[Adopted 9-17-2012]
A.
Whereas, the Town of Wethersfield (the "Town") and its Board of Education
(the "Board") have provided post-employment benefits to their retired
employees; and
B.
Whereas, the Governmental Accounting Standards Board ("GASB") has
issued Statement No. 45 requiring municipal governments to account
for their obligations in respect of non-pension "other post-employment
benefits" ("OPEB") as such benefits accrue; and
C.
Whereas, in accordance with the GASB requirements, the Town has commissioned
actuarial evaluations (the "actuarial reports") of the Town's
and Board's obligations to provide OPEB; and
D.
Whereas, under the laws of the State of Connecticut (Public Acts
05-202 and 06-79), the Town is authorized to promulgate an ordinance
establishing or amending a municipal OPEB system, including a related
OPEB reserve or trust; and
E.
Whereas, the Town Council intends to establish a system for providing
OPEB (the "OPEB System") that will include a trust to receive contributions
by the Town and the Board toward OPEB funding.
F.
Now, therefore be it resolved, that the actuarial reports attached
hereto as Exhibit A[1] are approved by this Council, and the Town's Director
of Finance is directed to file such reports with the Town Clerk in
the public records and to make such other disclosures as may be required
by GASB standards;
G.
Be it further resolved, that the Director of Finance is directed
hereafter to obtain such new actuarial valuations and to make such
disclosures thereof as may be required from time to time by applicable
law or GASB standards;
J.
Be it further resolved, that the Trustees under the Trust Agreement
shall be the persons from time to time holding the positions of Mayor,
Chair of the Budget and Finance Committee, Superintendent of Schools
or designee, Town Manager, Director of Finance, plus two residents
of the Town who are not Town officials, who shall serve while they
hold such offices or until they sooner resign or are removed as provided
in the Trust Agreement.
[1]
Editor's Note: Exhibit A is on file in the Town offices.
[Amended 3-17-2014]
A.
The Town of Wethersfield (the "Town") has established a system (the
"OPEB System") for providing non-pension benefits known as "other
post-employment benefits" ("OPEB") to retired employees of the Town
and the Board of Education (the "Board"). The OPEB System shall be
administered in accordance with this article,
B.
The OPEB System shall provide for the administration of all OPEB
in effect as of the effective date and which may become effective
in the future.
C.
The OPEB System shall provide for accounting for such benefits and
disclosure of such accounting in accordance with applicable law and
GASB standards.
D.
The Town shall engage one or more actuarial consulting firms to perform
and report upon such valuations of the OPEB obligations of the Town
and the Board as may be necessary or appropriate for the maintenance
of the OPEB System, including the compliance of the OPEB System with
all applicable laws and accounting standards.
E.
The Town and Board shall enter into an agreement (the "Trust Agreement")
establishing a trust (the "OPEB Trust") to receive contributions toward
the funding of OPEB. The initial Trustees and their successors shall
be the persons holding the offices of Mayor, Chair of the Budget and
Finance Committee, Superintendent of Schools or designee, Town Manager
and Director of Finance, together with such other persons, if any
as may be appointed by the Town Council.
F.
The Town and the Board shall contribute to the OPEB Trust such amounts
of cash as may be determined as part of their annual budget processes
and approved by the Town Council or the Board, as the case may be.
G.
The Trustees of the OPEB Trust shall invest and reinvest the Town's
and the Board's contributions in separate accounts in the name
of each entity within the OPEB Trust. The Trustees shall further segregate
funds within each such portion of the OPEB Trust according to the
present or former union affiliation, or other relevant employee grouping,
of retired employees in respect of whom the contributions were made.
The Trustees shall disburse funds from the Trust to provide or assist
in providing OPEB to the corresponding groups of retired employees,
all in accordance with Connecticut law, this article, and the provisions
of the Trust Agreement.
H.
The Town Manager shall be empowered to execute such documents and
agreements as may be required to maintain the OPEB System.
I.
This article shall be effective immediately upon its passage and
adoption and shall remain in full force and effect until supplemented,
amended, repealed or otherwise altered.
J.
This article shall be published as required by law.
K.
This article hereby repeals all ordinances to the extent in conflict
herewith.
This Trust Agreement is made and entered into by and between
(a) the Town of Wethersfield, Connecticut (the "Town"), and the Board
of Education of the Town of Wethersfield (the "Board") (the Town and
Board being sometimes herein jointly called the "Employers") and (b)
the Trustees who are signatories to this Agreement and are further
defined herein.
