[Adopted 6-29-1961 (Ch.
2, Art. II, Div. 2, of the 1987 Code)]
A Retirement Commission for the Town is hereby established as
set forth in the retirement plan adopted by the Special Town Meeting
of June 29, 1961, and the same shall be appointed as provided in the
retirement plan.
[Amended 9-30-1982; 4-25-1991 by Ord. No. 91-01]
A.
The pension plan of the Town of Suffield as herein set forth shall
be administered by the Retirement Commission consisting of the First
Selectman, the Town Treasurer, a member of the Board of Finance designated
by the Chairperson of the Board of Finance for his or her term of
office, and three citizens at large appointed as hereinafter provided.
Not more than two of the said three citizens at large so appointed
shall be of the same political party. Each appointed citizen shall
be appointed for a three-year term. At the end of the term the Board
of Selectmen shall appoint a successor. The Board of Selectmen shall
appoint successors for the appointed citizens as may be necessary
to fill vacancies resulting from death or resignation.
B.
Effective July 1, 1989, the police union shall designate one of its
members to serve on the Retirement Commission, also for a three-year
term. The police union shall appoint successors as necessary for this
position.
C.
Each of the above seven individuals will be voting members of the
Retirement Commission, with one vote for each member.
D.
The Board of Selectmen shall also appoint one ad hoc member to the
Retirement Commission. The ad hoc member will not maintain a voting
privilege.
E.
Effective July 1, 1989, the Retirement Commission agrees to permit
three additional (nonvoting) representatives, one designated by SEIU,
one by NAGE, and one by the Board of Education, to participate in
Retirement Commission meetings. The representative designated by the
Board of Education must be a noncertified employee participating in
the pension plan.
F.
The members of the Retirement Commission shall serve without compensation.
The Retirement Commission shall employ such actuarial, medical, clerical,
and other services as are needed for the proper operation of the pension
plan.
[Amended 12-16-1993 by Ord. No. 93-02]
A.
The Retirement Commission shall submit annually, to the Board of
Finance of the Town, or to the budget-making body, if the Town abolishes
the Board of Finance, a schedule of its estimated expenses necessary
for the administration of this plan, and all such expenses of administration
shall be paid by the Town.
B.
The Retirement Commission shall deposit Town retirement funds with
a qualified public depository or insurance company qualified to do
business in the State of Connecticut, and the public depository or
insurance company so selected shall manage said funds. All funds appropriated
by the Town or contributed by the employees of the Town pursuant to
this plan shall be paid over to the trustee which shall have the right
and power to invest and reinvest the same in securities legal for
investment of trust funds under the General Statutes, including common
trust funds. The trustee shall make payments from the trust fund from
time to time on the written directions of the Retirement Commission
pursuant to this plan. The Retirement Commission shall enter into
written agreement with said trustee specifically outlining the duties
of the trustee which shall be in all respects in accordance with and
consistent with this plan. The Retirement Commission shall not be
liable for any negligence, misfeasance or malfeasance on the part
of such trustee in managing said fund but shall be liable only in
the event that the Board has been negligent in the selection and appointment
of such trustee. Such trustee shall be paid reasonable compensation
for its services rendered for managing, investing and reinvesting
the fund.
C.
The Retirement Commission shall act by a majority of its members
at the time in office, and such action may be taken either by a vote
at a meeting or in writing without a meeting.
D.
The Retirement Commission may authorize any one or more of its members
to execute any document or documents on behalf of the Commission,
in which event the Retirement Commission shall notify the trustee
in writing of such action and the name or names of its member or members
so designated. The trustee thereafter shall accept and rely upon any
document executed by such member or members as representing action
by the Retirement Commission until the Retirement Commission shall
file with the trustee a written revocation of such designation.
E.
The Retirement Commission may adopt such bylaws and regulations as
it deems desirable for the conduct of its affairs, and shall adopt
mortality tables and the interest rate to be used as the basis for
all actuarial calculations. The Retirement Commission may appoint
such actuaries, accountants, counsel, specialists, and other persons
as it deems necessary or desirable in connection with the administration
of this plan. The Retirement Commission shall be entitled to rely
conclusively upon, and shall be fully protected in any action taken
by it in good faith in relying upon, any opinions or reports which
shall be furnished to it by any such actuary, accountant, counsel
or other specialist.
