[Amended 5-12-1980 ATM; 6-15-1987 STM]
The general administration of the plan and the responsibility for carrying out the provisions of the plan shall be placed in the Retirement Plan Committee consisting of seven members. The members of the Retirement Plan Committee shall be appointed by unanimous vote of the Selectmen. All members shall be appointed for five-year terms, except initially two members shall serve five years, two members shall serve four years, two members shall serve three years and one member shall serve two years, and the term of each member shall continue until his successor is appointed and has qualified.
[Amended 5-12-1980 ATM; 8-9-2007 STM]
This Committee shall meet appropriately in each year for the purpose of reviewing the account filed by the trustee with the Town for the preceding fiscal year to approve or disapprove of the same and act on any other matter to come before it. It shall also meet each year for the purpose of reviewing the budget requirements for the plan and any other matter to be considered. Special meetings may be called by the Chairman of the Committee from time to time, as necessary.
The term of office of each member of the Committee shall be subject to termination by the Board. Any member may resign upon written notice to the Board and, at any time during the term of his office, any member may be removed by the Board. In the event of the death, resignation or removal of any member of the Committee, the remaining members shall act as the Committee until a successor shall be appointed by the Board.
The decision of a majority of the members of the Committee shall be the decision of the Committee. No meeting need be called or held to make any such decision; a written document signed by a majority of the members being sufficient for any such decision. The Committee may, in writing, designate any one or more of its members to sign any document on its behalf. The Board may appoint a Chairman from the members of the Committee and a Secretary, who need not be a member of the Committee. The Secretary shall keep records of all action taken by the Committee.
The Committee shall have complete authority in all matters pertaining to the administration of the plan. Any trustee of a trust fund established hereunder shall, in all matters relating to payment of benefits, act in accordance with the written instructions of the Committee, signed by an authorized member thereof.
Except in case of willful wrongdoing, no member of the Committee shall incur any individual liability or obligation for action taken or permitted to be taken or for any act omitted by the Committee or by any other member thereof.
No member of the Committee shall have any right to make any decision or, as a member, to take any action respecting his own right of participation in the plan, but all matters respecting his position as a participant shall be decided unanimously by the remaining members of the Committee, except that this section shall not apply to any decision which affects all participants or any group of participants of which he is a member.