[HISTORY: Adopted by the Town Council of the Town of Wallingford as indicated in article histories. Amendments noted where applicable.]
[Adopted 5-8-2012 by Ord. No. 581]
In accordance with Connecticut General Statutes, § 7-450(a), the Town shall establish a defined contribution retirement plan known as the "Town of Wallingford Defined Contribution Plan" ("Defined Contribution Plan") for eligible employees of the Town. The Defined Contribution Plan is intended to be a qualified plan under Section 401(a) of the Internal Revenue Code. The Town shall have the authority to amend or terminate the Defined Contribution Plan.
The specific terms of the Defined Contribution Plan shall be set forth in a separate plan document adopted by the Town Council.