The following ordinance was approved by the Town Council at the May 6, 2008 meeting.
PROPOSED ORDINANCE ESTABLISHING A PENSION AND RETIREE BENEFIT BOARD
This is to certify that the East Hartford Town Council, in session on Tuesday, May 6, 2008, voted that Chapter 10 of the Code of Ordinances is hereby amended by adding Section 10-51 through Section 10-52 which reads as follows;
Sec. 10-51 (a) There is established a Pension and Retiree Benefit Board consisting of five members as follows: (1) the town treasurer serving a term concurrent with the term as treasurer; (2) a town councilor appointed by the chair of the town council serving a term concurrent with the term as Councillor; and (3) three electors of the town, one of whom shall be a member of the town’s retirement system serving a term of five years unless serving the remainder of another member’s term.
(b) The Pension and Retiree Benefit Board shall supervise and maintain the town pension fund in accordance with rules and regulations contained in agreements between the town employees and the town of East Hartford regarding pension benefits. The Board shall have such other powers and duties as provided to the Retirement Board in such contracts. The Board shall ensure the pension funds are prudently invested for long-term, safe growth of invested funds. The Board shall also supervise and maintain the Retiree Benefit Fund established pursuant to section 10-52 of the town ordinances.
Sec. 10-52 (a) there is established a Retiree Benefit Trust Fund. The purpose of the fund is to provide funds to meet long-term obligations of the town of East Hartford regarding health benefits provided to retired town employees in accordance with provisions for such benefits contained in any agreement between town employees and the town of East Hartford.
(b) Income to such fund shall include any amounts appropriated to such fund by the town council or as provided in this subsection and any return on investments of such funds. If, at the close of any fiscal year, the undesignated reserve fund for the town exceeds eight percent of the total budget appropriation for such fiscal year, the budget surplus in such fiscal year, as verified by the town auditors, shall be appropriated to the Retiree Benefit Trust Fund
(c) Expenses of such fund shall include those expenses necessary for the maintenance and administration of the fund, including but not limited to actuary and consulting fees. Fund expenses shall not include compensation of any town employee or other general office-related expenses unless approved by the Town Council.
Voted: 05-06-08 Attest__________________
Angela Attenello
Published: 05-13-08 Town Council Clerk
Effective: 06-03-08 Attest__________________
Melody A. Currey
Date___________________
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