Pursuant to the authority granted to said Common Council of
the City of Norwalk, Connecticut in § 189 of the Norwalk
City Charter and § 7-450(b) of the Connecticut General Statutes,
there shall be created and established for such City the Other Post-Employment
Benefits Trust (the OPEB Trust) to fund certain retiree benefits pursuant
to the terms of previously established plans for the benefit of certain
City and Board of Education employees, retirees, their spouses and
dependents.
Immediately upon the enactment of this article, the Norwalk
City Employees' Pension Board shall constitute the Other Post-Employment
Benefits Board of Trustees for the OPEB Trust, hereinafter referred
to as the "OPEB Board." The members of said OPEB Board shall receive
no compensation for serving as trustees. The City Comptroller shall
serve as an ex officio member of the OPEB Board. The other five members
shall serve terms coextensive with their respective terms as members
of the Norwalk City Employees' Pension Board.
The OPEB Board shall perform the duties set forth in the OPEB
Trust Agreement, as amended from time to time, relating to the management
of the assets held in the OPEB Trust. The City Comptroller shall have
the care and custody of all such funds and shall have the power, with
the approval of the OPEB Board, to invest such funds in securities
legal for investment for trust funds.