Old Lyme Fire Dept, Inc. Old Lyme South End Volunteer Ambulance Assoc, Inc.
Volunteers Pension Committee Charge
The charge of the committee is to review the pension plan and related services of the Volunteer Incentive Pension, benefitting individuals who meet the point requirements as volunteers for Old Lyme Fire Department (OLFD) and Old Lyme South End Ambulance Association (OLSEVAA).
This will include, but may not be limited to:
Review pension funds as needed with Fund Administrator
Review Plan Document as required by IRS policy
Performance review of Plan Administrator
Appoint the Trustees for the Plan
If requested, make recommendations to Board of Selectmen on other incentives and/or benefits
The committee will be comprised of two members from the OLFD, at least one of which will be a Plan Trustee for OLFD; two members from the OLSEVAA, at least one of which will be a Plan Trustee for OLSEVAA; the First Selectman of the Town of Old Lyme; and the Finance Director of the Town of Old Lyme will be an ex-officio member. Two members (one from each organization) will be appointed to three-year terms, and two members (one from each organization) will be appointed for an initial two-year term, followed by three year terms going forward.
The committee must meet all FOI requirements with respect to the posting of agendas and minutes.