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About the Employees Retirement Board

Term Length:
# of Members:
Appointing Body:
Party Balance Required?:
Defined In:

Five Years (Two Term Limit)
Nine
First Selectwoman with RTM Approval
Required for Non-employees
Town Code - Chapter 37

Description

The Employees Retirement Board oversees the management of the town employee retirement fund.

Powers and Duties

Duties include:

  • Having charge of the general direction and management of the fund. Any portion of the fund may be invested by one or more trust companies or banks authorized to conduct trust business in the state or may be deposited in a savings bank or trust company or state of national bank in this state or used to purchase life insurance or endowment policies or annuity contracts issued by a life insurance company authorized to do business in the state.
  • The town shall provide such clerical, legal, actuarial, or medical assistance as board members require to carry out their duties.
  • The fiscal officer will act as executive secretary to the Employees’ Retirement Board members but have no vote as a member.