[Adopted 3-8-2011[1]]
[1]
Editor's Note: The effective date of this ordinance was provided
as 3-30-2011.
In accordance with the provisions of the Connecticut General
Statutes § 7-450(b), there is hereby created for the Town
an Other Post-Employment Benefits Trust Fund (the "trust"). Said trust
shall serve as a means to hold and invest all contributions and assets
of the Town's certain post-employment benefits, other than pension
benefits. The trust shall be for the purpose of meeting the long-term
obligations of the Town regarding benefits provided to certain Town
and Board of Education employees, retirees, their spouses and dependents
in accordance with provisions for such benefits contained in any agreement
between the employees and the Town.
There shall be paid into said trust such transfers and appropriations
as the Town Council authorizes plus any return of investments of such
funds and any premium cost sharing paid by retirees.
Expenses of such trust shall include those expenses necessary
for the maintenance and administration of the fund, including but
not limited to actuarial and consulting fees. Expenses shall not include
compensation for any Town employee or other general office-related
expenses unless approved by the Town Council.
The trust shall be administered and operated in accordance with Governmental Accounting Standards Board Statements 43 and 45, as the same may be amended from time to time and pursuant to the terms as set forth in the Other Post-Employment Benefits Declaration of Trust, including revisions thereto, as are hereafter approved by the Town Council. The members of the Employee Insurance and Pension Benefits Committee shall provide oversight for the trust as described in §§ 8-32 through 8-37, inclusive, in the Newington Code of Ordinances.
