§ 4110. Private police pension funds and optional transfers.

157 words·~1 min read·/pa/title-73/chapter-41/4110

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Transfer authorization.-- If there is a private organization or association constituting and managing an existing pension fund for the members of the police force in a township, the township shall establish a police pension fund for the purpose of paying pensions to the members of the police force if the membership of the organization or association, by a two-thirds vote, elects to transfer its funds with all its assets and liabilities into a township police pension fund as required to be established by this part.

(b)Securities and assumption of liability.-- The transfer under subsection

(a)may be made by the transfer of securities. After the transfer, the township police pension fund shall assume the liability of continuing the payment of pensions to members of the police force retired prior to the transfer in accordance with the laws and regulations under which the members were retired.

73c4111s