284.02 DEFINITIONS.

   The following terms have the meanings set forth below, unless a different meaning is plainly required by the context:

   (1)   "Accrued benefit" means a single life annuity commencing at normal retirement date determined as provided in Section 284.15(a).

(Ord. 826. Passed 10-9-84.)

   (2)   "Act" means the Pennsylvania Municipal Retirement Law, being Act No. 15 of 1974, as amended, 53 P.S. 881.101 et seq.

(Adopting Ordinance)

   (3)   "Actuary" means the enrolled actuary (within the meaning of the Act) engaged by the Pension Committee.

   (4)   "Annuity starting date" means the first day of the first period during which an amount is payable as an annuity pursuant to the terms of the Employees' Pension Plan by reason of a member's retirement or termination of service for any other reason except death.

   (5)   "Average monthly compensation" means compensation averaged on a monthly basis over the final three consecutive years of credited service.

   (6)   "Committee" means the present or any succeeding Pension Committee.

   (7)   "Code" means the Internal Revenue Code of 1954, as now in effect or as hereafter amended. All citations to sections of the Code are to such sections as they may from time to time be amended or renumbered.

(Ord. 826. Passed 10-9-84.)

   (8)   "Compensation" means all salary, wages and other scheduled compensation, including all overtime pay, but specifically excludes amounts contributed by the employer to any public or private employee pension, insurance or welfare benefits plan (including this Plan as herein set forth or as subsequently amended) or to any profit-sharing plan, or any other form of nonrecurring or non-fixed compensation including severance payments. (Ord. 887. Passed 3-8-93; Ord. 1042. Passed 4-11-11.)

   (9)   "Credited service" means service which is credited for purposes of eligibility, vesting and/or benefit accrual.

   (10)   "Date of determination" means the date as of which either the monthly amount or the equivalent actuarial value of a member's accrued benefit is determined pursuant to the terms of the Plan.

   (11)   "Early immediate retirement benefit" means the benefit defined in Section 284.12.

   (12)   "Early retirement benefit" means the benefit defined in Section 284.12.

   (13)   "Early retirement date" means the date provided in Section 284.12.

   (14)   "Effective date" means April 13, 1959.

   (15)   "Effective date of the Restated Plan" means January 1, 1984.

   (16)   "Employee" means any individual in the employ of the Employer on a full- time basis, except police officers. A member of the Pension Committee of the Employer who is not also an employee is not eligible for membership in the Plan.

   (17)   "Employer" means the Borough of Swarthmore or the Swarthmore Public Library.

(Ord. 1019. Passed 4-14-08.)

   (18)   "Equivalent actuarial value" means equivalent value when computed on the basis of the following actuarial tables:

      A.   Mortality: 1971 Group Annuity Mortality Table, female age set back six years.

      B.   Interest: eight percent, compounded annually.

   (19)   "Fiscal year of Trust" means the accounting period for the Trust which ends December 31 each year.

   (20)   "IRS" means the United States Internal Revenue Service.

   (21)   "Member" means any employee who satisfies the requirements of Section 284.06.

   (22)   "Normal retirement benefit" means the benefit described in Section 284.10(b).

   (23)   "Normal retirement date" means the date defined in Section 284.10(a).

   (24)   "Plan" means the Borough of Swarthmore Employees' Pension Plan, a defined benefit plan, as described herein or as hereinafter amended.

(Ord. 826. Passed 10-9-84.)

   (25)   "Plan Administrator" means the person, committee or entity responsible for administering the Plan.

(Adopting Ordinance)

   (26)   "Plan year" means the time period from January 1 through December 31.

   (27)   "Regulations" means the applicable regulations issued under the Act by the IRS, the United States Department of Labor or any other governmental authority and any temporary rules promulgated by such authorities pending the issuance of such regulation.

   (28)   "Pension Committee" means the committee referred to in Section 284.22.

   (29)   "Trust" means the Trust established by the Employer as a part of the Plan.

   (30)   "Trust Agreement" means the trust document establishing the Trust.

   (31)   "Trustee" means the Trustee or Trustees of the Trust.

   (32)   "Vested benefit" means the vested benefit determined as provided in Sections 284.14 and 284.15.

   (33)   "Year of credited service" is as defined in Sections 284.07 through 284.09.

   (34)   Any masculine pronoun includes the feminine and any singular reference means the plural wherever appropriate.

(Ord. 826. Passed 10-9-84.)