[HISTORY: Adopted by the Town Council of the Town of Newington 10-23-1990
(Ch. 19 of the 1974 Code). Amendments noted where applicable.]
GENERAL REFERENCES
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.
