Effective April 13, 1959, the Employer adopted the Borough of Swarthmore Employees' Pension Plan and executed a Trust Agreement to provide retirement benefits for its employees. The Plan was subsequently amended on several occasions; and effective as of January 1, 1984, the Employer adopted the amended and restated Plan, as set forth herein. The Plan and Trust are intended to meet the requirements of Sections 401(a) and 501(a) of the Internal Revenue Code of 1954.
The provisions of this Plan shall apply only to an employee who terminates employment on or after the effective date of the Restated Plan. The rights and benefits, if any, of an employee, which accrue before the effective date of the Restated Plan, shall be determined in accordance with the prior provisions of the Plan.
(Ord. 826. Passed 10-9-84.)