Borough Council voted to advertise the following proposed ordinance at their October 2023 Council meeting. The proposed ordinance will be considered for approval at the October 2023 Work Session meeting, which will be held on October 17th, 2023 at 7:00 PM in Borough Hall.
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AN ORDINANCE OF BOROUGH OF INDIANA AMENDING THE MANAGEMENT EMPLOYEES PENSION PLAN
WHEREAS, the Borough of Indiana (the “Borough”) has previously established and currently maintains the Borough of Indiana Management Employees’ Pension Plan (“Plan”); and
WHEREAS, the Borough Council desires to amend the Plan in order to offer a one-time window benefit to active employees with 24 or more years of service.
BE IT ORDAINED AND ENACTED by the Council and it is HEREBY ORDAINED AND ENACTED by authority of the same:
That the Plan is amended by the following amendment which shall provide as follows:
Any Active Participant who as of September 30, 2023 has at least 24 years of service in the Plan and who properly executes the Borough prepared window package forms and returns such forms to the Borough Manager on or before December 15, 2023 and retires on or before December 31, 2023, may retire with a Normal Retirement Benefit. In addition, any such Participant shall qualify for an additional $50 a month payable for the first six months of retirement ($300 in total).
That any Ordinances or parts thereof which conflict with the provisions of this Ordinance shall be, and the same are hereby repealed so far as they shall affect this Ordinance; however, such repeal shall not affect any act done or any right or liability accrued under any such Ordinance which shall be hereunder repealed or superseded, and all such rights or liabilities shall continue and may be enforced in the same manner as if such repeal or supersession had not been made but only to the extent otherwise permitted under the laws of the Commonwealth of Pennsylvania.
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