NOTICE
Notice is hereby given that on Thursday, May 23, 2019 at 7:00 p.m. in the Salisbury Township Municipal Building located at 2900 South Pike Avenue, Allentown, PA, the Board of Commissioners of the Township of Salisbury will hold a public hearing and act on the following:
AN ORDINANCE ELECTING TO AMEND THE SALISBURY TOWNSHIP NON-UNIFORMED EMPLOYEES DEFINED BENEFIT PENSION PLAN ADMINISTERED BY THE PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM PURSUANT TO ARTICLE IV OF THE PENNSYLVANIA MUNICIPAL RETIREMENT LAW TO CONFORM TO UPDATED SYSTEM PLAN DOCUMENTS, TO DESIGNATE REQUIRED EMPLOYEE CONTRIBUTIONS AS PRE-TAX CONTRIBUTIONS, AND TO CLOSE MEMBERSHIP IN THE PLAN SO THAT ONLY PERSONS EMPLOYED BEFORE JUNE 1, 2019 MAY BE COVERED BY THE PLAN; AGREEING TO BE BOUND BY ALL PROVISIONS OF THE PENNSYLVANIA MUNICIPAL RETIREMENT LAW AS AMENDED AND AS APPLICABLE TO MEMBER MUNICIPALITIES; FURTHER AMENDING THE NON-UNIFORMED EMPLOYEES DEFINED BENEFIT PENSION PLAN ADMINISTERED BY THE PENNSYLVANIA MUNICIPAL RETIREMENT SYSTEM SO THAT EMPLOYEE CONTRIBUTIONS FOR CALENDAR YEAR 2019 ARE REDUCED TO ONE PERCENT (1.0%) OF COMPENSATION; AND ESTABLISHING A NEW DEFINED CONTRIBUTION PENSION PLAN FOR FULL-TIME NON-UNIFORMED EMPLOYEES FIRST EMPLOYED BY THE TOWNSHIP ON OR AFTER JUNE 1, 2019, PROVIDING FOR EMPLOYER CONTRIBUTIONS OF EIGHT PERCENT (8.0%) OF COMPENSATION, NO EMPLOYEE CONTRIBUTIONS, FULL VESTING AFTER FIVE YEARS OF FULL-TIME SERVICE (WITH NO VESTING BEFORE), DISTRIBUTIONS AFTER SEPARATION FROM SERVICE, AND A PARTICIPANT-DIRECTED INVESTMENT PROGRAM.
A copy of the full text of the proposed ordinance may be examined at the Salisbury Township Municipal Building, 2900 South Pike Avenue, Allentown, PA during normal business hours from 8:30 a.m. to 4:30 p.m., Monday through Friday.
Cathy Bonaskiewich
Township Manager/Secretary
ADV. 5/15/19
The Press newspapers