[Adopted 8-14-2007]
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.