Definition of Act 24 Retirement Date


Act 24 Retirement Date means the date on which the participant has completed 20 years of service and, for purposes of this plan, has not yet attained age 60. There is no age restriction for an early retirement benefit. Member contributions 3% of his/her basic monthly earnings. Members shall pay an amount equal to not less than 5% of monthly compensation. The governing body of the township may on an annual basis by ordinance or resolution, reduce or eliminate payments into the fund by members. RADNOR TOWNSHIP POLICE PENSION PLAN FINDINGS AND RECOMMENDATIONS 9 Finding No. 1 - (Continued) Criteria: On January 24, 2001, the Commonwealth Court of Pennsylvania issued its opinion in Municipality of Monroeville v. Monroeville Police Department Wage Policy Committee. Therein, the court held that Section 2962(c)(5) of the Home Rule Charter and Optional Plans Law, 53 Pa. C.S. SS 2962(c)(5), "clearly precludes home rule municipalities from providing pension benefits different from those prescribed in general law including Act 600." The court's holding was in accord with the position taken by this Department since at least January 1995. Cause: The township was unable to effect compliance with the prior audit recommendation through the collective bargaining process. Effect: The provision of unauthorized benefits could increase the plan's pension costs and reduce the amount of funds available for investment purposes or the payment of authorized benefits or administrative expenses. Although the township did not receive excess state aid allocations during the current audit period attributable to benefit provisions not in compliance with Act 600, the provision of benefits not in compliance with Act 600 could result in the receipt of excess state aid in the future or increase required municipal contributions to the plan. Recommendation: The department acknowledges that its position has changed over the years and that, until Monroeville, there was no definitive decision as to whether home rule municipalities were obliged to comply with applicable pension law. The department seeks,
Sample 1