[Adopted 9-17-2013 by Ord. No. 2013-12]
A. 
There shall be established a fund, separate and apart from the general revenues of the Town, known as the "Pension Benefits Trust Fund."
B. 
The Pension Benefits Trust Fund is hereby established to provide the Town with a fund into which funds shall be deposited from time to time, but at least annually, to provide funds to pay the Town's actuarial annual liability for pension benefits.
C. 
The Pension Benefits Trust Fund shall be administered by the Finance Director, as hereinafter provided:
(1) 
All funds appropriated or otherwise made available by the FTM or otherwise for the purposes of meeting the current and future pension costs payable by the Town.
(2) 
Amounts contributed or otherwise made available by employees of the Town for the purpose of meeting the present and future costs payable by the Town.
(3) 
All interest, dividends and other income derived from the above.
The Finance Director shall be responsible for the general administration, investment and maintenance of the Pension Benefits Trust Fund and for the payment of pension benefits. 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, or legislated benefits; and his/her determination of all questions shall be binding upon all participants or any others concerned, subject to existing contract provisions or legislated benefits. 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.
A. 
The Finance Director shall have, with respect to all monies and properties of the Pension Trust Fund at any time held by him/her, power, in his/her discretion, to invest and reinvest in any personal property, including, but not by way of limitation, common or preferred stocks, bonds, certificates of deposit, interest or participation, mutual funds, and other forms of security or investment, without being limited in any respect by statute or court rule or decision of any jurisdiction now or hereafter in force purporting to limit or otherwise affect investments by the Finance Director and without regard to the proportion of such property, or properties of a similar character so held, and to make such payment from such Pension Trust Fund as herein provided.
B. 
The Finance Director shall have power and authority, in his/her discretion, to have a bank or trust company which is licensed in the state, or any other financial institution, to serve as his/her agent in keeping custody of the monies and securities in such fund, in keeping accounts and for other duties in connection with the administration of the Pension Trust Fund; and he/she is further authorized, in his/her discretion, to employ such bank or trust company or financial institution as agent in the investment of the Pension Trust Fund and otherwise to assist in its management, and to pay for any of such foregoing services. As such, there shall be an investment policy adopted by the Town Council governing the investment of the fund. There shall be no liability on the part of the Finance Director in the management of the Pension Trust Fund by such an agent selected in good faith.
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 Pension Trust Fund, be employed. An actuary shall perform an actuarial valuation of the Town's pension 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 Pension Trust Fund. The expenses of the consultants will be payable from the Pension 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 Pension 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 Pension Trust Fund shall be void and of no force and effect.
To the extent a distribution has been made from the Pension 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 Pension 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 pension benefits due retired employees of the Town, which statement shall include the amount to be paid from the Pension Trust Fund. The Finance Director shall make arrangements to withdraw from the Pension Trust Fund an amount sufficient to pay such expenditures due.
The Finance Director shall deposit an amount each year, including employee contributions, that is at least equal to the amount recommended by the actuary as the annual required contribution (ARC).