The Finance Director shall be responsible for the general administration, investment and maintenance of the OPEB Trust Fund and for the payment of insurance premiums and/or other post-employment benefits from it in amounts sufficient to satisfy the Town's obligation for post-employment benefits as set forth in §
40-38, Fiscal powers, Subsection
B. The Finance Director may, from time to time, adopt rules and regulations for its administration and for the conduct and transaction of business affairs. The Finance Director shall have such power as may be necessary to discharge his/her duties, including but not limited to the power to interpret and construe the provisions hereof, determine all questions of date of retirement, eligibility, duration of service, continuity of service, dates of birth, participation or retirement, and similar related matters, subject to existing contract provisions; and his/her determination of all questions shall be binding upon all participants or any others concerned, subject to existing contract provisions. All matters falling outside of the scope of the powers and duties of the Finance Director and not otherwise provided for herein shall be referred to the Town Council, which shall have the power to act thereon.
The Finance Director may from time to time recommend to the
Town Council that one or more consultants, actuaries, accountants,
attorneys or other professionals, at such times as are necessary or
advisable to assure the maintenance of the OPEB Trust Fund, be employed.
An actuary shall perform an actuarial valuation of the Town's
OPEB liabilities and funding schedule, as required by and in accordance
with GASB 45, for the purposes thereof, and may assist with the administration
of the OPEB Trust Fund. The expenses of the consultants will be payable
from the OPEB Trust Fund unless otherwise authorized by the Town Council.
The Finance Director shall use ordinary care and reasonable
diligence in the performance of his/her duty and shall not be personally
liable for any error of omission or commission unless such error results
from his or her own gross negligence, willful misconduct or lack of
good faith; nor shall the Finance Director be personally liable for
any act of any other related party.
No part of the OPEB Trust Fund assets shall be subject, in any
manner, to sale, transfer, alienation, pledge, assignment, attachment,
or any other encumbrance, whether voluntary or involuntary, by operation
of law or court order. Any attempt to sell, transfer, alienate, pledge,
assign or otherwise encumber the assets of the OPEB Trust Fund shall
be void and of no force and effect.
To the extent a distribution has been made from the OPEB Trust
Fund that was based on incorrect or inaccurate information received
by the Finance Director at the time or that resulted in an overpayment,
the Finance Director shall use his/her best efforts to apply such
overpayment to the next-succeeding payment due or otherwise receive
a credit, and deposit any refund received, into the OPEB Trust Fund
to the extent of such overpayment.
At any time, but not more frequently than weekly; the Finance
Director shall submit a statement or invoice for premiums and/or other
allowable related costs due during such fiscal period for post-employment
benefits due retired employees of the Town, which statement shall
include the amount to be paid from the OPEB Trust Fund. The Finance
Director shall make arrangements to withdraw from the OPEB Trust Fund
an amount sufficient to pay such expenditures due.