(f) Contributions by Members While in Military Service. A member who enters the military service during a time of national emergency either, voluntarily or by conscription, shall continue to make contributions to the Plan as outlined m subsection (a) hereof, based on the compensation in effect on the last day of service with the Police Department. These contributions shall continue throughout the length of his or her military service. During military service, the Trustee shall continue to contribute to the Fund for the officer’s benefit. However, no contributions will be made either by or on behalf of a member who voluntarily extends his or her military service during peacetime.
(g) Non-Intervening Military Buy-Back. The Plan provides full service credit for each year of military service or fraction thereof, not to exceed five years, to a member who was not employed by the Township prior to such military service. The amount due for the purchase of credit for military service, other than intervening military service, shall be computed by applying the average normal cost rate for the Plan as certified by the Public Employee Retirement Study Commission, but not to exceed ten percent, to the member’s average annual rate of compensation over the first three years of service and multiplying the result by the number of years and fractional part of a year of creditable non-intervening military service being purchased, together with interest at the rate of four and three-quarters percent compounded annually from the date of initial entry into service to the date of payment.
A member of the Plan shall be eligible to receive service credit for intervening or non-intervening military service, provided that he or she is not entitled to receive, is not eligible to receive, now or in the future, and is not receiving, retirement benefits for such service under a retirement system administered and wholly or partially paid for by any other governmental agency, with the exception of a member eligible to receive or receiving military retirement pay earned by a combination of active duty and non-active duty with a reserve or national guard component of the Armed Forces, which retirement pay is payable only upon the attainment of a specified age and period of service under 10 USC Ch. 67 (relating to retired pay for non-regular service).
(h) Other Contributions. The Fund shall be authorized to receive by gift, grant, devise or bequest, any money or property, real, personal or mixed, in trust for the benefit of the Fund. The trustee of the Fund shall be subject to such directions, not inconsistent with the Plan, as the donors of such funds and property may prescribe. (Ord. 731. Passed 11-16-94; Res. 97-86. Passed 9-17-97.)
282.04 RETIREMENT BENEFITS; DISABILITY BENEFIT; COST OF LIVING ADJUSTMENT.
(a) Normal Retirement: Offset for Social Security. Each member may retire on or at any time after his or her normal retirement date. Any member so retiring shall be entitled to receive a monthly pension commencing as of the first day following his or her date of actual retirement and ending with the payment made as of the first day of the month in which his or her death occurs. The monthly pension to which such retired member shall be entitled under the Plan shall be equal to fifty percent of such member’s average applicable compensation.
A reduction of the primary Social Security benefit at age sixty-five or later shall be as follows:
Anyone who retires prior to January 1, 1996, and June 30, 1997, to retire with zero percent Social Security offset. The Social Security offset for the period of July 1, 1997, through December 31, 1997, shall be forty percent. Effective January 1, 1998, the existing Social Security offset shall be thirty percent. Effective January 1, 1999, the existing Social Security offset shall be twenty percent.
In addition to the monthly retirement benefit described herein, each member who has completed twenty-six years of service shall receive an additional monthly pension benefit equal to a maximum of one hundred dollars ($100.00) per month.
This chapter does not provide for a retirement date prior to the normal retirement date.
(b) Postponed Retirement. An employee shall be allowed to continue as an employee beyond his or her normal retirement date. In such case, the employee shall remain a member of the Plan until he or she actually retires or ceases to be an employee. Any contributions required pursuant to Section 282.03(a) shall continue.
(c) Disability Benefit. If a member retires because of a total and permanent disability, he or she shall receive seventy-five percent of his or her compensation without any offset for social security, workers compensation or otherwise, and this benefit shall continue until his or her death.
(d) Cost of Living Adjustment. There shall be a cost of living increase provided to all members who retire, provided, however, that such cost of living increase shall not exceed the percentage increase in the All-Urban Consumers C.P.I. for the Philadelphia area for the year in which the police officer last worked, and provided, further, that in no case shall the total police pension benefits exceed seventy-five percent of the salary for computing retirement benefits, and provided, further, that the total cost of living increase shall not exceed thirty percent. No cost of living increase shall be granted which would impair the actuarial soundness of the Plan.
(Ord. 731. Passed 11-16-94; Ord. 758. Passed 3-19-97.)