This Part 1, as amended effective January 13, 2012, as it relates
to police employees shall remain in full force and effect and shall
be frozen through June 30, 2019.
The Board of Administration shall cause a study to be made by
the plan actuary and prepare a report to the Town Manager for submission
to the Town Council every five years, commencing with the fiscal year
ending June 30, 1988, on the current status of the pension benefits
made to all retirees who were previously police employees and the
effect of economic conditions on the payments over that period. The
Town Council, after receiving the report referred to, shall have the
right, in its sole and exclusive discretion, to make adjustments in
the payments being made to former police employees previously retired
under this plan. The Town Council shall vote on any such proposed
adjustment within 90 days from the date it receives the report from
the actuary.