[HISTORY: Adopted by the Town Council of the Town of Newington 10-23-1990 (Ch. 19 of the 1974 Code). Amendments noted where applicable.]
Fire Pension Plan — See Ch. 37.
In recognition of the safety problems and the long hours taken by the volunteers of the Newington Volunteer Ambulance Corps, Inc., the Newington Town Council hereby establishes a money purchase plan, hereinafter referred to as the "plan," for the Newington Volunteer Ambulance Corps. Inc.
Pursuant to §§ C-405 and C-406 of the Newington Town Charter, the Newington Town Council hereby establishes a money purchase plan for the Newington Volunteer Ambulance Corps, Inc. Said plan is to provide an incentive program for the volunteer ambulance personnel and to act as an inducement in attracting and retaining qualified volunteers to assist in this public safety function.
The Town Council shall appropriate, as part of the Town's annual budget, funds for said plan. An actuarial study of the plan shall be undertaken at least once every five years.
All unexpended appropriations and interest earnings on the plan shall continue to accumulate in this account and be carried over from year to year and credited to the plan, in accordance with the terms of the plan. The balance or any portion thereof may be invested separately or in conjunction with other idle Town funds, but the interest earnings shall be credited to said funds.
Expenditures from the fund shall be for the purposes of the plan. No other expenditures shall be made from said fund, nor shall any transfers of monies be made from the fund for any other purpose.
The plan and Town payments into the plan shall automatically terminate when the Newington Volunteer Ambulance Corps, Inc. ceases to be an organization composed of volunteer ambulance corps personnel. The plan may also be terminated by either of the parties upon 180 days' written notice of such intention to terminate.
The plan may be amended by a formal resolution of the Newington Town Council.