[HISTORY: Adopted by the Town of Somers as indicated in article
histories. Amendments noted where applicable.]
[Adopted 11-18-2021 by
the Board of Selectmen, effective 12-5-2021]
There is hereby created a Reserve for Separation Benefits Fund
to provide funding resources for the purpose of paying accrued employee
benefits upon separation, termination or retirement. These funds will
be used as part of a financial plan to ensure that the Town maintains
sufficient funds to pay benefits earned upon separation, termination
or retirement.
Contributions to the Fund shall be received from:
A.
Appropriations
made in the annual budget; special appropriations and/or emergency
appropriations consistent with the Town Charter; and/or
B.
A
general fund contribution of excess funds remaining within personnel
costs after all budgetary personnel costs have been covered for the
fiscal year and the contribution has been authorized by the Board
of Finance.
The use of the funds may be included for future use in the Town's
General Fund budget to offset accrued employee benefits upon separation,
termination or retirement. The Board of Finance may, from time to
time, authorize a special appropriation to transfer funds from the
Reserve for Separation Benefits Fund. The funds which remain at the
close of each fiscal year within the Reserve for Separation Benefits
Fund shall remain in the fund balance of said Fund and shall not,
therefore, be lapsed to the balance of the General Fund.
The Fund shall be administered in accordance with the Town's
investment practices which are in compliance with its Charter and
the Connecticut General Statutes.
