[HISTORY: Adopted by the Town of North Haven 9-18-2017 Annual Town Meeting. Amendments noted
where applicable.]
GENERAL REFERENCES
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Board Statements 43 and 45, as the same may be amended or superseded,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.
