The Pension Committee shall have the following powers and duties:
A. To administer the pension plan and pension fund in accordance with the Custodial Trust Agreement between the township and First Union National Bank, N.A or such other appropriate agreement of trust approved by the Board of Commissioners. The Custodial Trust Agreement permits money manager(s) approved by the Board of Commissioners to manage and operate the pension fund and to receive, hold, invest and disperse any sum or sums as may be necessary to cany out the pension plan and all other applicable statutes, ordinances and regulations.
B. To provide guidance to any money manager(s) of the pension fund for the investment of all moneys deposited in such pension fund and the reinvestment of all earnings of the pension fund.
C. To adopt rules and regulations for the governance of the affairs of the Pension Committee to better enable it to carry out its powers and duties imposed hereunder.
D. To employ, retain and compensate, upon approval of the Board of Commissioners, actuaries, accountants, auditors, attorneys, money managers and investment consultants as it may deem necessary to carry out its duties hereunder.
E. To make all decisions pertinent to the pension plan regarding pension payments to any applicant or participant, or for the return of any required contributions to any person who may be entitled to the same under the pension plan.
F. To designate a pension fund custodian for the depository of all pension fund assets.
G. To deposit into the pension fund all contributions required under applicable law and in accordance with the advice, counsel and direction of the pension plan's actuary.
H. To make all decisions in accordance with the terms of the pension plan, including but not limited to the following:
(1) To determine all questions relating to the eligibility of police officers to become members in the pension plan.
(2) To compute and certify to the pension plan custodian the amount and kind of benefits payable to members.
(3) To make and publish such rules and regulations for the administration of the pension plan as are not inconsistent with the terms of the Agreement of Trust or applicable law.