[Adopted 9-12-1972 (Secs. 2-97 through 2-103 of the 1972
Code)]
B.
The members of the Pension Board shall be appointed
for five-year terms, and each term shall continue until a successor
shall have been appointed.
C.
One appointed member of the Pension Board shall be
an employee of the Town who is a member of the plan; two members shall
be experienced in making investments of the kind in which the pension
fund may be invested.
All vacancies that may occur on the Pension Board shall be filled by the Council in accordance with the provisions of § 5-19.
The members of the Pension Board shall serve
without compensation.
[Amended 7-8-2003]
A.
The Pension Board may make rules and regulations for
the administration of the plan which are not inconsistent with its
terms and provisions. The Pension Board may construe the plan, and
its constructions thereof and action thereon in good faith shall be
final and conclusive. It may correct any defect or supply any omission
or reconcile any inconsistency in such manner and to such extent as
it shall deem expedient to carry the same into effect, and it shall
be the sole and final judge of such expediency. The Pension Board
shall supervise and control the operation of the plan in accordance
with the terms hereof and shall have all powers necessary to accomplish
that purpose.
B.
The Pension Board may employ such actuarial, legal,
consulting and other services as it deems necessary for the proper
operation of the plan or pension fund within the limit of such appropriations
as may be made by the Council.
C.
The Town administration, as directed by the Town Manager,
shall provide administrative support for the Pension Board and shall
employ such staff as may be approved by the Town Council for such
purpose.
[Amended 1-28-1992]
A.
The Pension Board also shall manage and control the
pension fund and shall invest and reinvest the principal and income
of such fund, except so much thereof as the Pension Board shall deem
necessary to meet allowances and benefits hereunder, in securities
legal for investment by trustees under the laws of this state. The
Pension Board may invest any portion of the pension fund in any group
trust or common trust fund exempt from tax under § 501(a)
or 584, respectively, of the Internal Revenue Code of 1986, as amended,
that holds assets of retirement plans exempt from tax under § 401(a)
of such code. Any such group trust or common trust fund shall be considered
a part of the plan.
B.
The Pension Board may provide by trust, agency, custodian
or other agreement with one or more corporate fiduciaries for the
custody, safekeeping, handling, investment and reinvestment, under
the direction of the Pension Board, of the pension fund's investments.
C.
The Pension Board shall collect and credit to the pension fund all amounts due the Pension Board under the terms of this article and Article II, Pension Plan, of Chapter 30 of the Code and shall charge the pension fund with allowances and benefits which are made in accordance with the provisions of this article and Article II, Pension Plan, of Chapter 30 of the Code.
D.
The Pension Board may open in its name, with one or more banks or trust companies, such accounts as it shall deem necessary for the deposit and withdrawal of the funds received by it and which are to be administered under the terms and provisions of this article and Article II, Pension Plan, of Chapter 30 of the Code.
In addition, and without limiting the powers granted in § 5-23, the Pension Board may procure in the name of the Town an appropriate group contract or contracts from any insurance company duly authorized to transact business in the state for the purpose of funding all or a portion of the benefits available from time to time under the plan. The type of contract or contracts and all terms and conditions thereof shall be determined by the Pension Board on a basis which is consistent with the provisions of the plan. No publicly owned corporation, insurance company or bank shall be disqualified from being the trustee, agent, custodian or depository or from participating in the funding management of the pension fund pursuant to this section, solely because one or more members of the Pension Board may be an employee, officer, director or minority stockholder of such corporation, insurance company or bank.
B.
The Pension Board shall annually report to the Council
the financial condition of the plan, including, at least every three
years, an actuarial valuation of assets and liabilities and setting
forth such other facts, recommendations and data as may be of value
to the members of the plan and the Council.
