[HISTORY: Adopted by the Town of North Haven 9-18-2017 Annual Town Meeting. Amendments noted where applicable.]
Pensions — See Ch. 56.
It is hereby found and declared that it is in the best interests of the Town of North Haven to establish and fund a trust (the "Trust") to hold assets to be used to pay nonpension post-employment benefits (also known as "other post-employment benefits" or "OPEB") to eligible retirees and their beneficiaries in accordance with the provisions of Section 7-450 of the Connecticut General Statutes. The Trust shall be exempt from tax under Section 115 of the Internal Revenue Code of 1986, as amended, as a trust utilized in the exercise of an essential governmental function, and be established and operated in accordance with the provisions of Governmental Accounting Standards Board Statements 43 and 45. A board shall oversee the investment of the Trust. The whole of existing funds currently encumbered for other post-employment benefits shall be transferred to the Trust in accordance with the provisions of Section 7-403a(e) of the Connecticut General Statutes.
The Town of North Haven (the "Town"), in accordance with the provisions of Section 7-450(b) of the General Statutes of Connecticut, Revision of 1958, revised to January 1, 2017, as amended (the "Connecticut General Statutes"), hereby establishes and adopts the Town of North Haven Other Post-Employment Benefits Trust (the "Trust") to hold assets that are set aside for the payment of other post-employment benefits (the "Trust Assets"), which said Trust is to be administered and operated in accordance with the provisions of Governmental Accounting Standards Board Statements 43 and 45, as the same may be amended or superseded, and pursuant to the terms of the Town of North Haven Other Post-Employment Benefits Declaration of Trust (the "Declaration of Trust"), which is incorporated herein as though set forth in full, as presented at a Town Meeting and filed with the minutes thereof in the office of the Town Clerk.
The Town of North Haven delegates its duties as Trustee of the assets of the Trust to the Town Treasurer (the "Trustee"). The duties and responsibilities of the Trustee shall be as set forth in the Declaration of Trust.
The First Selectman and the Chairman of the Board of Finance are hereby authorized and directed to execute the Declaration of Trust on behalf of the Town of North Haven.
In accordance with the provisions of Section 7-403(e) of the Connecticut General Statutes, the assets currently held encumbered for other post-employment benefits to the Trust, subject to the final approval of the Director of Finance/Administration as to the timing and amount to be so transferred, shall be transferred to the Trust.
Upon the effective date of this chapter, there shall be established the Other Post-Employment Benefits Board (the "OPEB Board") as provided for in Section 7-450(b) of the Connecticut General Statutes to oversee the investment of the Trust Assets. The OPEB Board shall consist of three members, comprised of the First Selectman, the Chairman of the Board of Finance, and the Director of Finance/Administration. The First Selectman shall be the Chair of said Board. The members of the OPEB Board shall receive no compensation for serving on the Board.
This chapter shall take effect 15 days after publication of this chapter in a newspaper having a circulation in the Town of North Haven.