[HISTORY: Adopted by the Town Council of the Town of Wolcott 11-15-1994 by Ord. No. 76. Amendments noted where applicable.]
There is hereby established in the Town of Wolcott a permanent committee to be known as the "Permanent Pension Committee."
The duties and responsibilities of said Committee shall be:
A. 
To oversee and periodically review investment policies, pension plan design and actuarial data as the same may affect any and all defined pension plans which apply to those officials and employees of the Town who are not employed by the Board of Education.
B. 
To periodically make recommendations to the investment manager and trustee of said plans as to investment policy, officials and employees covered, plan design, plan implementation and actuarial proposals.
C. 
To periodically make recommendations to the Mayor and Town Council pertaining to the implementation of any actions which may affect said defined benefit plans, pension plan design and pension policy.
D. 
To submit to the Town Council at six-month intervals a written report of its activities.
A. 
The Committee shall be composed of seven members and shall include:
(1) 
The Mayor.
(2) 
A member of the Town Council appointed by its majority leader.
(3) 
A member of the Town Council appointed by its minority leader.
(4) 
A person recommended by the Town committee of the majority party, who shall be approved by the Mayor and Town Council.
(5) 
A person recommended by the Town committee of the minority party, who shall be approved by the Mayor and Town Council.
(6) 
The Municipal Finance Officer.
(7) 
The Treasurer of the Town of Wolcott.
B. 
All members of said Committee shall have voting powers except for the Municipal Finance Officer and the Treasurer, who shall be full participants in Committee discussions.
The Permanent Pension Committee established by this chapter shall not be organized and shall not commence the performance of its duties and responsibilities as described herein until a date no earlier than 60 days from the date of the municipal election of November 1995.
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
A. 
The terms of the members of the Committee who are the Mayor and the members of the Town Council shall expire two years after their commencement and every two years thereafter.
B. 
The terms of those members of the Committee who are recommended by the Town committees and approved by the Mayor and the Town Council shall each expire three years after their commencement and every two years thereafter.
C. 
No provision herein shall be construed so as to prohibit the reappointment of any member of the Committee for a new term after his or her existing term has expired.