A.
Whereas, the Town is a municipal entity created under the laws of
the State of Connecticut and is a political subdivision of the State
of Connecticut; and
B.
Whereas, the Board is an entity established under the laws of the
State of Connecticut as a separate governmental unit within the Town
charged with operating the Town's public school system; and
C.
E.
Whereas, the authority to conduct the general operation and administration
of the Plans is vested in the Employers; and
F.
Whereas, as one of their essential functions and in the ordinary
course of their operation and administration of the Plans, the Employers
intend to make contributions and to accumulate assets toward the provision
of the benefits under the Plans, through self-funding of such benefits
or the purchase of insurance for the provision of such benefits; and
G.
Whereas, the Employers are subject to certain Governmental Accounting
Standards Board ("GASB") standards specified in GASB Statement 45
in respect of accounting for non-pension benefits known as "other
post-employment benefits" ("OPEB benefits"); and
H.
Whereas, the Employers wish to set aside fluids toward the funding of OPEB benefits by contributing to a trust [the "Trust" or "OPEB Trust" as defined in Subsection O(1)] established by an ordinance adopted pursuant to Connecticut General Statutes Section 7-450(b), and the Town has adopted such an ordinance; and
I.
Whereas, the OPEB Trust shall be subject to GASB Statement 45, pertaining
to accounting for OPEB benefits provided in whole or in part from
such a trust, and the Employers will be entitled to reduce or eliminate
their net OPEB obligations as defined by the GASB by reason of making
irrevocable contributions to the OPEB Trust; and
J.
Whereas, the Employers anticipate making contributions from time
to time (but nothing herein shall mandate any such contribution, which
shall be solely in the discretion of the Employers) in such amounts
as may be determined by the Employers from time to time as part of
their annual budget processes, to the OPEB Trust for the sole and
exclusive purpose of funding or assisting in the funding of the benefits
to the extent the benefits are not otherwise provided for and paid
from the Employers' general assets, from any other fund or trust
established under the Plans, from insurance provided under the Plans,
or from any combination thereof; and
K.
Whereas, this OPEB Trust shall be irrevocable, and the Trust Fund
shall be used solely for the purpose of providing funds for (i) the
benefits pursuant to and in accordance with the Plans, and (ii) the
cost of operating and administering this OPEB Trust, including the
cost of such financial consultants, auditors, attorneys, actuaries,
Trustees, custodians, investment advisers, broken and other consultants,
advisers, and agents as may be necessary to carry out the provisions
of this OPEB Trust, all as provided herein; and
L.
Whereas, this OPEB Trust is intended to comply with all applicable
GASB standards governing an irrevocable trust established for the
exclusive purpose of funding OPEB benefits; and
M.
Whereas, consistent with the provisions of GASB Statements 43 and
45, the Trust assets will be legally protected from the claims of
creditors of the Employers; and
N.
Whereas, it is intended that the OPEB Trust hereby created shall
be exempt from federal tax as an entity operating pursuant to the
exercise by the Employers of an essential governmental function, and
shall meet the requirements of Section 115 of the Internal Revenue
Code of 1986, as amended, and Connecticut General Statutes Section
7-450.
O.
Now, therefore, by execution hereof, the Employers hereby establish
this OPEB Trust as follows:
(1)
ACT
ASSET MANAGER or ASSET MANAGERS
BENEFIT or BENEFITS
CODE
EFFECTIVE DATE
EMPLOYEE or EMPLOYEE or EMPLOYEES
EMPLOYERS
FINANCIAL DIRECTOR
GASB STANDARDS
INVESTMENT POLICY
OPEB
OPEB TRUST or TRUST
ORDINANCE
PLAN ADMINISTRATOR
PLANS
RETIREES
TOWN
TOWN MANAGER
TRUSTEES
TRUST FUND
Definitions. As used in this subsection, the following terms shall
have the meanings indicated:
The Connecticut Uniform Prudent Investor Act, Connecticut
General Statutes Section 45a-541 et seq.
Shall have the meaning set forth in Subsection O(5)(c).
The post-employment health or welfare benefits provided retirees
under the Plans.
The Internal Revenue Code of 1986, as amended.
The date of initial funding of the OPEB Trust.
