[Adopted 10-26-2015]
A.
Separate from the retirement system of the Town established in this Chapter 37, the Representative Town Meeting shall approve retirement savings plans, including money purchase pension plans, for purposes of providing eligible employees of the Town, including eligible employees working for the Board of Education, with retirement savings plans other than the retirement system that enable such eligible employees to participate in such retirement savings plans that satisfy the requirements of Section 401(a), Section 457, 403(b) or any other applicable section of the Internal Revenue Code.
B.
With respect to any retirement savings plan referenced in Subsection A above approved by the Representative Town Meeting, the Board of Selectmen shall have exclusive authority thereafter in all matters pertaining to the administration, operation, oversight or management of such plan, but such authority of the Board of Selectmen shall not include the adoption, design (including but not limited to setting and approval of Town contribution amounts), redesign, amendment (including amendments that specify or vary the provisions of a plan that apply to different individual employees, groups or categories of Town employees, including those working for the Board of Education), or termination of such plan. To the extent designated in the terms of such plan, the Board of Selectmen or its designee shall also serve as the plan administrator of the plan, with such responsibilities, as set forth in the plan document, that are not inconsistent with the Board of Selectmen's authority as specified in this Subsection B.
