[Amended BOS 2-10-1982; TC 6-16-2014]
This retirement plan shall be administered by a Retirement Board of five members consisting of the following officials of the Town of Cromwell: Mayor, Town Manager, Town Finance Director/Town Treasurer; the Business Manager from the Board of Education; and the Executive Director of the Cromwell Fire District.
Any act which this plan authorizes or requires the Board to do may be done by a majority of the members of the Board at the time acting hereunder; and the action of such majority of the members of the Board, expressed from time to time by a vote at a meeting or in writing without a meeting, shall constitute the action of the Board and shall have the same effect for all purposes as is assented to by all of the members of the Board at the time in office.
[Amended BOS 11-13-2002]
The Board may appoint a secretary, who may or may not be a member of the Board, and such other agents or representatives as it may deem advisable, who need not be members of the Board but may or may not be participants under this plan, to keep the records of the Board and to assist it in doing any other acts or things to be done or performed by the Board. The Board may certify to the trustee and one or more investment managers, if any, by majority vote or action, as provided for in § 54-5 of this article, the name of one member of the Board authorized to act for it in its relationship with the trustee and any such investment manager. The trustee and any such investment manager shall be and hereby are authorized to act in pursuance of the written instructions of any member of the Board so designated and shall be and hereby are completely released from any liability resulting from or in connection with any action taken pursuant to instructions so received.
The Board may make rules and regulations for the administration of the plan which are not inconsistent with its terms and provisions. The 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 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. The Board may employ such actuarial, legal, clerical, consulting and other services as it deems necessary for the proper operation of the plan, and the cost of such services shall be paid by the Town.
In connection with the exercise of its powers, the Board, upon written certification by the actuary, shall direct the trustee, in writing, as to any benefits to be paid from the trust fund, and the trustee shall be fully protected in acting upon such written directions.
The members of the Board shall serve without compensation for services as such, but all normal and reasonable expenses of the Board shall be paid by the Town.
[Amended TC 6-16-2014]
The Board shall submit annually to the Board of Finance a schedule of the estimated expenses necessary for the administration of this plan and its estimate of the liability of the Town to contribute to the trust fund in order to maintain the retirement plan in an actuarially sound condition. The Board shall annually report to the Town Council of the Town the financial condition of the retirement plan, setting forth such facts and recommendations as may be of value to the participants in the plan and to the Town of Cromwell.