The town council of the Town of Middletown, subject to the approval of the financial town meeting at any regular or special meeting, is authorized to enact an ordinance or ordinances to establish and maintain a pension plan for town employees and/or to contract therefor with any insurance company authorized to do business in the State of Rhode Island. Such ordinance or ordinances may define the employees eligible to participate in such plan; the contributions to such plan to be made by such employees and to be appropriated by the town; the amount and nature of the benefits payable to such employees, and/or their beneficiaries; the carrying and other charges for establishing and maintaining such pension plan; and in all other respects to do any act or thing necessary to properly establish and maintain a pension plan. (P.L. 1962, ch. 74, § 1.)
Editor's note. For Charter provisions relating to retirement, see Charter, § 912.
For Charter provision abolishing financial town meetings and vesting authority thereof in town council, see Charter, § 102.