[Ord. of 12-12-2011]
In accordance with the provisions and authority of Conn. Gen.
Stat. § 7-450(b) (as amended) and Charter §§ 404
and 405, there is established the Town of New Milford Other Post-Employment
Benefits Trust (hereinafter referred to as the "OPEB Trust" or "Trust").
The purpose of the Trust is to facilitate the funding of certain retiree
benefits, excluding pension benefits, but including health care and
other post-employment benefits provided separately from a pension
plan, as provided from time to time by the Town.
[Ord. of 12-12-2011]
Upon the effective date of this division and continuing thereafter,
the Pension Committee established by Division 2A, together with the
Director of Finance as an ex officio, voting member shall constitute
the Town of New Milford Other Post-Employment Benefits Trust Board
of Trustees (hereinafter referred to as the "OPEB Board" or "Board").
Board members shall save in such capacity for a period coterminus
with their respective membership terms on the Pension Committee. The
Director of Finance shall also act as the Plan Administrator of the
Trust Fund and/or any plan as those terms are defined in the trust
agreement. The Board members shall receive no compensation for their
service on the Board. The Mayor may authorize the payment or reimbursement
of reasonable expenses of the Trustees.
[Ord. of 12-12-2011]
(a)
Powers and duties of OPEB Board. The Town, acting through
the Mayor, and the OPEB Board are authorized and directed to enter
into a trust agreement to govern and control the administration, management
and investment of the OPEB Trust and the assets thereof in accordance
with the provisions of the Connecticut Uniform Prudent Investor Act,
Conn. Gen. Stats. §§ 45a-541 through 45a-541l, as amended.
The trust agreement may be modified, amended, canceled or terminated,
as appropriate, in accordance with applicable law, upon the recommendation
of the OPEB Board and approval of 2/3 of the entire Town Council.
The Board is authorized to exercise such powers as are set forth in
the trust agreement and, where not inconsistent therewith, the Connecticut
Fiduciary Powers Act, Conn. Gen. State. § 45a-233 through
§ 45a-236, as amended, (hereinafter referred to as the "FPA")
but not the provisions of § 45a-235, as amended. In the
event of a conflict between the FPA and the trust agreement, the terms
of the trust agreement shall control. The Board shall report on the
state of the Trust annually, which report shall be included in the
annual audit report.
(b)
Separate action by Town. Unless otherwise required by law,
including, without limitation, this ordinance, whenever actions are
expressly required or authorized to be taken or performed by the Town
under the trust agreement, not including and distinguished from the
powers and duties of the OPEB Board, the Town Council shall act on
behalf of the Town.
