[HISTORY: Adopted by the Town Council of the Town of North Branford 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.
[Amended 9-21-1999 by Ord. No. 218,
effective 10-19-1999]
There shall be a Pension Committee composed of eight people. The composition
shall include the Town Manager, Treasurer/Finance Director and representatives
of the following group boards, appointed by the Town Council: two members
of the Town Council, one member of the Board of Education, one member of the
Board of Fire Commissioners, one member of the Board of Police Commissioners
and one member of the Police Union.
A.
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 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.
B.
All vacancies that may occur on the Pension Committee
shall be filled by the Town Council, in accordance with the Town Charter.
C.
The members of the Pension Committee shall serve without
compensation.
A.
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.
B.
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.
C.
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.
D.
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 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.
