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 Danbury
 Code of Ordinances
 Chapter 32. PENSIONS AND RETIREMENT
 Article II. GENERAL EMPLOYEES

  § 32-35. Funding of the pension plan, actuarial computations related thereto; funding of the retirement plan.  

Latest version.

  • (a)

    To carry out the provisions of the pension plan, the employer shall enter into a trust agreement with a trust company or insurance company, and such trust agreement shall become a part of the pension plan. The trustee shall receive contributions made by the employer to such fund pursuant to the pension plan, invest, reinvest and administer the assets of such fund, and make distributions therefrom in accordance with the terms and provisions of the pension plan and of such trust agreement.

    (b)

    The Retirement Board may remove the trustee or any succeeding trustee acting hereunder at any time, or the trustee may resign at any time, upon due notice in writing each to the other, the effective date of such removal or resignation to be that provided for in the trust agreement.

    (c)

    The Retirement Board reserves, at its sole discretion, the right to determine and change the method of funding of the pension plan hereunder and the time of making and amount of its contributions and all other matters relating to the financing of the pension plan.

    (d)

    All necessary actuarial computations and allocations of liabilities and contributions relating to the pension plan shall be made by or under the supervision of an actuary retained by the Board using such rate of interest, mortality and other actuarial components, and according to such methods of computation and allocations as the Board, with the advice of the actuaries, shall deem proper.

    (e)

    To carry out the provisions of the retirement plan, the employer and the employees who are members in the retirement plan shall make contributions into the retirement plan in accordance with the terms of such retirement plan, which contributions shall be allocated into member accounts in such retirement plan, pursuant to which members in such retirement plan shall have the right to self-direct the investment of their accounts in such retirement plan from the fund choices available on the investment fund lineup in effect for such retirement plan, in accordance with the terms and conditions of the retirement plan document referred to in section 32-40 and any other related trust agreement or other contract funding document applicable to such retirement plan.

(Code 1961, § 14-13; Ord. No. 19-1963, 12-5-1963; Ord. No. 189, §§ 16, 17, 7-3-1973; Ord. No. 31, § 14-13, 12-6-2016)