[HISTORY: Adopted by the Town Council 6-1-1993 as Ord. No. 178, effective 6-29-1993. Amendments noted where applicable.]
The "retirement plans of the Town of North Branford employees" shall refer to the retirement plans currently in existence for town employees, excluding those who participate in the State of Connecticut Teachers' Retirement System.
The retirement plans may be amended from time to time in accordance with any respective collective bargaining agreement and as adopted by the North Branford Town Council, following a referral to the Pension Committee for its recommendations.
There shall be a Pension Committee composed of seven (7) people. The composition shall include the Town Manager, Treasurer/Finance Director and representatives of the following boards, appointed by the Town Council: two (2) members of the Town Council, one (1) member of the Board of Education, one (1) member of the Board of Fire Commissioners and one (1) member of the Board of Police Commissioners.
The members appointed by the Town Council shall be appointed for two-year terms. Notwithstanding, terms shall expire concurrent with their term of office or when they leave their respective board or commission. The Town Council may also appoint one (1) alternate from the Town Council, Board of Education, Board of Fire Commissioners and the Board of Police Commissioners. Said members may only act in the absence of the regular member from their respective board or commission.
All vacancies that may occur on the Pension Committee shall be filled by the Town Council, in accordance with the Town Charter.
The members of the Pension Committee shall serve without compensation.
The management and administration of the town's pension plans, including the Volunteer Fire Department's pension plan, is hereby vested in the Pension Committee.
The Pension Committee may make rules and regulations for the administration of the plans which are not inconsistent with their terms and provisions. The Pension Committee may construe the plans, and their construction thereof, and its actions taken in good faith will be final and conclusive. It may correct any defects or supply any omission or reconcile any inconsistencies in such manner and to such extent as it shall deem expedient to carry the same into effect. The Committee shall be the sole and final judge of such expediency. The Pension Committee shall supervise and control the operation of the plans in accordance with the terms of the plans to accomplish this purpose.
The Pension Committee shall be responsible for keeping records and overseeing the administration of the plans, which shall be subject to audit. Employees may examine records pertaining directly to them.
The Treasurer/Finance Director, upon approval of the Pension Committee, shall be responsible for all withdrawals of fund moneys and seeing that the administration of the accounts is carried out in accordance with the direction of the Pension Committee.
The Pension Committee may employee such actuarial, legal or clerical consultant services it deems necessary for the proper operation of the pension plans or pension fund, within the limits of such appropriations as may be made by the Town Council.
The Pension Committee shall also manage and control the pension funds and be responsible for investments of the principal and income of such fund. The Committee may appoint an investment advisor/consultant to assist in the investing or reinvesting of any or all available funds and/or may invest or reinvest any and/or all available funds with an appropriate investment agency.
No member of the Committee shall be responsible or liable for any act, or failure to act, of the Committee or its members when operating within their role or jurisdiction on said Committee.
The Pension Committee shall report every two (2) years to the Town Council on the financial condition of the plans based on an actuarial report. Said report shall also include other recommendations or facts that may be of value to the members of the plans and to the Town Council. The Pension Committee shall also submit a report annually to the Town Council.
The Pension Committee shall submit annually to the Town Manager a budget for preparation of the annual budget and an amount for any payments to the funds during the coming year, along with a schedule of estimated expenses necessary for the administration of the funds. Said budget shall be in accordance with the Town Charter section on the preparation of the annual budget.