[Adopted 5-25-2017]
Pursuant to CGS § 7-148(c)(5)(A), the Town shall assume
from the Bethlehem Emergency Services Group sponsorship of the Bethlehem
Length of Service Awards Program, as set forth in the Length of Service
Awards Master Plan and Adoption Agreement, established effective July
1, 1988, and dated October 28, 1998, as restated July 1, 2004, and
dated March 31, 2005, as amended October 25, 2011, and as amended
from time to time.
Pursuant to CGS § 7-450(b), the Town hereby authorizes
the establishment of a grantor trust, within the meaning of the Internal
Revenue Code of 1986 and IRS regulations, to hold the assets and investments
related to, and required by, the Length of Service Awards Program,
which pursuant to such trust shall remain available to creditors of
the Town in the event of insolvency, as defined in the trust. The
trust shall be prepared and entered into by the Board of Selectmen
on behalf of the Town of Bethlehem as the grantor of the trust and
sponsor of the LOSAP Plan.
The LOSAP Plan and Trust shall be administered by the Bethlehem
LOSAP Committee which shall serve as administrator and trustee. The
LOSAP Committee shall consist of five members appointed by the Board
of Selectmen, for a term of two years commencing in December, one
member nominated from each of the following: Board of Selectmen, Board
of Finance, Bethlehem Volunteer Fire Department, Bethlehem Ambulance
Association and one member representing the public.
