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.