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 Danbury
 Code of Ordinances
 Chapter 32. PENSIONS AND RETIREMENT
 Article I. IN GENERAL

§ 32-1. Other Post Employment Benefit Trust.  

Latest version.

  • (a)

    Authority; establishment of Other Post Employment Benefit Trust. Pursuant to the authority granted in C.G.S. § 7-450(b), there shall be created and established for the City of Danbury the "Other Post Employment Benefit Trust" to fund certain retiree benefits pursuant to the terms of previously established plans for the benefit of certain City employment, retirees, their spouses and dependents.

    (b)

    Establishment of other Post Employment Benefit Board. There shall be appointed by the Mayor of the City of Danbury, subject to the confirmation by a majority of the Danbury City Council, a board consisting of five (5), who shall constitute the Other Post Employment Benefit Board of Trustees for the Other Post Employment Benefit Trust, hereinafter referred to as the "Other Post Employment Benefit Board." The Other Post Employment Benefit Board shall consist of qualified members with a preference given for employees, retirees, and/or taxpayers of the City of Danbury. The members of said Other Post Employment Benefit Board shall receive no compensation for serving as a trustee. The City's Director of Finance shall serve as an ex officio member of the other post employment benefit board. The other five (5) members shall be appointed to serve terms of one (1) year, two (2) years, three (3) years, four (4) years and five (5) years, respectively, and thereafter their successor shall be appointed for a term of five (5) years on July 1 of each year.

    (c)

    Duties of the Other Post Employment Benefit Board. The Other Post Employment Benefit Board shall perform the duties set forth in the Other Post Employment Benefit Trust Agreement, as amended from time to time, relating to the management of the assets held in the Other Post Employment Benefit Trust. The City's Director of Finance shall have the care and custody of all such funds and shall have the power, with the approval of the Other Post Employment Benefit Board, to invest such funds in securities legal for investment for trust funds.

(Code 1961, § 12-36; Ord. No. 672, 12-4-2007)