The Town of Canton hereby creates a pension
plan for volunteer firefighters and volunteer ambulance personnel
("volunteers") of the Town of Canton. Volunteers who, on June 30,
1994, were participants in the original volunteers' pension plan effective
July 1, 1990, may elect to receive a monthly retirement benefit equal
to $10 per month for each year of service up to a maximum of 35 years,
subject to a maximum monthly benefit of $250 or an annual contribution
of $400. Volunteers who were not in said original pension plan will
receive an annual contribution of $400. A volunteer shall become a
new participant immediately following the plan year in which he earns
50 points. A point is a unit credited to a volunteer in recognition
of his performance of certain duties as set forth in the plan. The
detailed vesting requirements, retirement dates, distribution options,
and all other terms of the pension program shall be set forth in the
pension plan.
The program shall be supervised and controlled
by a plan administrator who shall be designated by the Board of Selectmen.
The pension plan may be modified or terminated
by the action of the Town's Board of Selectmen at any time.