[HISTORY: Adopted by the Town Council of
the Town of Rocky Hill as indicated in article histories. Amendments
noted where applicable.]
[Adopted 10-22-1968 by Ord. No. 8-68]
A system of retirement allowances for the Town's
regular, full-time, paid employees is hereby established by entering
into a contract or contracts with an insurance company or companies
or other legal entity authorized to do business in this state, for
the purpose of providing the benefits under said plan.
The Town Manager is directed to enter into said
contracts with a company or companies or other legal entity authorized
to do business in this state, said contracts to become effective only
after approval by the Town Council.
[Adopted 6-1-2009 by Ord. No. 251-09]
The Town of Rocky Hill (the "Town") shall establish, by the
close of its fiscal year ending June 30, 2009, a system (the "OPEB
System") for providing nonpension benefits known as "other post-employment
benefits" (OPEB) to retired employees of the Town and the Board of
Education (the "Board").
A.
The OPEB System shall provide for the administration of all such
benefits as are in effect as of the effective date and as may become
effective in the future.
B.
The OPEB System shall provide for accounting for such benefits and
disclosure of such accounting in accordance with applicable law and
GASB standards.
The Town shall engage one or more actuarial consulting firms
to perform and report upon such valuations of the OPEB obligations
of the Town and the Board as may be necessary or appropriate for the
maintenance of the OPEB System, including the compliance of the OPEB
System with all applicable laws and accounting standards.
The Town and Board shall enter into an agreement (the "trust
agreement") establishing a trust (the "OPEB Trust") to receive contributions
toward the funding of OPEB. The initial trustees and their successors
shall be the persons holding the offices of Town Manager and Town
Finance Director, together with such other persons, if any, appointed
by the Town Council.
A.
The Town and the Board shall contribute to the OPEB Trust such amounts
of cash as may be determined as part of their annual budget processes
and approved by the Town Council or the Board, as the case may be.
B.
The trustees of the OPEB Trust shall invest and reinvest the Town's
and the Board's contributions in separate accounts, in the name
of each entity, within the OPEB Trust and shall disburse funds from
the trust to provide or assist in providing OPEB to the corresponding
groups of retired employees, all in accordance with Connecticut law,
this article, and the provisions of the trust agreement.
The Town Manager shall be empowered to execute such documents
and agreements as may be required to maintain the OPEB System.
This article shall be published as required by law and the Town
Charter.
