§ 1132. Private police pension funds and optional transfers.

175 words·~1 min read·/pa/title-8/chapter-11/1132

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

(a)General rule.-- If there is a private organization or association constituting and managing an existing pension fund for the members of the police force in any borough, the borough shall establish a police pension for the purpose of paying pensions to the members of its 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 borough pension fund as required to be established by this part.

(b)Assumption of liability.-- The transfer in subsection

(a)may be made by the transfer of securities. After the transfer, the borough 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.

08c1141h

SUBCHAPTER G

MANAGER

Sec.

1141. Borough manager created by ordinance and election.

1142. Powers and duties.

1143. Other offices not incompatible.

08c1141s