[HISTORY: Adopted by the Town of Canton 5-3-1971 by Ord. No. 88. Amendments noted where applicable.]
Pensions — See Ch. 117.
This Town Meeting hereby creates a Pension Committee to consist of five members appointed by the Board of Selectmen. Their term of office is to commence on May 15 and to continue to January 1, 1972. Thereafter one member is to be appointed for a one-year term, one member is to be appointed for a two-year term, one member is to be appointed for a three-year term, one member is to be appointed for a four-year term, and one member is to be appointed for a five-year term. Thereafter their successors shall be appointed for a four-year term. No member of the Pension Committee may be an employee of the Town.
[Amended 6-30-1993 by Ord. No. 198]
The function of the Committee shall be to act as an advisory board to the Town's Chief Administrative Officer and Finance Officer/Treasurer with regard to the planning, management, and direction of the pension program. The Committee shall monitor the financial management of the program, including the investment of the assets and the plan's funding status, and shall make recommendations in these areas as it deems appropriate. The Committee will provide advice as requested by the Town's Chief Administrative Officer and Finance Officer/Treasurer with respect to plan provisions and administration. The Committee may elect a Chairman or such other officers from its membership as it may deem appropriate, from time to time.