Town of Fairfield, CT Article II Other Post-Employment Benefits Trusts

[Adopted 6-23-2008; amended in its entirety 6-22-2009]

§ 37-14 Authority; establishment.

A. Police and Fire. Pursuant to the authority granted to the Representative Town Meeting of the Town of Fairfield, Connecticut in § 4.1 of the Fairfield Town Charter and § 7-450(b) of the Connecticut General Statutes, there shall be created and established for such Town the Other Post-Employment Benefits Trust (the "OPEB Trust") to fund certain retiree benefits pursuant to the terms of previously established plans for the benefit of certain employees and retirees of the Town's Police and Fire Departments, their spouses and dependents (the "OPEB System").

B. Town employees. Pursuant to the authority granted to the Representative Town Meeting of the Town of Fairfield, Connecticut in § 4.1 of the Fairfield Town Charter and § 7-450(b) of the Connecticut General Statutes, there shall be created and established for such Town the Town Employees Other Post-Employment Benefits Trust (the "Employees' OPEB Trust") to fund certain retiree benefits pursuant to the terms of plans previously established pursuant to collective bargaining agreements for the benefit of certain Town employees and retirees, their spouses and dependents (the "OPEB Employees' System").

§ 37-15 Establishment of Other Post-Employment Benefits Boards.

A. Police and Fire. Immediately upon the enactment of this article, the Police and Fire Retirement Board shall constitute the Other Post-Employment Benefits Board for the OPEB Trust, hereinafter referred to as the "OPEB Board." The members of said OPEB Board shall receive no compensation for serving and shall serve terms coextensive with their respective terms as members of the Police and Fire Retirement Board.

B. Town employees. Immediately upon the enactment of this article, the Employees' Retirement Board shall constitute the Other Post-Employment Benefits Board for the OPEB Town Employees Trust, hereinafter referred to as the "OPEB Town Employees Board." The members of said OPEB Town Employees Board shall receive no compensation for serving and shall serve terms coextensive with their respective terms as members of the Employees' Retirement Board.

§ 37-16 Powers and duties of the OPEB Boards and the co-trustees of OPEB Trusts.

Each of the OPEB Boards shall perform the duties set forth in the respective OPEB Trust Agreements, as amended from time to time, relating to the management of the assets held in the respective OPEB Trusts. The Chairman of each of the OPEB Boards and the Town's Fiscal Officer, as co-trustees of the respective OPEB Trusts, shall perform the duties set forth in the respective OPEB Trust Agreements, as amended from time to time, relating to the care and custody of all funds held in the respective OPEB Trusts, and shall have the power, with the approval of each of the OPEB Boards, to invest such funds in securities legal for investment for such trust funds.

§ 37-17 Liability of Town.

The Town shall be liable to each of the OPEB Boards to pay the full amount of the actuarially required contribution to fund the post employment benefits for the beneficiaries of the respective OPEB Trusts over a period of four fiscal years commencing in Fiscal Year 2010.