[Ord. of 12-16-1964, § 1; Ord. of 6-11-1965, § A; Ord. of 7-22-1965; Ord. of 4-1-1966; Ord. of 1-20-1967; Ord. of 3-28-1969]
Pursuant to the provisions of Special Act No. 117 as found in
Volume XXXI, at page 94, Connecticut Special Acts, entitled "An Act
Enabling the Town of New Milford to Establish a Pension Plan for Highway
and Police Employees," which special act was approved on June 6, 1963,[1] there is hereby established a pension plan for:
(1)
Full-time highway and full-time appointed police employees of the
Town, such plan to become effective as hereinafter provided.
(2)
Full-time school secretaries and school custodial employees, full-time
Sewer Commission employees, full-time Town hall secretaries employed
by the Town, full-time Park Commission employees and full-time library
employees, such plan and pension benefits to become effective as to
these employees on July 1, 1965.
(3)
The full-time Assessor of the Town, such plan and pension benefits
to become effective as to such full-time Assessor on July 1, 1965.
(4)
The full-time Comptroller of the Town, such plan and pension benefits
to become effective as to such Comptroller on July 1, 1966.
(5)
The full-time Sanitation Inspector of the Town, such plan and pension
benefits to become effective as to such Sanitation Inspector on July
1, 1967.
(6)
All full-time employees of the Town, not included prior to March
28, 1969, and not included as of March 28, 1969, or thereafter, under
some other pension plan, upon the anniversary date of said pension
plan next following the date of such full-time employment.
[1]
Editor's Note: See Art. I of Subpart B of Part I of this volume.
[Ord. of 12-16-1964, § 1]
The pension plan established by this division shall be supervised
by the Board of Selectmen under terms and conditions set forth under
a document entitled "Pension Plan for Highway Employees and Appointed
Police, Town of New Milford, Connecticut, July, 1964," which is made
a part hereof.[1]
[1]
Editor's Note: Copies of this document are available in the
Town offices.
[Ord. of 12-16-1964, § 1]
The Board of Selectmen, upon appropriation by the Town of necessary
funds, is hereby authorized on behalf of the Town to enter into such
contracts with insurance companies as may be necessary to provide
for the funding and administration of the pension plan established
by this division, and to fix the effective date thereof.
[Ord. of 12-17-1964; Ord. of 3-28-1969]
All persons listed as included in the plan in § 2-33 are eligible for the pension plan established by this division, provided they complete 15 years or more of service by their normal, earlier or later retirement age, except that eligible persons in the employment of the Town on or before July 1, 1965, need complete only 10 years of service.
[Ord. of 12-17-1964; Ord. of 3-28-1969]
The normal retirement age shall be 65 years of age or the completion
of 15 years of service or 10 years of service for those eligible employees
in the employment of the Town on or before July 1, 1965, whichever
occurs last, but not beyond 70 years of age, except for employees
eligible for the pension plan on the effective date.
[Ord. of 12-17-1964; Ord. of 3-28-1969]
With the consent of the Town, any employee 55 years of age and
over who has completed 15 years or more of service or 10 years of
service for those eligible employees in the employment of the Town
on or before July 1, 1965, may retire early. The amount of pension
paid for early retirement will be based on service at the time of
early retirement, reduced by 0.5% for each month early retirement
precedes the normal retirement age.
[Ord. of 12-17-1964]
(a)
With the consent of the Town, any employee may remain in service
on a year-to-year basis after his normal retirement age.
(b)
Pension payments will commence at the normal retirement age regardless
of the continued service of the employee. An employee's earnings will
be reduced by the amount of the pension payments, except upon approval
of the Town.
[Ord. of 12-17-1964]
The amount of annual pension (payable monthly for life) will
equal the sum of 3/4 of 1% of the first $4,800 of average annual earnings
prior to the normal (earlier or disability) retirement age, plus 1 1/2%
of the excess over $4,800 of such earnings, multiplied by the total
years of service at the normal (earlier or disability) retirement
age, counting any remaining months of service as 1/12 of a year.
[Ord. of 12-17-1964]
(a)
Earnings used for the pension plan will include all regular wages
paid to an employee by the Town.
(b)
For figuring the amount of pension, the average of the earnings for
the five highest consecutive calendar years received during the ten-calendar-year
period immediately prior to the normal (earlier or disability) retirement
age will be used.
[Ord. of 12-17-1964; Ord. of 10-11-2016; Ord. of 3-25-2019]
(a)
Service under the pension plan will include all full-time regular
employment with the Town, including authorized leaves of absence for
illness, injury or military service.
(b)
Reemployment.
(1)
In the event of full-time reemployment following a termination, an
employee who worked on a full-time basis previously will resume their
vesting period at the point it was at termination. Such an employee
will not be treated as a new employee under the plan.
(2)
In addition, said employee shall be required to pay back to the Town
for any and all refunds of pension contributions that may have been
received during the newly rehired employee's termination period.
[Ord. of 12-17-1964]
(a)
Any employee who has completed five years or more of continuous service
with the Town will be eligible for a disability pension in the event
of permanent and total disability through bodily injury or disease
occurring while in the employ of the Town, with the exception of disability
arising out of violation of the law or self-inflicted injury.
(b)
Upon submitting satisfactory medical evidence to the Town that a
disability has existed for six months or more and such disability
is permanent and total to the extent of preventing performance of
substantially all duties of any occupation for which an employee may
be qualified by reason of education, training and experience, an employee
will be entitled to a disability pension equal to the greater of Subsection(b)(1)
or (2) below, less any disability benefits received under the Workmen's
Compensation Law:
(c)
The disability pension will be paid from the first day of the month
an employee becomes entitled to payment, until the earlier of death,
recovery or normal retirement age. Upon reaching normal retirement
age, an employee will be entitled to the same amount payable for life.
[Ord. of 12-17-1964; Ord. of 3-28-1969; Ord. of 3-3-1980; Ord. of 11-8-1982]
(a)
In the event of termination of employment prior to retirement, an
employee who has completed 10 years of service will be eligible for
a pension payable at the normal or early retirement age, based on
service at the date of termination.
(b)
Benefits payable by reason of termination will not be as large as
the amount otherwise payable because of the loss of credit for service
and a higher earnings base resulting from terminating early. No benefit
will be provided under the plan for employees who have not completed
10 years of service at termination.
(c)
The effective date of this amendment shall be retroactive to August
1, 1979.
[Ord. of 12-17-1964]
Pensions are payable monthly for life after retirement with
no further payment upon death.
[Ord. of 12-17-1964]
(a)
An employee may provide for the continuation of his pension to a
wife, husband or other dependent after retirement, by electing either
one of the following optional forms of pension:
(1)
Contingent annuitant option. An employee may elect
to receive a reduced amount of pension payable for life after his
normal or early retirement date to provide continuation of all or
a portion of the reduced amount to a wife, husband or other dependent
upon death after retirement.
(2)
Ten-year certain and continuous option. An employee
may elect to receive a reduced amount of pension payable for life
after retirement to provide for continuation of payment to a wife,
husband or other dependent in the event of death within a ten-year
period immediately following an employee's normal or early retirement
date. In the event of death within this period, the reduced pension
will be continued for the remainder of the ten-year period.
(b)
Election of either the contingent annuitant option or the ten-year
certain and continuous option shall be made at least three years prior
to the normal or early retirement age to avoid a medical examination.
Otherwise, it will be necessary to submit satisfactory evidence of
good health before either option can be granted.
[Ord. of 12-17-1964]
No death benefits are provided under the pension plan in the
event of death prior to retirement because such benefits can more
economically be included in a separate plan of group life insurance
with a greater degree of flexibility in determining amounts and employees
to be covered.
[Ord. of 12-17-1964]
There is no provision nor is it the purpose of the pension plan
to give an employee the right to permanent employment.
[Ord. of 12-17-1964; Ord. of 6-25-2012]
(a)
Subject to the provisions of §§ 2-34 and 2-35 above, the pension plan will be administered under the terms of the deposit administration contract to be issued to the Town by an insurer, company or firm selected by the Pension Committee and the Director of Finance. The Committee and Director shall notify the Town Council thereof. Contributions by the Town will be placed in a fund which will be held and administered by such insurer, company or firm. An actuarial evaluation of the retirement system shall be prepared no less than once every five years in compliance with the terms and provisions of Connecticut General Statutes Chapter 113, § 7-450a, amended.
(b)
At the time an employee retires, the insurer, company or firm will
purchase a guaranteed life annuity from the fund equal to the amount
of pension provided under the plan. At retirement, a certificate will
be issued to each retired employee.
(c)
Such insurer, company or firm will guarantee the interest earnings
and the principal of contributions placed in the fund for the purchase
of annuities at retirement. The Town anticipates that its future contributions
to the fund will be sufficient to purchase annuities for all employees
at retirement, but it reserves the right to change, suspend or discontinue
the plan in the future. Any change, suspension or discontinuance shall
not affect the amounts or the terms of any annuities which have been
purchased at retirement.
(d)
The Town reserves the right to transfer funds from said insurer,
company or firm to another. If this should occur, the insurer, company
or firm shall retail the liability to make payment of annuities already
purchased, and the liability for the portion of the funds transferred
shall shift to a new insurer, company or firm.
