[HISTORY: Adopted by the Town of Wilton as indicated in article histories. Amendments noted where applicable.]
[Adopted 7-20-1977 Town Meeting]
Employees of the Wilton Library Association, Inc., are hereby authorized to participate in the Retirement Plan of the Town of Wilton, as such Retirement Plan now exists or may be amended.
Eligible employees of the Wilton Library Association, Inc., shall not receive any benefits under the Retirement Plan for services rendered prior to the effective date of this ordinance.
[Adopted by the Board of Selectmen 4-12-2007]
This ordinance shall be known and may be cited as "The Town of Wilton Ordinance Establishing the Other Post-employment Benefit Trust.”
The purpose of this ordinance is to establish a trust for nonpension, post-employment health benefits for employees of the Town, and employees of the Board of Education. This ordinance is enacted to create a trust to govern the allocation and investment of funds set aside for such post-employment benefits.
A trust to administer funds for post-employment health benefits is hereby created (the “trust”). The trust is to be administered by a Board of Trustees.
Beneficiaries of the trust shall be any Town employees and employees of the Board of Education who:
Members of the Board of Trustees. The Board of Trustees shall consist of three ex officio voting trustees and two ex officio non-voting trustees. The three voting trustees shall consist of one member from the Board of Selectmen, one member from the Board of Finance and one member from the Board of Education. The nonvoting trustees shall be: the Chief Financial Officer, or the equivalent, of the Town of Wilton, and the Director of Financial Planning and Operations, or the equivalent, of the Wilton Board of Education.
Appointment of trustees. The trustees from the Board of Selectmen, Board of Finance and Board of Education shall each be appointed by majority vote of the respective boards.
Terms of trustees. The voting trustees shall serve terms as trustees coterminous with their terms on the respective boards. Trustees shall be appointed by their respective boards upon the creation of the trust for the remainder of each trustee’s term on the respective board. Thereafter, each time the Board of Selectman, Board of Finance or Board of Education has an election, it shall appoint, or reappoint, a board member to be a trustee for that board member’s full term of office.
Powers and duties of trustees. The trustees shall administer the trust. Pursuant to Connecticut Statutes, the trustees shall be responsible for holding and investing the assets of the trust. The trustees shall provide for the management and investment of the trust funds. The investment of the trust funds shall be in compliance with the prudent investor rule as set forth in Connecticut General Statutes §§ 45a-541 through 45a-541l.
This ordinance shall become effective on July 1, 2007.