[Adopted 6-17-2009 by Ord. No. 232]
Pursuant to the authority granted in § 4.01 of the Charter and § 7-450(b) of the General Statutes, there is hereby created and established the Other Post-Employment Benefits Trust (the "OPEB Trust") to fund certain retiree benefits constituting other post-employment benefits pursuant to the terms of certain plans, as amended from time to time, established for the benefit of certain employees and retirees and their beneficiaries.
Immediately upon the enactment of this article, the Board of
Finance shall constitute the Other Post-Employment Benefits Board
directing the Trustee of the OPEB Trust concerning the investment
of the OPEB Trust, hereinafter referred to as the "OPEB Board." The
members of said OPEB Board shall receive no compensation for serving
as a member thereof and shall serve terms coextensive with the respective
terms as members of the Board of Finance.
The Town Finance Officer/Treasurer shall serve as the Trustee
of the OPEB Trust.
The Town of Canton, acting through its Chief Administrative
Officer, the OPEB Board and the Trustee, is hereby authorized and
directed to enter into a trust agreement to govern the administration,
management and investment of the OPEB Trust and the assets thereof.
The Town of Canton, acting through its Chief Administrative Officer,
the OPEB Board and the Trustee, is further authorized to modify, amend,
cancel or terminate the trust agreement as it deems appropriate and
in accordance with applicable law.
