(A) Title. This section shall be known and cited as the “Sparta Township Pension Plan Ordinance”.
(Prior Code, § 3.001)
(B) Establishment of pension plan. Pursuant to state law, 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 the 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.
(Prior Code, § 3.002)
(C) Coverage. The annuity or pension plans created, established and contracted for under this section shall cover each person within the following classes of officers, trustees and employees: all members of the Township Board and full-time employees of the township not covered by collective bargaining agreements.
(Prior Code, § 3.003)
(D) Township contributions; eligibility requirements; non-coverage.
(1) The township shall annually contribute 100% of that portion of the premium or charges arising under such annuity or pension contract for each person within the class of officers and employees enumerated in division (C) above. Such contributions shall be secured from the general fund of the township. Each person within such class of officers and employees shall be responsible for the remainder of the premium or charges and the Township Clerk is hereby authorized to deduct the same from each person’s pay, salary or compensation and to apply the same to such person’s responsibility.
(2) Each employee who is employed on the effective date of the annuity or pension plan shall be eligible for coverage on that day. Each employee who later becomes employed by the township shall be eligible on the first day of the month subsequent to the month of employment if the employee is covered in the class of officers and employees enumerated in division (C) above. An employee’s normal retirement date shall be the first day of the month subsequent to his or her sixty-fifth birthday.
(3) Any person desiring not to be so covered shall give written notice to the Township Clerk that he or she desires not to be covered and, if the notice is received before the person has become covered under the contract, he or she shall not be covered thereunder. If the notice is received after the individual has become covered, his or her coverage under the contract shall cease as provided for in the contract.
(Prior Code, § 3.004)
(E) Vesting. Each person so covered under the annuity or pension plan shall have a vested right or interest in such plan from the date the plan becomes effective for such person.
(Prior Code, § 3.005) (Ord. 92-3, passed 10-1-1992)