Consider for approval adoption of a Resolution setting employee pension contributions for 2018.

RESOLUTION

WHEREAS, the Township has elected to make a change to employee pension contribution levels for those employees that are a part of the Workers Association (WA) in 2018; and

WHEREAS, also as a result of the Township Actuary’s analysis the Lower Merion Workers Association, non-uniform employee pension contributions in 2018 will be as follows for employees hired prior to 2003: 4% (0 to 4.99 years of credited service), 2% (5 to 9.99 years of credited services), 1% (10 to 24.99 years of credited service), 0% (over 25 years of credited service) and 5% for employees hired after 2003.  

WHEREAS, also as a result of the Township Actuary’s analysis, the 2018 non-contractual non-uniform/employee pension contributions to the Township Municipal Employee Pension Fund will remain unchanged for 2018.

WHEREAS, also as a result of the Township Actuary’s analysis, the police officer employee pension contributions to the Township Municipal Police Pension Fund will remain unchanged for 2018. 

NOW THEREFORE, the Board of Commissioners of the Township of Lower Merion hereby resolves that these employee pension contribution levels be implemented effective January 1, 2018.