A.
For all employees except fire employees, this Part 2, as amended
effective July 1, 2000, as it relates to employees other than fire
employees shall remain in full force and effect and shall be frozen
through June 30, 2008.
B.
For fire employees, this Part 2, as it relates to fire employees
shall remain in full force and effect and shall be frozen through
March 13, 2011.
The Town Manager and his/her assistant are excluded from the
plan and, instead, shall be included in the International City Management
Association-Retirement Corporation Retirement Plan (ICMA-RC). The
Town, in lieu of making any contribution to the plan for the benefit
of the Town Manager and his/her assistant, shall contribute to the
ICMA-RC Deferred Compensation Plan for their benefit.
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, 1991, on the current status of the pension benefits
made to all retirees who were previously 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 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.
