[HISTORY: Adopted by the Board of Selectmen of the Town of Guilford 8-15-2011. Amendments noted where applicable.]
Editor's Note: This ordinance also repealed former Ch. 88, Pension Plan, adopted 7-8-1965.
Pursuant to Section 7-148(c)(5) of the Connecticut General Statutes, the Town has the authority to provide for and establish pension systems for Town employees. Pursuant to Section 5-9(d) of the Town Charter, a retirement system for Town employees may be established by ordinance.
The Town has the following three current pension plans, as amended: The Town of Guilford Employees' Pension Plan; The Town of Guilford Police Retirement Fund; and The Town of Guilford Public School Employees' (Noncertified) Pension Plan. The Board of Selectmen, upon recommendation of the Pension Committee, has under consideration the establishment of an additional pension plan known as the "Town of Guilford 401a Defined Contribution Plan." The provisions of Chapter 88 of the Town Code, entitled Pension Plan, are hereby repealed and these provisions are adopted in lieu thereof.
The following four pension plans are hereby ratified and adopted pursuant to the Town Charter and the Connecticut General Statutes:
The Board of Selectmen is hereby authorized to amend the plans as may be provided therein and in accordance with law.