Pursuant to the authority granted in § 402 of the
Charter and § 7-450(b) of the Connecticut General Statutes,
there is hereby created and established this Other Post-Employment
Benefits Trust (the "OPEB Trust") to fund certain retiree benefits
constituting other post-employment benefits pursuant to the terms
of certain plans, as amended from time to time, established for the
benefit of certain employees and retirees and their beneficiaries.
Immediately upon the enactment of this article, the Board of
Finance shall constitute the Other Post-Employment Benefits Board
directing the Trustee of the OPEB Trust concerning the investment
of the OPEB Trust, hereinafter referred to as the OPEB Board. The
members of said OPEB Board shall receive no compensation for serving
as a member thereof and shall serve terms coextensive with the respective
terms as members of the Board of Finance.
The Town Treasurer shall serve as the trustee of the OPEB Trust.
The Town of Suffield, acting through its First Selectman, the
OPEB Board and the trustee, is hereby authorized and directed to enter
into a trust agreement to govern the administration, management and
investment of the OPEB Trust and the assets thereof. The Town of Suffield,
acting through its First Selectman, the OPEB Board and the Trustee,
is further authorized to modify, amend, cancel or terminate the trust
agreement, as it deems appropriate and in accordance with applicable
law.