The town council may provide a system of retirement allowance, including disability retirements, to augment federal social security or other pension plan payments, if any, for the town's regular, full-time, paid employees, whether in the classified service or not, and for the contribution by said employees and the town to a fund from which such allowance shall be paid. The town may enter into a contract with any insurance company authorized to do business in this state for the purpose of insuring the whole or any part of its retirement plan. (Amended, November 5, 2002.)