall only entitle the member to receive a reduced monthly pension benefit commencing on the date that the participant would have attained his or her normal retirement age had he or she continued in employment with the employer until that date. The reduced pension benefit payable under this section shall be based upon the participant's final average monthly salary calculated as of the date he or she terminated employment multiplied by a fraction, the numerator of which shall be his or her years of service at termination of employment and the denominator of which shall be the years of service that he or she would have rendered had he or she continued to work until he or she attained normal retirement age. The limited vested benefit under this section shall commence on the date that the participant attains age fifty and shall be payable to the participant during the remainder of his or her life. Benefits payable pursuant to this section hereof are optional with the participant upon his or her termination. If the participant does not elect to vest pursuant to the provisions of this section, then amounts paid by the participant into the pension fund prior to the date of termination shall be refunded, in whole, to that participant without interest. The election to vest shall be made within thirty days of termination and shall be final and binding upon all parties.
(d) Disability retirement pension.
(1) Service-connected disability. A participant who becomes permanently and totally disabled as a result of a service-connected disability shall be entitled to the pension set forth in Section 287.04(a) and shall be eligible for immediate retirement benefits. The pension fund shall be subrogated to the right of the participant to the extent of any payments made under the Pennsylvania Workers' Compensation Act or the Enforcement Officers Disability Benefit Law.
(2) Non-service connected disability. A participant who dies or is totally disabled due to injuries or mental incapacity not in the line of duty that is unable to perform the duties of a police officer may be entitled to the following:
A. Less than ten years of service - twenty-five percent of final monthly average salary
B. Ten years or more of service - fifty percent of final monthly average salary
(3) Disability survivor benefit. Regardless of any contrary provision in Chapters 286
and 287
and in conformance with the bargained for agreement, the disability pension may be payable to the police officer during his lifetime and if he/she shall die, for families a continuation of the disability benefit payment to the spouse until death or remarriage, then to the child or children under age eighteen.
(e) Time of payment of benefits.
(1) Unless elected otherwise as provided in subsection (b) and (c) of this section, payment of benefits must begin no later than sixty days after the close of the plan year which the latest of the following events occurs:
A. The attainment of normal retirement age.
B. The termination of a participant's service with the employer.
(2) Payment of benefits shall begin on the date elected by the participant (subject to any restrictions imposed by this plan). The election shall be made in writing, signed by the participant and submitted to the Commission, and shall describe the date on which payments are to begin.
(f) Increased pension allowance/additional increases. This plan specifically recognizes the increased pension allowance and additional increases that were set forth in sections (g) and (h) of the City of Sharon Code, Section 286.10. The Council of the City of Sharon may, at any time, at its discretion, upon the recommendation of the persons having custody and management of the Police Pension Fund, increase the allowances of persons receiving allowances of any kind from the fund by reason of and after termination of the services of any member of the fund. Such increases shall be in conformity with a uniform scale which may be based on the cost of living, and the total of any such allowances shall not at any time exceed one-half of the current salary being paid patrolmen of the highest pay grade.
(Ord. 07-09. Passed 4-16-09; Ord. 01-19. Passed 3-27-19.)