The meaning provided under the Plans and where the context
requires shall include eligible dependents of the employee entitled
to benefits under the Plans.
The Town and the Board.
The Director of Finance of the Town.
Shall mean, collectively, the standards set forth in GASB
Statements 45 and 43.
Shall have the meaning set forth in Subsection O(5)(b).
Post-employment benefits other than pension benefits, commonly
known as "other post-employment benefits."
The trust established pursuant to this Agreement.
The Town's ordinance enabling the establishment of this
Trust.
The administrator or administrators of the Plans, and in
the absence of any contrary specific designation under the Plans shall
be the Town.
The Employers' medical and health care benefits plan
or plans and any other plan or combination of plans (such as any disability,
life insurance or other plan maintained by either or both of the Employers)
which provides benefits, the liability for which GASB requires an
accrual on the financial books and records of the Employers.
The retired employees who are eligible for benefits under
the Plans, including the retired employees' eligible dependents
to the extent provided under the Plans.
The Town of Wethersfield, Connecticut.
The Town Manager of the Town.
The individuals responsible for the administration and operation of this Trust. The Trustees shall include (i) the individuals holding, from time to time, the Town offices of Mayor, Chair of the Budget and Finance Committee, Superintendent of Schools or designee, Town Manager, and Director of Finance, plus (ii) two residents of the Town who are not Town officials. The Trustees shall include the initial Trustees signatory to this Trust Agreement and any successor Trustees appointed pursuant to Subsection O(14) hereof.
All contributions to the Trust, including any deposits, contributions, and payments made pursuant to Subsection O(3)(d), together with the income, gains and all other increments thereon, and all funds held in and administered under this Trust.
(2)
Construction.
(a)
Governing law. This Trust shall be governed by and construed
in accordance with this article and the laws of the State of Connecticut.
(b)
Incorporation of plans and ordinance. The provisions of the
Plans and the ordinance shall be read as an integral part of this
Agreement and are specifically incorporated herein by reference. Any
term used in this Trust Agreement which is not otherwise defined herein
shall have the meaning set forth in the Plans or the ordinance where
the context requires.
(c)
Severability. If any part of this Trust Agreement shall be determined
to be illegal or unenforceable for any reason, such determination
shall not affect the remaining provisions of the Trust Agreement,
which shall be interpreted to effectuate the purpose of this Trust.
(3)
Establishment and acceptance of Trust.
(a)
Name. The name of this Trust shall be the Town of Wethersfield
OPEB Trust.
(b)
Effective date. This Trust shall be effective as of the date
of its initial funding.
(c)
Purpose of Trust. This Trust is established for the exclusive
purpose of receiving any deposits, contributions and payments made
to it for addition to the Trust Fund, and investing, administering,
and using such amounts for funding and providing funds for (i) the
benefits pursuant to and in accordance with the Plans, and (ii) the
cost of operating and administering the Trust, including the cost
of such financial consultants, auditors, attorneys, actuaries, Trustees,
custodians, investment advisers, brokers and other consultants, advisers,
and agents as necessary to carry out the provisions of the Trust,
all as provided herein.
(d)
Acceptance of Trust. The Trust Fund shall be held, managed,
and administered in trust pursuant to the terms of this Trust Agreement.
The Trustees accept the Trust created by this Trust Agreement and
agree to perform the duties, responsibilities, and obligations of
Trustees under this Trust Agreement.
(e)
Determination of benefits. The Plans shall govern the benefits.
Nothing in this Trust shall, nor shall be construed to, supplant or
substitute for the Employers' authority to conduct the general
operation and administration of the Plans or to amend, supplement,
restate, or otherwise operate and determine the operation, provisions,
and administration of the Plans. Nothing in this Trust shall abrogate
or affect the right of the Employers to change the Plans, to adopt
new medical and welfare benefit plans, including any post-employment
benefit plan, or to make any changes in the terms of any medical and
welfare benefit plans. Nothing herein shall require the Employers
to provide or maintain a medical, welfare, or post-employment benefit
plan.
(4)
Contributions to the Trust; separate accounts.
(a)
To the extent determined in their annual budget processes, the
Employers may at any time and from time to time make deposits, contributions,
and payments of cash or other property to this Trust to be held and
administered in accordance with the terms and provisions of this Trust.
