[Adopted 9-12-1972 (Secs. 2-97 through 2-103 of the 1972 Code)]
A. 
The management and administration of the plan[1] is hereby vested in a Pension Board, which shall consist of the Director of Finance and five electors of the Town, to be appointed by the Council.
[1]
Editor's Note: See Ch. 30, Art. II, Pension Plan.
B. 
The members of the Pension Board shall be appointed for five-year terms, and each term shall continue until a successor shall have been appointed.
C. 
One appointed member of the Pension Board shall be an employee of the Town who is a member of the plan; two members shall be experienced in making investments of the kind in which the pension fund may be invested.
All vacancies that may occur on the Pension Board shall be filled by the Council in accordance with the provisions of § 5-19.
The members of the Pension Board shall serve without compensation.
[Amended 7-8-2003]
A. 
The Pension Board may make rules and regulations for the administration of the plan which are not inconsistent with its terms and provisions. The Pension Board may construe the plan, and its constructions thereof and action thereon in good faith shall be final and conclusive. It may correct any defect or supply any omission or reconcile any inconsistency in such manner and to such extent as it shall deem expedient to carry the same into effect, and it shall be the sole and final judge of such expediency. The Pension Board shall supervise and control the operation of the plan in accordance with the terms hereof and shall have all powers necessary to accomplish that purpose.
B. 
The Pension Board may employ such actuarial, legal, consulting and other services as it deems necessary for the proper operation of the plan or pension fund within the limit of such appropriations as may be made by the Council.
C. 
The Town administration, as directed by the Town Manager, shall provide administrative support for the Pension Board and shall employ such staff as may be approved by the Town Council for such purpose.
[Amended 1-28-1992]
A. 
The Pension Board also shall manage and control the pension fund and shall invest and reinvest the principal and income of such fund, except so much thereof as the Pension Board shall deem necessary to meet allowances and benefits hereunder, in securities legal for investment by trustees under the laws of this state. The Pension Board may invest any portion of the pension fund in any group trust or common trust fund exempt from tax under § 501(a) or 584, respectively, of the Internal Revenue Code of 1986, as amended, that holds assets of retirement plans exempt from tax under § 401(a) of such code. Any such group trust or common trust fund shall be considered a part of the plan.
B. 
The Pension Board may provide by trust, agency, custodian or other agreement with one or more corporate fiduciaries for the custody, safekeeping, handling, investment and reinvestment, under the direction of the Pension Board, of the pension fund's investments.
C. 
The Pension Board shall collect and credit to the pension fund all amounts due the Pension Board under the terms of this article and Article II, Pension Plan, of Chapter 30 of the Code and shall charge the pension fund with allowances and benefits which are made in accordance with the provisions of this article and Article II, Pension Plan, of Chapter 30 of the Code.
D. 
The Pension Board may open in its name, with one or more banks or trust companies, such accounts as it shall deem necessary for the deposit and withdrawal of the funds received by it and which are to be administered under the terms and provisions of this article and Article II, Pension Plan, of Chapter 30 of the Code.
In addition, and without limiting the powers granted in § 5-23, the Pension Board may procure in the name of the Town an appropriate group contract or contracts from any insurance company duly authorized to transact business in the state for the purpose of funding all or a portion of the benefits available from time to time under the plan. The type of contract or contracts and all terms and conditions thereof shall be determined by the Pension Board on a basis which is consistent with the provisions of the plan. No publicly owned corporation, insurance company or bank shall be disqualified from being the trustee, agent, custodian or depository or from participating in the funding management of the pension fund pursuant to this section, solely because one or more members of the Pension Board may be an employee, officer, director or minority stockholder of such corporation, insurance company or bank.
A. 
The Pension Board shall submit annually to the Town Manager a schedule of its estimated expenses necessary for the administration of this article and Article II, Pension Plan, of Chapter 30 of the Code and its estimate of the liability of the Town to the Pension Board as provided in § 30-29.
B. 
The Pension Board shall annually report to the Council the financial condition of the plan, including, at least every three years, an actuarial valuation of assets and liabilities and setting forth such other facts, recommendations and data as may be of value to the members of the plan and the Council.