[HISTORY: Adopted by the Town Council of the Town of Newington 9-19-1989 (Ch. 7 1/2 of the 1974 Code). Amendments noted where applicable.]
Volunteer Ambulance Corp Money Purchase Plan—See Ch. 115.
In recognition of the particular problems and unusual risks undertaken by the volunteers of the several companies and chief officers of the Newington Volunteer Fire Department, the Newington Town Council hereby establishes a pension plan for the Newington Volunteer Fire Department.
Pursuant to C.G.S. § 7-148, the Newington Town Council hereby authorizes a pension plan for the volunteers of the several companies and chief officers of the Newington Volunteer Fire Department. Said plan entitled "Town of Newington Volunteer Fire Department Pension Plan," hereafter referred to as the "plan," dated July 1989, is hereby adopted. In consideration of this plan, the Newington Town Council hereby authorizes the Town Manager to enter into a contract for an indefinite term with the Newington Volunteer Fire Department for the purpose of providing the Town of Newington with fire protection services.
The Town Council shall appropriate, as part of the Town's annual budget, sufficient funds for said plan. The funding level shall be analyzed at intervals not exceeding five years by a qualified professional actuary. Said actuarial study shall also make recommendations pertaining to the management, soundness and other matters as the Town Council may direct.
All fund balances currently existing in the Volunteer Fire Fighters' Deferred Compensation Fund balance shall also be used to fund the plan. Any person who is an active member and has vested rights under the deferred compensation plan as of the effective date of this chapter shall have vested rights in the pension plan in lieu of said deferred compensation plan. Those individuals who have vested rights, but are no longer active, shall continue to enjoy their rights under the deferred compensation plan, which plan is on file in the office of the Town Clerk. Benefits of both plans shall be paid out of this fund.
The active membership of the Newington Volunteer Fire Department shall not exceed 150.
The plan may be amended by a formal resolution of the Newington Town Council.