BOROUGH OF ECONOMY NOTICE OF PUBLIC HEARING AND INTENT TO ADOPT CHAPTER 31, POLICE PENSION PLAN, DEFERRED RETIREMENT OPTION PLAN (DROP)

BOROUGH OF ECONOMY NOTICE OF PUBLIC HEARING AND INTENT TO ADOPT CHAPTER 31, POLICE PENSION PLAN, DEFERRED RETIREMENT OPTION PLAN (DROP) The Borough of Economy Council will hold a public hearing at its meeting on Tuesday, December 18, 2025, at 7:00 p.m. and consider the adoption of a pending ordinance amending Chapter 31, of the code of the Borough of Economy entitled "Police Pension Plan". The hearing will be held at the Economy Borough Municipal Building, 2856 Conway Wallrose Road, Baden, PA 15005. ORDINANCE NO. 490 AN ORDINANCE OF THE BOROUGH OF ECONOMY, COUNTY OF BEAVER, COMMONWEALTH OF PENNSYLVANIA, RELATIVE TO THE ESTABLISHMENT AND MAINTENANCE OF MUNICIPAL POLICE PENSION, ANNUITY, INSURANCE AND BENEFIT FUND OR FUNDS, TO AMEND CERTAIN PROVISIONS OF THE PENSION FUND OR PROGRAM APPLICABLE TO THE POLICE OF SAID MUNICIPALITY TO ADD A DEFERRED ERETIREMENT OPTION PROGRAM (DROP). Proposed Ordinance No. 490, would amend Borough Code, Chapter 31, Police Pension Plan, by amending the text to the Borough Code. The text of Ordinance No. 490, which has been pending, contains revisions to Chapter 31, Police Pension Plan. Section 1. Chapter 31, §31-21 "Deferred Retirement Option Plan" the new regulations are hereby added. Definitions, Eligibility, Written Election, Limitation on Pension Accrual, Ineligibility for Re-Enrollment in Drop, Benefit Calculation, Payments to Drop Account, Early Termination, Payout, Death, Disability, Eligibility for Other Benefits, Eligibility for Statutory Benefits, Designation of Beneficiary, Amendment, Taxation, Attachment and Assignment, Trust Requirement, Auditor General Findings. The proposed ordinance also provides for general conditions for the above uses, for severability, and for repeal of all inconsistent Ordinances. All provisions of Chapter 31, Police Pension Plan, Deferred Retirement Option Plan, not amended by or added to by Proposed Ordinance No. 490, shall remain in effect. The proposed ordinance will be pending as of the date of the first advertisement. The proposed ordinance may be examined Monday through Friday between the hours of 8:30 a.m. and 4:30 p.m. at the Economy Borough Municipal Building. A copy of the proposed ordinance may also be requested at the cost of $.50 per page (total cost of $3.00). Any person requiring special accommodation to attend the public hearing on December 18, 2025, should notify the Borough Manager at (724) 869-4779. The Borough will make every reasonable effort to provide reasonable accommodation to such person(s). TRAVIS CAVANAUGH BOROUGH MANAGER November 30, December 7 2025 LSOM0415375