In addition, the Town, or the Trustees or custodian of any trust or
fund existing to pay benefits, may, if the Town in its sole discretion
approves such transfer, transfer to the Trust any funds from any other
trust or account available for the payment of benefits. Any and all
deposits, contributions, and payments made to this Trust shall be
held in this Trust as a Trust asset and part of the Trust Fund, and
shall be separate and apart from any other funds of the Employers.
Such deposits, contributions, and payments to this Trust shall be
irrevocable, shall be used solely in accordance with the terms and
provisions of this Trust and shall be subject to all applicable terms
and provisions of this Trust. Nothing herein shall, nor shall be construed
to, mandate or require contributions, deposits, or payments to be
made to the Trust, all of which contributions, deposits and payments
shall be at the sole discretion and determination of the Employers.
(b)
The Trustees shall maintain separate accounts within the Trust
Fund for the purpose of receiving contributions by the Town and contributions
by the Board, respectively, and shall allocate the earnings, gains
and losses of the Trust Fund between the separate accounts. The Trustees
shall further maintain separate sub-accounts within the Town and Board
portions of the Trust Fund to reflect the present or former union
affiliation, or other group classification, of the retired employees
in respect of whom the contributions were made.
(5)
Investments.
(a)
Investment of Trust Fund. The Trustees shall have the duty and
responsibility to invest or direct the investment of the Trust Fund,
and shall have such other duties and responsibilities as designated
by the Employers. The Trustees shall have the authority to invest
or direct the investment of the Trust Fund in each and every kind
of property, whether real, personal or mixed, tangible or intangible,
whether income- or non-income-producing or wherever situated as authorized
in the Investment Policy and as permissible by law for investment
of trust funds under the Act. Except as expressly set forth in this
Trust Agreement or as precluded by applicable law, nothing herein
shall limit a duly revised Investment Policy from expanding or contracting
the list of investments initially set forth therein and authorizing
the Trustees to invest assets in such investments in accordance with
such revised Investment Policy. The Trustees shall have the power
to register investments in the name of the Trust or in the name of
a nominee, or to hold any investment in bearer form or through or
by a central clearing corporation maintained by institutions active
in the national securities markets, or keep such investments unregistered,
provided, the books and records of the Trustees shall at all times
show that all of the investments are part of the Trust.
(b)
Investment Policy. The Trustees may adopt, in writing, an investment
policy (the "Investment Policy") delineating how assets of the Trust
may be invested. The Trustees may amend the Investment Policy, in
writing, from time to time.
(c)
Appointment of Investment Advisers and Asset Managers. The Trustees
may appoint one or more investment advisers and/or asset managers
(an "Asset Manager" or "Asset Managers") to supervise and direct the
investment and reinvestment of a portion or all of the Trust Fund
and may confer discretionary authority upon such Asset Managers. If
no Asset Manager is appointed, then the Trustees shall act as Asset
Manager.
(6)
Trustees' duties and responsibilities.
(a)
Title to Trust Fund. Title to the Trust Fund shall be vested
in the Trustees, or their duly designated nominees, for the purposes
of this Trust. Neither the Town (except solely and exclusively in
its fiduciary capacity if at any time it serves as a Trustee for the
Trust), nor the Board, nor the Plan Administrator, nor any retiree
shall have any right, title or interest in the Trust Fund.
(b)
Management of the Trust. Except as otherwise provided herein,
the Trustees shall have exclusive authority and responsibility with
respect to the management of the Trust. The Trustees are authorized
to and may delegate custodial responsibilities of all or any portion
of the Trust Fund to one or more qualified financial institutions
with experience in providing custodial services to institutional investors
and contracted to provide custodial services for the Trust Fund. Such
custodian shall hold the Trust Fund as directed, in writing, by the
Trustees and consistently with the terms and provisions of this Trust
Agreement, and such custodian shall be subject to the investment guidelines
and provisions with respect to investment of the Trust Fund, including
the Investment Policy, as provided herein. To the extent custody or
possession of the assets of the Trust are delegated to a custodian,
investment asset manager, or other person or entity in accordance
with the standards and provisions set forth in this Trust Agreement,
title to the assets of the Trust shall be held by the Trustees as
title holder only and the Trustees shall not be liable for the acts
of any such custodian, investment asset manager, or other person or
entity.
(c)
Compensation. The trustees must serve without compensation from
any source for service rendered to the Town.
