(a) Death Benefit if No Surviving Spouse Nor Dependent Children. If a member dies prior to the commencement of pension benefits, then his or her designated beneficiary shall be entitled to a refund of his or her accumulated member’s contributions with credited interest.
If no beneficiary survives, then the refund is payable to the member’s estate.
(b) Pension Benefit to Surviving Spouse and Dependent Children. If a member dies, survived by a spouse or dependent children, after having become eligible to receive a pension benefit (i.e. he or she was eligible because he or she was already receiving a pension or because he or she met the age and service requirements, but had not yet retired), then a monthly pension benefit shall be provided. The amount of the monthly pension benefit shall be fifty percent of the pension the member was receiving or would have been entitled to receive if he or she had been retired or died.
In the event a member dies after completing twelve or more years of service but was not yet eligible for normal retirement or pre-retirement survivor benefits, the surviving spouse shall act on behalf of the member in selecting the alternative addressed in Section 282.06. If a vested benefit is selected, the surviving spouse shall receive fifty percent of the member's vested monthly benefit commencing on the fist day of the month following the member's normal retirement date.
In either case, the monthly pension benefit is payable to the surviving spouse until death or remarriage, then to the guardian or surviving dependent children, until the last dependent child dies or reaches his or her eighteenth birthday, whichever comes first. Dependent children shall include step-children, adopted children and any child conceived prior to the time of the member’s death and thereafter born to the member’s spouse.
(c) Benefit. In the event a member is killed in service, his or her widow or widower, or if no widow or widower survives or if one survives and subsequently dies or remarries, then the child or children under the age of eighteen years, shall, during the widow’s or widower’s lifetime or so long as he or she does not marry, or in the case of a child or children, who shall share equally, be entitled to receive a monthly pension calculated at 100 percent of the pension the member would have been receiving had he or she been retired at the time of his or her death. Children receiving benefits under this subsection shall share equally in the same.
(Ord. 779. Passed 1-19-2000.)
282.06 SEVERANCE OF EMPLOYMENT.
If a member leaves the employ of the Township or ceases to be a member, whether by reason of his or her transfer, resignation or discharge, or by reason of disability or retirement other than after becoming eligible for benefits pursuant to Section 282.04 or 282.05, he or she shall be entitled to a refund of all contributions made by him or her and then on deposit in the Fund, plus interest thereon, computed at the rate described in Section 282.03(a). However, a member who has completed twelve or more years of service may elect:
(a) To leave his or her contributions, plus interest, in the Fund so as to receive a vested pension benefit to start at his or her normal retirement date. He or she must file with the Secretary of the Township, within ninety days of the date he or she ceases to be a full-time police officer, a written notice of his or her intention to vest. The amount of the vested pension benefit shall be (x) divided by (y) where (x) is the number of years of service at the date of termination and (y) is the number of years of service which the member would have had if he or she worked until his or her normal retirement date, multiplied by the benefits described in Section 282.04(a). Years of service shall be measured in years and completed months.
(b) To receive a refund of all contributions made by him or her and then on deposit in the Fund, plus interest thereon, computed at the rate described in Section 282.03(a). If he or she elects to receive the refund of his or her contributions, plus interest, he or she would forfeit the pension benefit outlined in subsection (a) hereof.
(Ord. 779. Passed 1-19-2000.)
282.07 DISTRIBUTION OF BENEFITS.
(a) Refund benefits becoming distributable pursuant to Section 282.06, and death benefits becoming distributable pursuant to Section 282.05(a), shall be paid in the form of a lump-sum distribution.
(b) The normal form of all benefits payable as set forth in this chapter shall be a pension for the life of the member commencing on the date specified and ending with a payment made on the first day of the month in which the member dies, subject, however, to the payment of a death benefit calculated pursuant to Section 282.05(b). (Ord. 779. Passed 1-19-2000.).
(a) It is the duty of the Trustee to pay the benefits to the members and their beneficiaries, as provided in Sections 282.04 to 282.06, in accordance with the instructions received from the Board, provided, however, that the duty of the Trustee to make such payments is wholly contingent upon the sufficiency of the Fund for such purposes.
(b) The Township may employ an actuary, investment advisors, counsel or other professional consultants from time to time in connection with the operation of the Fund or of the Plan. Such persons or other entities shall be compensated by the Township at such rates as may be agreed upon by the Board. Such compensation may be paid from the Fund.
(c) The Trustee shall make an annual determination of the fair market value of the Fund as of the anniversary date and as of such additional dates as the Board may direct.
The fair market value of the Fund shall be reported to the actuary who shall calculate the amount to be contributed to the Fund by the Township with respect to each plan year in accordance with the assumptions most recently adopted by the Board for the purpose of such computations, provided, however, that the liability of the Township to make such contributions is subject to all of the conditions and limitations set forth elsewhere in this chapter.
(Ord. 779. Passed 1-19-2000.)
282.09 ADMINISTRATION; RESPONSIBILITIES OF BOARD.
(a) The Plan shall be administered by the Board. The Board shall make and adopt rules and regulations for the efficient administration of the Plan.
(b) The Board shall keep all data, records and documents pertaining to the administration of the Plan, shall execute all documents necessary to carry out the provisions of the Plan and shall provide all such data, records and documents to the professionals whose services are employed pursuant to Section 282.08(b).
(c) The Board shall interpret the Plan, determine any questions of fact arising under the Plan and make all decisions required of it under the Plan. Decisions and actions taken thereon in good faith shall be final and conclusive. The Board may correct any defect, supply any omission or reconcile any inconsistency in such manner and to such extent as it shall deem to be expedient. The Board shall act uniformly with respect to matters coming before it concerning employees in similar circumstances.
(d) Each member of the Board shall be free of all liability for any act or omission, except willful misconduct or gross negligence, and each member of the Board shall be fully indemnified by the Township against all judgments not involving findings of their respective personal or collective willful misconduct or gross negligence, and against all costs, including counsel fees, incurred in defense of actions brought against them.
(e) The Board shall make available to members, retired members and terminated members, and to their beneficiaries, for examination during business hours, such records as pertain to the person examining.(f) To enable the Board to perform its function, the Township Administration shall supply full and timely information to it on all matters relating to the pay of all members, and to their retirement, death and termination of employment, and such other pertinent facts as the Board may require.
(g) The Board shall enact such rules and regulations for the conduct of its business and for the administration of the Plan, as it may consider desirable, provided that the same shall not be in conflict with any of the provisions of the Plan. All actions of the Board shall be taken at meetings at which at least four members shall be present, or by written resolutions concurred in by not less than four of its members. Actions taken under such resolutions shall be deemed to be actions taken by the entire Board. Written minutes shall be kept of the meetings and actions of the Board.
(h) The Secretary, acting on behalf of the Board, or any four members of the Board, shall have the power to execute all documents necessary to carry out the actions of the Board, and any person, partnership, corporation or governmental agency shall accept such documents over such signature or signatures as if the same were executed by the entire Board.
(Ord. 779. Passed 1-19-2000.)