[Adopted 4-12-1994 as Ord. No. 1994-2]
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.