The Finance Director shall be responsible for
the general administration, investment and maintenance of the OPEB
Trust Fund and for the payment of insurance premiums and/or other
post employment benefits from it in amounts sufficient to satisfy
the Town's obligation for post employment benefits. The Finance Director
may, from time to time, adopt rules and regulations for its administration,
and for the conduct and transaction of business affairs. The Finance
Director shall have such power as may be necessary to discharge their
duties, including but not limited to the power to interpret and construe
the provisions hereof, determine all questions of date of retirement,
eligibility, duration of service, continuity of service, dates of
birth, participation or retirement, and similar related matters subject
to existing contract provisions, and their determination of all questions
shall be binding upon all participants or any others concerned, subject
to existing contract provisions. All matters falling outside of the
scope of the powers and duties of the Finance Director and not otherwise
provided for herein shall be referred to the Town Council, which shall
have the power to act thereon.
The Finance Director shall have the power at
their discretion to employ one or more consultants, actuaries, accountants,
attorneys or other professionals at such times as are necessary or
advisable to assure the maintenance of the OPEB Trust Fund. An actuary
shall perform an actuarial valuation of the Town's OPEB liabilities
and funding schedule, as required by and in accordance with GASB 45,
for the purposes thereof, and may assist with the administration of
the OPEB Trust Fund. The expenses of the consultants will be payable
from the OPEB Trust Fund unless otherwise authorized by the Town Council.
The Finance Director shall use ordinary care
and reasonable diligence in the performance of his/her duty and shall
not be personally liable for any error of omission or commission unless
such error results from his or her own gross negligence, willful misconduct
or lack of good faith; nor shall the Finance Director be personally
liable for any act of any other related party.
No part of the OPEB Trust Fund assets shall
be subject, in any manner, to sale, transfer, alienation, pledge,
assignment, attachment, or any other encumbrance, whether voluntary
or involuntary, by operation of law or court order. Any attempt to
sell, transfer, alienate, pledge, assign or otherwise encumber the
assets of the OPEB Trust Fund shall be void and of no force and effect.
To the extent a distribution has been made from
the OPEB Trust Fund that was based on incorrect or inaccurate information
received by the Finance Director at the time, or resulted in an overpayment,
the Finance Director shall use their best efforts to apply such overpayment
to the next succeeding payment due or otherwise receive a credit,
and deposit any refund received, into the OPEB Trust Fund to the extent
of such overpayment.
At any time, but not more frequently than weekly,
the Finance Director shall submit a statement or invoice for premiums
and/or other allowable related costs due during such fiscal period
for post employment benefits due retired employees of the Town, which
statement shall include the amount to be paid from the OPEB Trust
Fund. The Finance Director shall make arrangements to withdraw from
the OPEB Trust Fund an amount sufficient to pay such expenditures
due.