Effective May 4, 1994, there is established
a pension plan for the benefit of town officials and employees. The
plan shall be open to all town officials and employees as of February
1992. The town shall contribute one dollar ($1.) per year per person
to the plan. The town shall establish, from time to time, a reasonable
administrative fee to be paid by those town officials and employees
who have elected to join the plan on an annual basis, said fee to
cover any cost incurred by the town in administering the plan.
Upon each town official or employee's termination
of eligibility for continuation coverage by the insurer, he or she
shall be given the option to join the town's pension plan established
hereunder and elect health insurance coverage under the town's group
rate. In the event that he or she does not elect to exercise the option
at that time, he or she shall forever lose the opportunity to qualify
for the group rate for health insurance coverage.
The Mayor and Council shall enact such rules
and regulations as are necessary in order to implement the purpose
of this Article. This Article is subject to all rules, regulations
and qualifications required by the town's insurer, and in the event
that this Article and the insurer's rules, regulations or qualifications
are in conflict, the insurer's rules, regulations and qualifications
shall control.