(d)
Disbursements of Trust Fund.
[1]
Payment of benefits. As directed by the Employers, the Trustees
may make or provide for the making of payments toward the provision
of benefits under the Plans. The Trustees may pay benefits either
directly to the Plan Administrator for payment or reimbursement of
benefits under the Plans or directly to separate funds established
for the benefit of retirees for the payment of benefits. The Employers
shall provide (or cause to be provided) the Trustees from time to
time with a schedule of benefits to be paid from the Trust Fund, which
schedule shall include the person or entity to whom such payment shall
be made and the amount of such payment, in a form acceptable to the
Trustees for determining the amount of such payment and the time for
such payment. The phrase "benefits to be paid from the Trust Fund"
shall include payments to the Plan Administrator to pay or reimburse
the Plan Administrator for the payment of benefits or payments to
a separate fund which provides payment of Benefits directly or through
insurance. In the event the Trust Fund is insufficient to make the
payment designated, the Trustees shall promptly notify the appropriate
employer of that fact.
[2]
Payment of administrative expenses. The Trustees may incur reasonable
expenses for administration of the Trust. As directed by the Town,
the Trustees may make or provide for the making of payment from the
Trust Fund of the cost of operating and administering the Trust and
the payment of benefits hereunder, including the cost of such financial
consultants, auditors, attorneys, actuaries, Trustees, custodians,
investment advisers, brokers and other consultants, advisers and agents
as necessary to carry out the provisions of the Trust, all as provided
herein, including, without limitation, expenses for services of Asset
Managers, services of one or more duly qualified banks or trust companies
for the safe custody of the investments and banking services, and
any other service that the Trustees deem reasonable and necessary
in connection with the investments and administration of the Trust
Fund. The Trustees shall cause records to be maintained with respect
to any and all expenses incurred payable from the Trust.
(7)
Nonreversion daring term of Trust. All disbursements from the Trust
Fund shall be made for the sole and exclusive benefit of providing
for payment of the benefits and costs of operating and administering
the Trust in accordance with the Plans and the terms and provisions
of this Trust. Prior to satisfaction of all liabilities of the Trust,
no part of the Trust Fund, either during the existence of or upon
discontinuance of the Plans, shall be used for any purposes other
than the payment or provision for payment of benefits and expenses
as provided in the Plans and this Trust.
(8)
Termination of Trust. The Employers expect to continue this OPEB
Trust indefinitely but reserve the right to terminate the Trust at
any time. In the event of termination of the Trust, the Trust Fund
shall continue as directed by the Employers to make payments toward
claims or premiums in respect of the benefits of retirees receiving
benefits prior to termination and to pay expenses of the Trust. Any
assets remaining in the Trust after satisfaction of all its liabilities
shall be distributed to the Town.
(9)
Administration of the Trust. In addition to the powers, rights, and
duties above, the Trustees may:
(a)
Act upon any instrument, written communication or paper they
reasonably believe to be genuine and to be signed or presented by
the proper person or persons;
(b)
Do such acts and exercise all such rights and privileges, although
not specifically mentioned herein, as they reasonably deem necessary
to invest and administer the Trust Fund in accordance with this Trust
Agreement and to carry out the purposes of this Trust;
(c)
Delegate to one or more of its members the right to sign documents
for and on behalf of the Trust;
(d)
Continue to have and to exercise, after any termination of the
Plans or the Trust, and until final distribution of the Trust Fund
as provided herein, all of the title, powers, discretion, rights,
duties and responsibilities conferred or imposed upon the Trustees
hereunder, or by applicable law;
(e)
In the event any question or dispute shall arise concerning
the proper disbursement from the Trust Fund, withhold such disbursement
until an adjudication of such question or dispute, satisfactory to
the Trustees, shall have been made, or the Trustees shall have been
adequately indemnified to the extent permitted by applicable law against
loss to the Trustees's satisfaction; and
(f)
File an interpleader with any court of competent jurisdiction
with respect to any disputed disbursement from the Trust Fund, and
upon deposit of the disbursement pursuant to the interpleader action,
to be held harmless with respect to such disbursement.
