[Ord. No. 04-22, § 1, 10-20-2004]
The Town Council of the Town of Cumberland finds that the Town of Cumberland Pension Fund was started by the General Assembly of the State of Rhode Island which created the Cumberland Pension Fund by special enactment which from time to time has been amended. For many years the Cumberland Pension Fund has required an act of the General Assembly to amend and otherwise make changes to the pension fund to conform it to several changes negotiated by the Town of Cumberland and the several collective bargaining units. The Town Council further finds that since 1990 the only actively employed participants in the Cumberland Pension Fund have been members of the Cumberland Police Department. The Town Council also acknowledges that on or about July 19, 1993, by Chapter 140 of the Public Laws of 1993, the General Assembly repealed the public law establishing the Town of Cumberland Pension Fund to take effect, however, upon the enactment of an ordinance by the Cumberland Town Council providing for the retirement of qualified employees of the Town to be administered by the Town of Cumberland Pension Board.
[Ord. No. 04-22, § 1, 10-20-2004; amended 4-6-2016 by Ord. No. 16-04]
The Town of Cumberland Town Council hereby ratifies the Town of Cumberland Pension Plan which shall control any and all rights and liabilities of both the Town of Cumberland and the members of the Town of Cumberland Police Pension Plan. Those rights, liabilities and obligations arising under this article shall be determined by the Police Pension Plan of the Town of Cumberland document which said document was adopted by the Cumberland Pension Board on July 30, 2004, and amendments thereto as adopted by said Cumberland Pension Board on November 18, 2015. A copy of said document as amended on November 18, 2015, is incorporated by reference in this ordinance as Appendix A.
[Ord. No. 04-22, § 1, 10-20-2004; Ord. No. 11-13, § 1, 10-19-2011; Ord. No. 11-16, § 1, 1-4-2012; Ord. No. 12-26-A, § 1, 12-5-2012]
The Town of Cumberland Pension Board (the "board") shall consist of three members nominated and appointed by the Town Council as provided in § 1613 of the Town Charter and shall be responsible for the administration of the pension plan in accordance with the rules and regulations set forth in said plan.
The board, in addition to administering the plan, shall be responsible for reviewing all proposed amendments to the plan or amendments to Chapter 22 of the Code of Ordinances entitled "Police Pension Plan" as well as all proposals recommending changes which may arise from time to time in the collective bargaining process between the Town and representatives of the police union.
Prior to any agreement being reached in the collective bargaining process, the board shall review all proposals and make a recommendation to the Mayor as to the effect of proposals on the health of the pension fund.
The board shall also review any and all proposed changes to Chapter 22 of the Code of Ordinances entitled "Police Pension Plan" and pension plan that may from time to time be proposed by the Cumberland Town Council or R.I. General Assembly to address unfunded pension fund liability and make recommendations to the Mayor consistent with Subsection (c) above.
[Ord. No. 12-26-A, § 2, 12-5-2012]
Pursuant to the intent of the Cumberland Town Council as set forth in R12-39 passed on September 5, 2012, there is hereby created the Town of Cumberland Post Employment Benefits (OPEB) Trust.
The purpose of the OPEB trust is to hold and invest funds and assets to be contributed to the trust by the Town which shall constitute a trust fund which shall be irrevocable and held for the benefit of the retirees of the Cumberland Police Pension Plan.
There is also hereby created the Town of Cumberland Other Post Employment Benefits Board of Trustees consisting of three members who are appointed by the Mayor with the approval of the Town Council. All members of the OPEB board of trustees shall be qualified electors of the Town of Cumberland.
The OPEB board of trustees shall hold and invest the OPEB trust assets and shall oversee the plan assets under the OPEB trust and any amendments thereto as authorized by § 7.1 of the OPEB trust agreement.
[Ord. No. 04-22, § 1, 10-20-2004; Ord. No. 12-26-A, § 1, 12-5-2012]
The Town Council shall from time to time have the authority to amend and otherwise change the terms of the pension plan to conform said pension plan to changes in state and/or local law or to changes which may be negotiated from time to time by the Town and bargaining unit representing the members of the pension plan. The Town Council shall also have the authority to amend the OPEB trust agreement from time to time consistent with the provisions of § 7.1 of the OPEB trust agreement.