There is established a Police Pension and Retirement
Fund for full-time police of the Town.
The Police Pension and Retirement Fund shall
be administered by a committee of not less than three persons designated
as the Police Pension and Retirement Committee. The Committee members
shall be appointed by the Mayor and Council.
The details, rules and regulations concerning
the administration of the Police Pension and Retirement Fund and the
amount to be set at the end of the calendar year pursuant to the existing
legislation shall be determined as of December 31, 1966, and a similar
date of each succeeding calendar year.