(A) There is hereby created a retirement plan for all of the regular full-time employees of the Town of Clayton, excepting members of the Clayton Police Department and Fire Department, members of the Town Board of Trustees, the Town Attorney, and his or her assistants, persons (if any), whose services are or may hereafter be compensated in whole or in part on a fee basis, or who receive no salary or wages at regular intervals.
(B) The intent of this subchapter is to bar, withdraw and terminate from the operation of the retirement plan and to exclude from any and all participation and/or coverage therein or thereunder, all police officers and firefighters of the town who have not been retired for superannuation and who are not entitled to receive any annuity by virtue of the retirement under the provisions of the retirement plan; provided, however, that this subchapter shall in no way affect, divest, vitiate or prejudice in any respect the vested right or interest of any police officer and/or firefighter who has been retired and who is entitled by virtue of the retirement to receive an annuity under the provisions of the retirement plan prior to the effective date of this subchapter. It is provided further that the participation and/or coverage of all classes of employees so covered and so entitled together with their respective rights and interests under the retirement plan, shall be and remain in full force and effect. It is further provided that the town shall refund the amount of the monies placed in the Retirement Fund for his or her benefit by the police officer and/or firefighter so excluded by this subchapter, and that the town by its proper officers be, and it hereby is authorized and empowered to refund and repay the amount of the monies so placed in the Retirement Fund for his or her benefit by the police officer and/or firefighter so terminated and/or excluded hereunder.
(Ord. 341, passed 3-28-1951; Am. Ord. 375, passed 4-4-1956)