RESOLUTION NO. 121-09

 

 

A RESOLUTION OF THE WEST MIFFLIN SANITARY SEWER MUNICIPAL AUTHORITY RELATIVE TO THE ESTABLISHMENT AND MAINTENANCE OF EMPLOYEES’ PENSION, ANNUITY, INSURANCE AND BENEFIT FUND OR FUNDS, TO AMMEND CERTAIN PROVISIONS OF THE PENSION PLAN OR PROGRAM APPLICABLE TO THE EMPLOYEES OF SAID AUTHORITY.

 

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 by providing an incentive for employees over the age of 65 to retire,

 

            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, the following be incorporated into the retirement plan effective immediately:

 

For the period of August 7, 2009 through September 1, 2009, the Authority will permit any employee age 65 or older to retire without reduction in their accrued benefit for those who have less than 15 years of service.  Additionally, employees exercising this option will receive a supplemental pension of $400/month, payable for three years.  At the employee’s option the supplemental pension can be taken as one lump sum of $12,000 instead of the monthly payments. 

 

The employee is required to terminate their active employment no later than September 30, 2009.

 

RESOLVED AND ADOPTED, this 3rd day of September, A.D., 2009.

 

WEST MIFFLIN SANITARY SEWER         MUNICIPAL AUTHORITY: Richard M. Babjak, Chairman

ATTEST: Glenn Labosco, Secretary