second class A, city of the third class, home rule municipality,
borough, town or township.
"Pension plan." A pension plan established under the act of
December 18, 1984 (P.L.1005, No.205), known as the Municipal
Pension Plan Funding Standard and Recovery Act, the act of May
29, 1956 (1955 P.L.1804, No.600), referred to as the Municipal
Police Pension Law, or any other pension plan established under
a municipal code.
"Superannuation age." As follows:
(1) For uniformed employees, any age with the accrual of
25 years of credited service and age 55.
(2) For nonuniformed employees, any age with the accrual
of 30 years of credited service or age 65.
Section 3. Management of pension plans.
The governing body of each pension plan that has fewer than
100 active members shall select the most qualified person to
enter into a contract to administer, manage or service the
pension plan. To ensure that the availability of the contract is
provided to potential participants, the governing body shall:
(1) Announce the availability of the contract at two
consecutive regularly scheduled public meetings.
(2) Post the availability of the contract on the
municipality's publicly accessible Internet website, if any,
for a period of no less than two weeks.
Section 4. Assumed actuarial rate of return.
(a) General rule.--Except as provided under subsection (d),
within 10 years of the effective date of this section and each
year thereafter, a municipality shall use an assumed actuarial
rate of return not to exceed the actuarial rate of return
established by the board plus 1%.
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