(10)
Limitations on powers of Trustees. Notwithstanding anything
to the contrary herein, the Trustees shall have no power prior to
dissolution of the Trust and satisfaction of all its liabilities:
(a)
To divert any part of the Trust to any purposes other than the
exclusive benefit of Retirees and the purposes designated in this
Trust Agreement;
(b)
To make any part of the Trust available on a preferential basis
or to engage in any other transaction which results in a diversion
of any part of the Trust to the Employers (other than for payment
of or reimbursement of payment of benefits and costs of operating
and administering the Trust as provided herein) or to any person or
entity with whom or which such a transaction is prohibited by the
Act or applicable GASB Standards, as such provisions may be amended
from time to time; or
(c)
To take any action that would cause the Trust not to comply
with applicable provisions of the GASB Standards or the Act, as such
provisions may be amended from time to time.
(11)
Recordkeeping. The Trustees shall maintain or cause to be maintained
accurate records of the deposits, contributions, transfers, and payments
to the Trust and of the distributions and payments from the Trust
Fund. The Trustees shall cause accounts of all investment, receipts,
disbursements and all other transactions affecting all or any portion
of the Trust to be maintained. The Trustees shall render to the Employers
periodic accountings of the Trustees' acts and transactions hereunder.
If any part of the Trust Fund shall be invested through the medium
of any common, collective or commingled trust funds, the most recent
annual report of such trust funds shall be submitted with and incorporated
in the accounting. The Trustees acknowledge and understand that all
books and financial records of the Trust may be subject to audit and
agree to cooperate with the Employers, the state and any auditor to
the extent reasonably necessary.
(12)
Actions of Co-Trustees. The Town may authorize any one or more
of the individual Trustees to sign papers and instruments on behalf
of the Trust and the Trustees.
(13)
Other provisions concerning the Trustees.
(a)
Reliance on Town or Board officials. The Trustees may rely on
any certificate, notice or direction signed on behalf of Town or the
Board that the Trustees reasonably believe to be signed by a duly
authorized official.
(b)
Reliance on advice of counsel. The Trustees may consult with
legal counsel engaged by it with respect to the construction of this
Trust and the rights, duties, and obligations of the Trustees hereunder
and may act in good faith based on such advice of legal counsel.
(c)
Trustees' refusal to accept directions. The Trustees may
refuse to comply with any direction from any Town or Board official
or entity in the event the Trustees, in their sole and absolute discretion,
deem such direction improper by virtue of applicable law; provided,
however, that in any such event the Trustees shall give prompt written
notice to the official or entity making such direction of the fact
and legal basis for such refusal.
(d)
Plan administration. The Plan Administrator shall operate and
administer the Plans, and the Trustees, in their capacity as Trustees,
shall have no responsibility for such administration, nor shall the
Trustees be responsible for the adequacy of the contributions to the
Trust to meet or discharge any payments or liabilities under the Plans.
With respect to the Plans, the Trustees shall be entitled conclusively
to rely upon any notice, instruction, direction or other communication
of the Plan Administrator or authorized official as provided herein.
(e)
Individual Trustees. Each and every individual Trustee shall
have all rights and immunities with respect to its actions as an individual
Trustees provided by applicable law, including, without limitation,
any applicable immunity provided under Connecticut law to members
of boards, commissions, agencies, authorities, and other governing
bodies of any governmental entity.
(f)
Bond. No Trustee shall be required to give any bond or to qualify
before, be appointed by, or account to any court of law in the exercise
of its rights and powers hereunder.
(g)
Contracts. Notwithstanding anything in this Trust Agreement
to the contrary, this Trust Agreement, any and all amendments thereto,
and all contacts entered into with respect to the Trust shall be signed
by the Town Manager.
(14)
Successor Trustees. The Trustees shall include the initial Trustees
signatory to this Agreement and their successors designated as provided
in this subsection. In the event any individual holding a Town office
specified in Subsection (i) of the definition of "Trustees" leaves
that office for any reason, then the individual succeeding to that
office shall immediately assume the position of Trustee by virtue
of holding the office without any further act of appointment. In the
event a Town resident described in Subsection (ii) of the definition
of "Trustees" resigns or is removed from trusteeship, the Town shall
designate a successor who shall be a Town resident who is not a Town
official and who agrees to accept the successor trusteeship. In selecting
such an individual, the Town shall give preference to persons with
backgrounds in professional money management. All of the provisions
set forth herein shall relate to successor Trustees with the same
force and effect as to the original Trustees.
