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(A) Retirement Board. The general administration of the plan and the responsibility for carrying out the provisions of the plan shall be placed in a Board of 11 persons consisting of the following:
(1) Two guardian employee members of the plan who are members of a guardian bargaining unit who shall be elected by guardian employee members of the plan of the same category, as of July 1 each year for a term of two years, but in 1982 one shall be appointed for a one-year term, so that one membership of this category shall thereafter become vacant each year;
(2) Two service employee members of the plan who are members of a service bargaining unit, who shall be elected by service employee members of the plan of the same category as of July 1 of each year for a term of two years, whose terms shall expire in rotation as of June 30 so that one new member of this category is elected each year;
(3) One member of the plan, who is not a member of a bargaining unit, who shall be elected by the members of the plan of the same category, as of July 1 for a term of two years;
(4) Four persons who are not members of the plan, whose terms and manner of appointment shall be such as provided for by legislative action of the town;
(5) The Mayor; and
(6) The Finance Director.
(B) Resignation. Any member of the Retirement Board may resign by delivering his/her written resignation to the Mayor of the town, who shall have the power to fill for the unexpired term any vacancy occurring by resignation or death.
(C) Powers and duties.
(1) The members of the Retirement Board shall have the power to:
(a) Elect a Secretary who may be but need not be one of the members of the Retirement Board;
(b) Appoint from its members such Boards with such powers as it shall determine;
(c) Authorize one or more of its members or any agent to execute or deliver any instrument or make a payment on its behalf; and
(d) Retain counsel, employ agents and provide for such clerical, accounting and actuarial services as it may require in carrying out the provisions of the plan.
(2) The Retirement Board shall hold meetings upon such notice, at such place or places, and at such time or times as it may determine.
(3) Any act which the plan authorizes or requires the Retirement Board to do may be done by a majority of its members. The action of such majority expressed from time to time by a vote at a meeting or in writing without a meeting, provided that reasonable notice thereof is given to the entire Retirement Board, shall constitute the action of the Retirement Board and shall have the same effect for all purposes as if assented to by all members of the Retirement Board at the time in office.
(4) No member of the Retirement Board who is an employee of the town shall receive any compensation for his/her services as such, and no bond or other security shall be required of him/her in such capacity in any jurisdiction.
(5) Subject to the limitations of the plan, the Retirement Board from time to time may establish rules for the administration of the plan and the transaction of its business. The determination of the Retirement Board shall be conclusive as to any disputed question within its jurisdiction.
(6) The Retirement Board shall adopt from time-to-time tables and the rate of regular interest, compounded annually, which shall be used in all actuarial calculations required in connection with the plan. As an aid to the Retirement Board in adopting tables and in fixing the rates of contributions payable by the town to the plan, the actuary designated by the Retirement Board shall make annual actuarial valuations of the contingent assets and liabilities of the plan and shall recommend to the Retirement Board tables and rates of contribution for use by the Retirement Board. The Retirement Board shall maintain accounts showing the fiscal transactions of the plan, and shall keep in convenient form such data as may be necessary for actuarial valuations of the plan. The Retirement Board shall submit a report each year to the Mayor of the town giving a brief account of the operation of the plan during the past year, a copy of which shall be filed in the office of the Mayor, where it shall be open to inspection by any member of the plan.
(7) The Retirement Board shall prepare and submit to the Director of Finance of the town on or before July 15 of each year a budget of the estimated receipts and expenses of the plan for the following fiscal year of the town.
(8) The members of the Retirement Board shall use ordinary care and diligence in the performance of their duties, but no member thereof shall be personally liable by virtue of any contract, agreement, bond, or other instrument made or executed by him/her or on his/her behalf as a member of the Retirement Board, nor for any loss unless resulting from his/her own bad faith or willful misconduct.
(D) Trust agreement for the plan. The town employees' retirement plan shall utilize the separate trust agreement ("Trust Agreement") between the town and the Retirement Board of the employees retirement plan of the town adopted by Ord. 399, setting forth the duties and responsibility of said Retirement Board in connection with the management of assets of the employees retirement plan.
(Ord. 435, passed 3-12-01; Am. Ord. 666, passed 12-7-15)