There is hereby established a Workers' Compensation Self Insurance Fund which shall encompass all income and expenses incident to the City of Milford's compliance with Connecticut Workers' Compensation Laws. This fund shall be dedicated to and used only for the purpose for which it was established.
[Added 4-4-2011]
The balance in this fund shall be reviewed annually by an actuary and Director of Finance, who shall be responsible for recommending funding levels as appropriate.
Said Workers' Compensation Self Insurance Fund shall be subject to the normal budgetary procedures and appropriation action by the Board of Finance and Board of Aldermen of the City of Milford, provided that due consideration shall be given to the recommendation of the Finance Director. Earnings on the investment of this fund shall be credited and retained in the fund. Income may include, without limitation, investment return accrued with respect to retained reserves and retrospective and experience-rated insurance premium refunds relating to workers' compensation, subrogation returns and indemnity checks processed by the City's third party administrator. The Risk Manager, in consultation with the City Attorney, shall have the authority to negotiate any recovery that may be due the City under Chapter 568 of the Connecticut General Statutes.
Expenditures arising out of the administration of the fund and expenditures arising out of compliance with statutory mandates, including without limitation expenditures arising out of full and final settlements on specific awards up to $50,000 and all payments of medical and ancillary expenses, lost wages and specific awards, shall be made by the Risk Manager in consultation with the fund administrator. Expenditures arising out of full and final settlements on specific awards exceeding $50,000 shall be made upon approval of the Claims Committee of the Board of Aldermen. Expenditures may include without limitation, insurance premium retentions, administration, and such other expenses as are properly incurred incident to Connecticut Workers' Compensation Laws as set forth in Chapter 568 of the Connecticut General Statutes, as amended from time to time.
[Added 4-4-2011]
In accordance with Connecticut General Statutes § 7-450(a), the City shall establish a Retiree Health Care Trust Fund ("Trust") to hold and invest all contributions and assets of the City’s retiree group health care plan ("plan"). The Trust shall be for the purpose of funding current and future health care benefits for eligible retired employees in accordance with the plan and may be amended or terminated by the Board of Aldermen.
[Amended 4-7-2014]
The Trustees of the Trust shall be the following individuals:
(1)
Mayor or his/her designee;
(2)
Finance Director of the City;
(3)
Human Resources Director of the City;
(4)
City Attorney or his/her designee; and
(5)
City Labor Representative, to be appointed by the Mayor, with the approval of the Aldermen, to serve for a three-year term; this person must be an active employee of the City of Milford throughout his/her term (vacancies to be filled by the Mayor, with the approval of the Board of Aldermen).
The Plan Administrator shall be the Finance Director or her designee who shall be responsible for instructing the Trustees in the disbursements of benefits of the Trust.