Effective January 1, 1993, the Borough and each member of the Employees' Pension Plan shall make contributions to the Plan as follows:
(a) Each member shall contribute a portion of his or her compensation, up to a limit of five percent of such compensation, as Council shall, from time to time, determine.
(b) The Borough shall contribute an amount equal to that contributed by Plan members. Any additional remaining amounts necessary for the purpose of reducing the unfunded liability of such Plan, and for application against the annual obligation of the Plan for future service as determined by the actuary for the Plan, shall be funded by the Borough.
(c) The compensation of a participant in the Plan is the amount paid as a fixed salary or wage on the anniversary date of January 1, 1993, and thereafter, excluding overtime, premiums, bonuses and other nonrecurring compensation.
(d) Interest shall be accumulated and credited to a member's contributions at the rate of six percent per annum, or such rate as hereinafter set by resolution of the Borough Council after having received the Employees' Pension Fund earnings from the Pension Committee.
(e) Interest on member contributions shall be computed at the end of each calendar year, beginning December 31, 1993, and shall be credited to the member's account.
(f) Any member who, for any reason whatsoever, shall be unable to receive a pension after having contributed to the Plan shall be entitled to a refund of all such contributions, with such interest as may be credited to the member's account. Such refund shall be paid within one month after discontinuance of the member's employment with the Borough. If such discontinuance is due to death, such refund shall be paid to the beneficiary or beneficiaries designated by the member or, in the absence of such designation, to the personal representative of the deceased member. Neither the member nor the personal representative of a deceased member shall have any claim to the accumulated assets of the Fund except for the refund of contributions and interest earned thereon.
(Ord. 882. Passed 11-9-92.)