[Adopted 5-18-2006]
A.
There shall be a Retirement Board in the Town of Colchester,
consisting of five members, which shall be called the "Colchester
Retirement Board."
B.
Members shall be appointed by the Board of Selectmen
and shall be chosen as follows:
(1)
One member shall be a representative of the Board
of Selectmen.
(2)
One member shall be a representative of the Board
of Finance.
(3)
One member shall be the Treasurer of the Town.
(4)
Two members shall be electors of the Town who possess
relevant experience in government finance or retirement systems.
C.
A Chairperson shall be elected by the members of the
Board from among the members.
D.
The Chief Financial Officer of the Town of Colchester
shall be a nonvoting ex officio member.
In January of each year, the Board of Selectmen
shall appoint members to replace those whose terms are then expiring.
All members shall be appointed to hold office for a period of three
years, except for the initial appointments, of which two shall be
for three years, two for two years and one for one year. Vacancies
shall be filled for the unexpired portion of the term, and the Board
may recommend a candidate to the Board of Selectmen to fill said vacancy.
Members of the Board shall serve without compensation.
The purpose of the Board shall be to serve as
the plan administrator of the Town of Colchester Police Department
Retirement Plan (the plan).
A.
Upon establishment of the Board and appointment of
the members, the Board shall assume the responsibilities of the plan
administrator as set forth in Section 9.01 of the plan, which was
established by the Town effective July 1, 2005, and amended December
15, 2005, and may be amended from time to time. These responsibilities
include the following provisions:
(1)
To determine benefit rights;
(2)
To adopt such method for the computation of periods
of service and participation as shall be permitted by law;
(3)
To instruct the Funding Agent in the disbursement
of benefits;
(4)
To make such rules and regulations as it may deem
necessary to carry out the provisions of the plan;
(5)
To employ, where necessary or desirable in the administration
of the Plan, actuaries, attorneys, accountants and other individuals,
who shall not be fiduciaries merely as a result of their employment
hereunder, and to delegate to such individuals such responsibilities
as it shall determine;
(6)
To determine, in accordance with uniform standards,
any question arising in the administration, interpretation and application
of the plan, such determination to be conclusive and binding to the
extent the same shall not be plainly inconsistent with the terms of
the plan or any applicable law;
(7)
To decide any disputes which may arise;
(8)
To give instructions and directions to the Funding
Agent as necessary;
(9)
To designate, consistent with sound standards, the
actuarial bases to be used for all actuarial calculations;
(10)
To keep a record of all allocations and designations
of fiduciary duties made in accordance with the provisions of this
article; and
(11)
Other duties as deemed appropriate.
B.
The Board shall meet at least semiannually, on a date
determined by the members, and shall call special meetings from time
to time as necessary.
C.
The Board shall be authorized to establish and promulgate
bylaws to enable it to function in fulfilling its duties.
