RESOLUTION NO. 111-08
A
RESOLUTION OF THE
WHEREAS, the West Mifflin Sanitary Sewer Municipal Authority
(“the Authority”) has previously enacted a Resolution (Resolution No. 15-97)
establishing the West Mifflin Sanitary Sewer Municipal Authority Employees’
Pension Plan (“the Plan”); and
Whereas, the Authority has reserved
the right to amend the Plan pursuant to Section 11.01 of the above-referenced
Resolution; and
Whereas, the
Authority now desires the Plan to be further amended to clarify the intended
date for commencement of benefit payments.
NOW, THEREFORE, BE IT RESOLVED AND
ADOPTED by the Board of Directors of the Authority and it is HEREBY RESOLVED
AND ADOPTED by the Authority that, effective March 7, 2008, Section 1.17 and Section
7.03 of Resolution No. 15-97 are amended in their entirety by the deletion of
said sections and substitution of new sections 1.17 and 7.03 as follows:
1.17 “Early Retirement Age” shall mean the date
a Participant attains sixty (60) years of age and completes at least five (5)
years of Credited Service.
7.03 Deferred Vested Benefits – A Participant
who ceases to be an Employee in Employment for any reason other than death,
Total and Permanent Disability, or retirement, and who has completed at least
five (5) years of Credited Service shall be entitled to a vested retirement
benefit based upon the Accrued Benefit at the date Employment ceases.
Such
a Participant may commence receipt of retirement benefits, after application
has been made to the Plan Administrator, on the first day of the month
coincident with or next following the date of attainment of Normal Retirement
Age or may commence receipt of retirement benefits as of the date of
eligibility for a benefit under section 4.02, including applicable reductions
for early commencement.
RESOLVED
AND ADOPTED, this 6th day of March, A.D., 2008.
ATTEST:
MUNICIPAL AUTHORITY: