The Pension Committee consists of the following:
(i) The Mayor of the Town of Elsmere,
(ii) A Council Member designated by the Council;
(iii) Two residents of the Town chosen by the Council, neither of whom may be (a) members or employees of the Town, (b) appointed or elected officials of the Town, or (c) members of the immediate family (i.e., spouse, parent, sibling, child, grandparent, or grandchild) of any person who falls into category (a) or (b);
(iv) A retired member of the Department of Public Safety who was a police officer and who is a retired participant in the Elsmere Police Pension Plan;
(v) A member of the Department of Public Safety who is a police officer and who is a participant in the Elsmere Police Secondary Pension Plan; and
(vi) An employee of the Town who is a participant in the Town of Elsmere Employee Retirement Plan or, if there are no participants in such plan, a third resident of the Town selected by the Council who would qualify under item (iii) above.
(vii) The Mayor and Council shall designate a member of the committee to serve as Chairperson of the Committee.
The Committee may be advised by the Solicitor of the Town of Elsmere or its designee, as well as the investment managers of the Elsmere Police Pension Plan, the Elsmere Police Secondary Pension Plan, and/or the Town of Elsmere Employee Retirement Plan.
The terms of all members of the Committee shall be two years.
That the Town hereby appoints the Committee to act on behalf of the Town in administering the Elsmere Police Secondary Pension Plan, consistent with Section 18.3 of such plan’s governing document.
That the Town hereby appoints the Committee to administer the Town of Elsmere Employee Retirement Plan, consistent with the definition of “Administrator” in Section 1.1 of such plan’s governing document.
THE POWERS AND DUTIES OF THE COMMITTEE ARE AS FOLLOWS:
The primary responsibility of the Committee is to administer the Plan for the exclusive benefit of the Participants and their beneficiaries, subject to the specific terms of the Plan. The Committee shall administer the Plan in accordance with its terms and shall have the power and discretion to construe the terms of the Plan and to determine all questions arising in connection with the administration, interpretation and application of the Plan. Any such determination by the Committee shall be conclusive and binding upon all persons. The Committee may establish procedures, correct any defect, supply any information or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the Plan; provided, however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied and shall be consistent with the intent of the Plan. The Committee shall have all powers necessary or appropriate to accomplish its duties under this Plan.
The Committee is also charged with the duties of the general administration of the Plan, including, but not limited to, the following:
(a) the discretion to determine all questions relating to the eligibility of Employees to participate or remain a Participant hereunder and to receive benefits under the Plan;
(b) to compute, certify, and direct the Investment Manager, the Treasurer and Mayor of the Town of Elsmere with respect to the amount and the kind of benefits to which any Participant shall be entitled hereunder;
(c) to authorize and direct the Investment Manager, the Treasurer and the Mayor of the Town of Elsmere with respect to all non discretionary or otherwise directed disbursements from the Fund;
(d) to maintain all necessary records for the administration of the Plan;
(e) to interpret the provisions of the Plan and to make and publish such rules for regulation of the Plan, as are consistent with the terms hereof;
(f) to determine the size and type of any Contract to be purchased from any insurer, and to designate the insurer from which such Contract shall be purchased. All policies shall be issued on a uniform basis as of each Anniversary Date with respect to all Participants under similar circumstances;
(g) to compute and certify to the Employer on a biannual basis the actuarial soundness of the Plan and such sums of money necessary or desirable to be contributed to the Plan;
(h) to consult with the Employer and the Investment Manager, the Treasurer and the Mayor of the Town of Elsmere regarding the short and long-term liquidity needs of the Plan in order that the Investment Manager can exercise any investment discretion in a manner designed to accomplish specific objectives;
(i) to prepare and implement a procedure for notifying prospective Eligible Employees of their requirement to make mandatory Employee Contributions to the Plan as a condition of eligibility;
(j) to assist any Participant regarding his rights, benefits, or elections available under the Plan.
THE COMMITTEE IS ALSO RESPONSIBLE FOR
Establishing a “funding policy and method,” i.e., it shall determine whether the Plan has a short-run need for liquidity (e.g., to pay benefits) or whether liquidity is a long-run goal and investment growth (and stability of same) is a more current need, or shall appoint a qualified person to do so. The Committee or its delegate may communicate such needs and goals to the Investment Manager, who shall be appointed by the Committee, who shall coordinate such Plan needs with its investment policy. The communication of such “funding policy and method” shall not, however, constitute a directive to the Investment Manager as to investment of the Funds.
The Committee shall periodically review the performance of any Investment Manager or other person to whom duties have been delegated or allocated by it under the provisions of this Plan or pursuant to procedures established hereunder. This requirement may be satisfied by formal periodic review by the Committee or by a qualified person specifically designated by the Committee, through day-to-day conduct and evaluation, or through other appropriate ways.