[HISTORY: Adopted by the Town of North Haven: Art. I, 8-28-1986 Special Town Meeting. Amendments noted where applicable.]
[Adopted 8-28-1986 STM]
Any person having served as the elected chief executive, Town Clerk or Tax Collector of the Town of North Haven with eight years' cumulative service in such position or combination thereof shall, upon reaching the age of 65 years, receive an annual retirement allowance from the Town of North Haven.
The amount of said annual pension after eight years of cumulative service shall be equal to 40% of the average annual salary received by said person during the last five years of service to the town while serving in any of the aforementioned elected positions and be computed at the rate of 5% per year for years of service in excess of eight years of cumulative service, not to exceed 50% of such average salary.
Any salary received from the Town of North Haven or the Board of Education shall be deducted from the amount of said pension.
Early retirement may be elected by such elected official, if eligible for a retirement allowance in accordance with § 56-1 above, at the age of 62 years with the approval of the Board of Selectmen of the Town of North Haven, by a majority vote, or other body so designated by the Board of Selectmen with the authority to approve, by a majority vote, said early retirement request.
If such elected official elects and is granted early retirement, the retirement allowance will be 80% of the full retirement allowance described in § 56-2 hereof if he retires while age 62, 85% of the full retirement allowance if he retires while age 63 and 90% of the full retirement allowance if he retires while age 64.
To offset inflation or loss of purchasing power of the retirement allowance for such elected official, said retirement allowance shall be adjusted in accordance with the percentage changes in the social security retirement insurance benefit reflecting increases or decreases in accordance with the directives of the Social Security Administration occurring after the date of retirement as herein defined.
Should any such elected official, after retirement and while receiving a retirement allowance, be again elected to any of such offices, such pension payments shall be suspended during the term of occupancy of any such elected office. Said pension shall be reinstated when such elected official is no longer holding any of such elected positions, with a recomputation of said pension allowance being made to incorporate the latest salary received. In no instance, however, will said pension allowance be decreased from that previously paid.
This retirement allowance plan shall be noncontributory on the part of any such elected official of the Town of North Haven.
Any such elected official who is removed from office for cause shall not be eligible to receive a retirement allowance from the Town of North Haven.
Benefits equal to 50% of the pension benefits described in § 56-2 hereof shall be paid to the surviving spouse of said deceased elected official, provided that said surviving spouse had been married to said deceased elected official for a period of not less than five years next preceding the date of death and further provided that such benefits shall terminate upon the remarriage of any such surviving spouse.
The effective date of this ordinance shall be October 1, 1986.