ORDINANCE NO. 120
AN ORDINANCE OF KENNETT
TOWNSHIP, CHESTER COUNTY, COMMONWEALTH OF PENNSYLVANIA, ELECTING TO CHANGE THE
BENEFITS IT HAS IN THE PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM UNDER ARTICLE IV
OF THE PENNSYLVANIA MUNICIPAL RETIREMENT LAW: AGREEING TO BE BOUND BY ALL
PROVISIONS OF THE PENNSYLVANIA MUNICIPAL RETIREMENT LAW AS AMENDED AND AS
APPLICABLE TO MEMBER MUNICIPALITIES CHANGING BENEFITS UNDER THE PROVISIONS OF
THIS ARTICLE: STATING WHICH OF CERTAIN OPTIONS PERMITTED UNDER THE SAID LAW ARE
ACCEPTED BY THE TOWNSHIP. IT IS
HEREBY ORDAINED BY
SECTION I.
Kennett Township, being a member
municipality of the Pennsylvania Municipal Retirement System, hereby elects to
change its member benefits in that System as authorized by the Pennsylvania
Municipal Retirement Law, as amended, and does hereby agree to be bound by all
the requirements and provisions of said Article and the Law, as the case may be,
and to assume all obligations, financial and otherwise, placed upon member
municipalities by said Amendment, as the case may be.
All references hereafter shall be based on benefits negotiated between
the Board and the municipality under the provisions of Article IV.
SECTION II.
Membership in the Pennsylvania Municipal Retirement System shall be
mandatory for all permanent, municipal employees of the Township.
Membership for elected officials and employees hired on a temporary or
seasonal basis is prohibited, as is membership for individuals paid only on a
fee basis.
SECTION III.
Credit for prior service for original members is granted for each year,
or partial year thereof, that the member was employed by the Township from
original date of hire or the expiration of the member’s probationary period if
one so existed. Benefits provided
to members in the Agreement dated December 21, 1998 shall accrue based on all
credited service granted and earned in accordance with this section.
SECTION IV.
Payment for any obligation established by the adoption of this Ordinance
and the Agreement between the System and
SECTION V.
As part of this Ordinance, the Township agrees that the System shall
provide the benefits set forth in the Agreement between the Board and
ORDINANCE NO. 120
Page 2
SECTION VI.
SECTION VII.
A duly certified copy of this Ordinance and the referenced Agreement
shall be filed with the Pennsylvania Municipal Retirement System of the
ENACTED AND ORDAINED THIS 21ST DAY OF DECEMBER 1998.
BOARD OF SUPERVISORS
_________________________________
Attest: Michael E. Elling
______________________________ _________________________________
Secretary-Treasurer Charles G. Shoemaker
_________________________________
James C. Henderson
ORDINANCE NO. 121
AN ORDINANCE OF KENNETT TOWNSHIP, CHESTER COUNTY, PENNSYLVANIA, AUTHORIZING THE ADOPTION AND IMPLEMENTATION OF A SIMPLE IRA PLAN (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES), ESTABLISHING THE AMOUNT OF THE EMPLOYER CONTRIBUTION, AND AUTHORIZING THE ENGAGEMENT OF AN INVESTMENT COMPANY FOR THE INVESTMENT OF THE FUNDS AND IN THE PLAN, AND A FINANCIAL ADVISER TO ASSIST THE TOWNSHIP IN THE REQUIRED EMPLOYEE EDUCATION, ENROLLMENT AND MAINTENANCE OF THE PLAN.
It is hereby enacted and ordained by the
Kennett Township Board of Supervisors as follows:
SECTION I.
SECTION II.
The Plan shall establish the program by which Township employees may
defer up to the maximum of $6,000 per year for investment in the Simple IRA.
SECTION III.
The Township shall, and is hereby
authorized to, provide an employer contribution to the Simple IRA Plan, which
shall be a 50% match of each participating employee’s deferral, limited to 3% of
the employee’s compensation, or $6,000, whichever is less.
SECTION IV.
The Township initially elects the
American Funds Group as the investment company for the Simple IRA Plan.
The Township is further authorized to engage the services of a financial
adviser to assist with the employee educational and enrollment materials,
ongoing investment decisions, and annual reporting requirements for the Plan.
ORDINANCE NO. 121
Page 2
SECTION V.
The Township is further authorized to pay to the investment company and
financial adviser such fees and participant costs as the Supervisors deem
appropriate in their sole discretion, and the Board of Supervisors is authorized
by this Ordinance to complete such initial registration forms and ongoing annual
reports as are required by the Internal Revenue Service.
ENACTED AND ORDAINED THIS 21ST DAY OF DECEMBER 1998.
BOARD OF SUPERVISORS
_________________________________
Attest: Michael E. Elling
______________________________ _________________________________
Secretary-Treasurer Charles G. Shoemaker
_________________________________
James C. Henderson