[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.