§ 31.50  RETIREE HEALTH CARE TRUST.
   (A)   Establishment.  In accordance with Conn. Gen. Stat., § 7-450(a), the town shall establish a trust fund (“Trust”) with Wells Fargo Bank, N.A., or such other qualified financial institution approved by the Legislative Council, to hold and invest all contributions and assets of the town’s retiree health care plan (“Plan”). The Legislative Council shall have the authority to amend or terminate the Trust.
   (B)   Purpose.  The Trust shall be for the purpose of funding current and future postemployment health care benefits for eligible retired employees of the town in accordance with the Plan. The Trust may also be used for the purpose of funding any other postemployment health and life plans as the town may establish.
   (C)   Trustees.  The Mayor and the President of the Legislative Council shall serve as the trustees (“Trustees”) of the Trust. The Trustees shall have such powers and duties as set forth in the terms of the Trust, including, but not limited to, making payments or other disbursements in accordance with the Plan and the terms of the Trust and directing the investment of the assets of the Trust. The approval of both Trustees shall be required for the transaction of all business pertaining to the Trust.
   (D)   Administration.  The Trustees shall serve as the Plan Administrator of the Plan and shall have such powers and duties as set forth in the Plan and the Trust with respect to the administration of the Plan, including, but not limited to, providing all proper instructions and directions to the Trustee regarding the investment of moneys on deposit in the Trust and disbursements from the Trust. The Trustees shall provide a report to the Legislative Council, including deposits, disbursements and assets held in the Trust, and such other information as shall be requested by the Legislative Council, on at least an annual basis, or more frequently as requested by the Legislative Council.
(Ord. 642, passed 10-8-13)