[Amended 5-14-2007 ATM]
A. 
The Town will establish a trust fund by a trust agreement with a trustee or trustees to carry out the purposes of this plan. The Board of Selectmen, based on the recommendation of the Pension Committee, may select such trustee or trustees and may change them from time to time. Any trustee designated hereunder shall be a bank or trust company qualified under the laws of the United States or of any state to operate thereunder as a trustee. The Board of Selectmen, based on the recommendation of the Pension Committee, may modify such trust agreements from time to time to accomplish the purposes of this plan.
B. 
Any trust agreement may permit the trustee or trustees to manage and operate a trust fund and to receive, hold, invest and disburse such contributions, interest and other income as may be necessary to carry out this plan. The Board of Selectmen, based on the recommendation of the Pension Committee, will determine the form and terms of any such trust agreement, which terms may provide that the trustee shall have the sole responsibility with respect to selecting, making and retaining investments and, without limitation, may authorize the trustee to pay expenses incident to the operation and management of the plan.
The Town shall make such contributions to a trust fund for the purposes of providing benefits under the plan as shall maintain the trust fund at an amount certified from time to time by an actuary as the amount necessary to keep the plan in full force and effect in accordance with actuarial requirements of the plan. Any forfeitures arising for any reason prior to the termination of the plan or the complete discontinuance hereunder shall be used to reduce the Town's contribution and shall not increase the benefits otherwise payable hereunder.
A. 
The Town shall have no right, title or interest in the contributions or payments made by it to the trust fund, and no part thereof shall revert to the Town, except that, after satisfaction of all liabilities of the plan as set forth in Article X, any remainder shall revert to the Town.
B. 
The benefits of the plan shall be only such as can be provided by the assets of the trust fund, and, except as expressly provided in § 41-19 hereof, there shall be no liability or obligation on the part of the Town to make any contributions or payments to establish or maintain the plan, whether in the event of termination of the plan or otherwise. No liability for the payment of benefits under the plan shall be imposed upon the Town or the officials of the Town.