(15)
Anti-alienation. No portion of the Trust Fund shall be subject
to the claims of any creditor of the Town or Board, any Town or Board
official, any retiree, the Trustees, any individual member of Trustees,
or any other person whatsoever, and no portion of the Trust Fund shall
be subject to execution, attachment, garnishment, anticipation, pledge,
encumbrance or charge by any persons, the operation of bankruptcy,
the insolvency laws, or other process whatsoever, whether at law or
in equity, nor shall any assignment of any portion of the Trust Fund
be enforceable in any court.
(16)
Amendment.
(a)
Conforming amendments. Without the consent of any person, the
Employers, with the approval of the Town Council, shall have the right
to amend this Trust, from time to time, for the purposes of:
[1]
Conforming the provisions of this Trust with the GASB Standards,
as they may be amended from time to time;
[2]
Conforming the provisions of this Trust with the Act, as it
may be amended from time to time;
[3]
Providing for the effective administration and management of
the Trust;
[4]
Providing for the effective investment of the Trust Fund;
[5]
Clarifying or specifying the rights, duties, and responsibilities
of the Trustees, or of the Plan Administrator or any Town or Board
official or entity with respect to this Trust;
[6]
Providing for any successor or additional Trustees; or
[7]
Effectuating the purpose of the Trust.
(b)
Limitations on rights of amendment. Notwithstanding anything
herein to the contrary, the Employers shall not have the right to
amend this Trust.
[1]
To provide that the assets of the Trust shall be used for any
purposes other than the purposes of (x) funding, providing for, and
making payments of the benefits pursuant to and in accordance with
the Plans, (y) investing Trust assets in the interest of the retired
employees and for their exclusive benefit, and (z) paying the costs
of operating and administering the Trust, including the cost of such
financial consultants, auditors, attorneys, actuaries, Trustees, or
other consultants and agents as necessary to carry out the provisions
of the Trust, all as provided herein;
[2]
To cause any portion of the Trust Fund to revert to the Employers
(other than for payment of or reimbursement of payment of benefits
and the payment of all costs and expenses as provided herein) or divert
any portion of the Trust Fund to others except in accordance with
the terms and provisions of this Trust Agreement, as it may be duly
amended from time to time, or of the Act;
[3]
To conflict with any investment limitations imposed upon the
Trust Fund by the Act; or
[4]
To change the rights and obligations of the Trustees without
their prior written consent.
(c)
Form for amendment. Any amendment to this Trust Agreement shall
be made in writing, executed by duly authorized Town and Board officials
and, to the extent the consent of the Trustees is required thereto,
by the Trustees. Any amendment required to bring this Trust Agreement
into compliance with the GASB Standards or the Act may be made retroactively
unless otherwise prohibited by applicable law.
A.
Third parties. No person transferring title or receiving a transfer
of title from the Trustees shall be obligated to look to the propriety
of the acts of the Trustees in connection therewith.
B.
Protections. Neither the Employers, nor any Town or Board official,
nor the Plans Administrator, nor the Trustees shall be responsible
for the validity of any insurance contract or any action of any insurer
or other service provider that offers or provides services pursuant
to the Plans or this Trust Agreement.
C.
Limited effect of Trust. Neither the establishment of this Trust
nor any modification thereof, nor the creation of any fund or account
nor the payment of any benefits shall be construed as giving to any
person any legal or equitable right against the Trustees, the Plan
Administrator, the Town, the Board, or any Town or Board official,
except as may otherwise be expressly provided in the Plans, this Trust
Agreement, or applicable law. The creation of this Trust shall not
be deemed to create rights beyond the assets of the Trust.
|
Employers:
|
THE TOWN OF WETHERSFIELD
| ||
|
By:
| |||
|
THE BOARD OF EDUCATION OF THE TOWN OF WETHERSFIELD
| |||
|
By:
| |||
|
Trustees:
| |||
|
Date:
|
| ||
|
Mayor and Trustee
| |||
|
Date:
|
| ||
|
Superintendent of Schools and Trustee
| |||
|
Date:
|
| ||
|
Chair, Budget and Finance Committee, and Trustee
| |||
|
Date:
|
| ||
|
Town Manager and Trustee
| |||
|
Date:
|
| ||
|
Finance Director and Trustee
| |||
|
Date:
|
| ||
|
Town resident and Trustee
| |||
|
Date:
|
| ||
|
Town resident and Trustee
|
Per union contract or personnel rules:
