[Added 4-20-2010, effective 5-7-2010]
A.
Authority;
establishment of retiree benefit trust. Pursuant to the authority
granted to the Town Council of the Town of New Canaan, connecticut,
in § 4-11 of the Charter and § 7-450(b) of the
Connecticut General Statutes, there shall be created and established
for such Town an Other Post-Employment Benefits (“OPEB”)
Trust to fund certain post-employment benefits, other than pension
benefits, pursuant to the terms of previously established plans for
the benefit of certain Town and Board of Education employees, retirees,
their spouses and dependents. The provision of such OPEB Trust shall
be as set forth in the OPEB Declaration of Trust, including revisions
thereto, as are hereafter approved by the Town Council.
B.
Transfer
from reserve fund. In accordance with the provisions of § 7-403a(e)
of the Connecticut General Statutes, the Town hereby transfers the
assets held in the "Special Revenue Funds-Reserve for OPEB" to the
Trust.
C.
Establishment
of OPEB Board. Immediately upon the enactment of this ordinance, the
Board of Finance shall constitute the OPEB Board for the OPEB Trust,
hereinafter referred to as the “OPEB Board.” The members
of said OPEB Board shall receive no compensation for serving and shall
serve terms coextensive with their respective terms as members of
the Board of Finance.
D.
Duties
of the OPEB Board. The OPEB Board shall perform the duties set forth
in the OPEB Declaration of Trust, as amended from time to time, relating
to the management of the assets held in the OPEB Trust. The First
Selectman, or his or her designee, shall have the care and custody
of all funds in the OPEB Trust and shall have the power, with the
approval of the OPEB Board, to invest such funds in securities legal
for investment for such trust funds.
