Section 56409.1 - Private police pension funds; optional transfers(a) If there is a private organization or association constituting and managing an existing pension fund for the members of the police force in any 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 act.(b) 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.1931, June 24, P.L. 1206, art. XIV, § 1409.1, added 1949, May 14, P.L. 1341, § 2. Amended 2020, Oct. 29, P.L. 782, No. 96, § 49, effective in 60 days [Dec. 28, 2020].