[HISTORY: Adopted by the Town Council of the Town of Rocky Hill as indicated in article histories. Amendments noted where applicable.]
Article I Regular Full-Time Employees
Article II Other Post-Employment Benefit System
[Adopted 10-22-1968 by Ord. No. 8-68]
A system of retirement allowances for the Town's regular, full-time, paid employees is hereby established by entering into a contract or contracts with an insurance company or companies or other legal entity authorized to do business in this state, for the purpose of providing the benefits under said plan.
The Town Manager is directed to enter into said contracts with a company or companies or other legal entity authorized to do business in this state, said contracts to become effective only after approval by the Town Council.
[Adopted 6-1-2009 by Ord. No. 251-09]
The Town of Rocky Hill (the "Town") shall establish, by the close of its fiscal year ending June 30, 2009, a system (the "OPEB System") for providing nonpension benefits known as "other post-employment benefits" (OPEB) to retired employees of the Town and the Board of Education (the "Board").
The OPEB System shall provide for the administration of all such benefits as are in effect as of the effective date and as may become effective in the future.
The OPEB System shall provide for accounting for such benefits and disclosure of such accounting in accordance with applicable law and GASB standards.
The Town shall engage one or more actuarial consulting firms to perform and report upon such valuations of the OPEB obligations of the Town and the Board as may be necessary or appropriate for the maintenance of the OPEB System, including the compliance of the OPEB System with all applicable laws and accounting standards.
The Town and Board shall enter into an agreement (the "trust agreement") establishing a trust (the "OPEB Trust") to receive contributions toward the funding of OPEB. The initial trustees and their successors shall be the persons holding the offices of Town Manager and Town Finance Director, together with such other persons, if any, appointed by the Town Council.
The Town and the Board shall contribute to the OPEB Trust such amounts of cash as may be determined as part of their annual budget processes and approved by the Town Council or the Board, as the case may be.
The trustees of the OPEB Trust shall invest and reinvest the Town's and the Board's contributions in separate accounts, in the name of each entity, within the OPEB Trust and shall disburse funds from the trust to provide or assist in providing OPEB to the corresponding groups of retired employees, all in accordance with Connecticut law, this article, and the provisions of the trust agreement.
The Town Manager shall be empowered to execute such documents and agreements as may be required to maintain the OPEB System.
This article shall be published as required by law and the Town Charter.