(A) System created; purpose; town policy.
(1) There is hereby created, for the purpose of providing pension retirement allowance and other benefits for firefighters of the town, a firefighters pension and retirement system.
(2) It is declared to be the official policy of the town to participate in the pension system as provided by state law.
(B) State regulations adopted. The firefighters pension and retirement system, as established by 11 O.S. §§ 49-100.1 et seq., is hereby adopted by reference.
(C) Board of Trustees of Firefighters Pension and Retirement System. The Local Board of Trustees of the Firefighters Pension and Retirement System, servicing the firefighters of the town, shall be constituted as provided by state law and shall have the powers and duties prescribed thereby.
(D) Annual payments. Each year the town will deposit $60 for each volunteer member of the Fire Department to the state’s Firefighters Pension and Retirement Board. The state fiscal year runs from July 1 to June 30.
(Prior Code, § 5-1-7)