Members
- David Shepherd
- Scott W. DiChristofero
- Irene A. Schmitt
§ 22-54 Other Post Employment Benefits (OPEB) Trust and Board of Trustees.
[Ord. No. 12-26-A, § 2, 12-5-2012]
(a) Pursuant to the intent of the Cumberland Town Council as set forth in R12-39 passed on September 5, 2012, there is hereby created the Town of Cumberland Post Employment Benefits (OPEB) Trust.
(b) The purpose of the OPEB trust is to hold and invest funds and assets to be contributed to the trust by the Town which shall constitute a trust fund which shall be irrevocable and held for the benefit of the retirees of the Cumberland Police Pension Plan.
(c) There is also hereby created the Town of Cumberland Other Post Employment Benefits Board of Trustees consisting of three members who are appointed by the Mayor with the approval of the Town Council. All members of the OPEB board of trustees shall be qualified electors of the Town of Cumberland.
(d) The OPEB board of trustees shall hold and invest the OPEB trust assets and shall oversee the plan assets under the OPEB trust and any amendments thereto as authorized by § 7.1 of the OPEB trust agreement.