[HISTORY: Adopted by the Board of Selectmen of the Town of
Guilford 8-15-2011.[1] Amendments noted where applicable.]
[1]
Editor's Note: This ordinance also repealed former Ch. 88,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.
[Amended 4-3-2023]
The Town has the following four current pension plans, as amended:
The Town of Guilford Employees' Pension Plan; The Town of Guilford
Police Retirement Fund; The Town of Guilford Public School Employees'
(Noncertified) Pension Plan; and The Town of Guilford 401a Defined
Contribution Plan.
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.
Pursuant to the authority granted to the Town of Guilford (the
Town) in § 7-450(b) of the Connecticut General Statutes,
there shall be created and established the Town of Guilford Other
Post-Employment Benefits Trust (the Guilford OPEB Trust) to fund certain
post-employment benefits, other than pension benefits, pursuant to
the terms of a previously established plan or plans for the benefit
of certain Town of Guilford and Guilford Board of Education employees,
retirees, their spouses and dependents. The provision of such Guilford
OPEB Trust shall be as set forth in the Town of Guilford Other Post-Employment
Benefits Declaration of Trust and Trust Agreement (hereinafter referred
to as the "OPEB Trust"), including revisions thereto, as are hereafter
approved by the Town of Guilford Board of Selectmen and the Guilford
Board of Education.
A.
Composition of Trustee. Immediately upon the enactment of this article, the Chairman of the Pension Committee described in § 9-22 of this Code (the Pension Committee, and the Chairman thereof, the Chairman of the Pension Committee), the Finance Director described in Section 6-3 of the Town Charter (the Finance Director), and a designated member of each of the Boards of Selectmen (the Designated Selectman), Finance, and Education (the designees of the Boards of Finance and Education, together with the Designated Selectman, the Designated Board Members) shall serve as the Trustees of the OPEB Trust, hereinafter referred to as the "OPEB Trustee"; provided, however, that no more than two of the Designated Board Members shall be of the same political party.
B.
Selection of designated selectman. The Designated Selectman shall
be so designated by the Board of Selectmen, and shall only be eligible
to be so designated if he or she is: (1) a sitting member of the Board
of Selectmen, (2) not a member of the same political party as the
then-sitting First Selectman, and (3) designated by the Board of Selectmen
to fill the position.
C.
Terms of service of Trustee; limitations and conditions thereon.
The Chairman of the Pension Committee, Finance Director, and Designated
Board Members serving as OPEB Trustee shall receive no compensation
for so serving, and shall serve terms coextensive with their respective
terms as Chairman of the Pension Committee, Finance Director, and
as members of the Board of Selectmen, Finance, and Education. The
Chairman of the Pension Committee, Finance Director, and Designated
Board Members' service as the OPEB Trustee shall be subject to all
of the applicable terms governing their service as Trustee under the
Town of Guilford Pension Trust Agreement. A resignation by, or removal
of, the Chairman of the Pension Committee, Finance Director, or Designated
Board Member for any reason shall automatically constitute a resignation
or removal of the member from the OPEB Trustee, with said resignation
or removal to be effective on the same date and time as said resignation
or removal as Trustee under the Town of Guilford Pension Trust Agreement.
A vacancy of a member of the OPEB Trustee shall be filled in accordance
with the same process that would apply for filling vacancies of the
Trustee under the Town of Guilford Pension Trust Agreement.
Immediately upon the enactment of this article, the Pension
Committee shall constitute the OPEB 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 Pension Committee. A
Pension Committee member's membership on the OPEB Board shall be subject
to all of the applicable terms governing their membership on the Pension
Committee. A resignation by, or removal of, a member of the Pension
Committee for any reason shall automatically constitute a resignation
or removal of the member from the OPEB Board, with said resignation
or removal to be effective on the same date and time as said resignation
or removal from the Pension Committee. Vacancies on the OPEB Board
shall be filled in accordance with the same process that would apply
for filling vacancies on the Pension Committee.
The OPEB Board shall perform the duties set forth in the OPEB
Declaration of Trust, as amended from time to time, including but
not limited to such duties relating to the management and investment
of the assets held in the OPEB Trust.
The OPEB Trustee shall perform the duties of the Trustee as
set forth in the OPEB Declaration of Trust, including but not limited
to such duties relating to the care and custody of funds, and, with
the approval of the OPEB Board, the investment of such funds pursuant
to the direction of any investment manager or managers hired by the
OPEB Board for such purpose as set forth in the OPEB Declaration of
Trust.
