§ 37.101 PENSION PLAN ADOPTED.

   (A)   The plan for retirement benefits to be paid to employees of the town hired prior to January 1, 1998 is established and embodied in a document submitted by the John Hancock Mutual Life Insurance Company, titled "Deposit Administration Group Annuity Contract, No. 795GAC," including all riders, schedules, certificates, and other instruments thereunto appertaining, which has been approved by the insurance department of the state and executed by the John Hancock Mutual Life Insurance Company and which is now and shall remain on file in the office of the Town Clerk, except as may be negotiated by the town with any collective bargaining unit.

   (B)   The plan for retirement benefits to be paid to employees of the town hired after January 1, 1998 is established as the Rhode Island Municipal Employees Retirement System, except as may be negotiated by the town with any collective bargaining unit.

   (C)   Nothing contained in this section shall prevent the Town Council from implementing a retirement program other than the John Hancock plan, described in § 37.101(A) above or the Rhode Island Public Employees Retirement System referenced in § 37.101(B) above.

('73 Code, § 7-57) (Ord. passed 7-1-63; Am. Ord. passed 4-6-98)