[HISTORY: Adopted by the Township Committee of the Township of Little Egg Harbor; see Ch. 1, General Provisions, Art. I. Amendments noted where applicable.]
There is hereby established within the Township of Little Egg Harbor a trust fund to be known as the "Sick Leave Trust Fund" pursuant to N.J.S.A. 11A:6-5 and the regulations of the New Jersey Department of Community Affairs.
The Township Treasurer shall maintain and bear responsibility for the fund in the same manner and to the same extent as other public funds under the Treasurer's care. All interest earned on the fund shall accrue to the fund's principal.
The Treasurer shall annually estimate the probable maximum exposure of the fund during the coming fiscal year. The estimate shall be based on such factors as current salary levels, expressed intentions of employees as to termination, past termination experience and current fund level.
The Township Committee shall include as part of the recommended annual operating budget for the coming fiscal year the amount over and above the current balance in the fund needed to cover the Treasurer's estimate as to fund exposure for the coming fiscal year.
All employees terminating their Township service shall be eligible for payment from the fund of a portion of the accumulated sick leave unless they:
The portion of sick leave to be compensated, and the maximum dollar amount thereof, shall be computed in accordance with the current contract then in effect between the Township and its various employees under collective bargaining agreements.
All valid claims shall be calculated and paid as of the employee's actual date of termination.
In the event that the amount of any valid claim on this fund would exceed the cash balance in the fund at the time payment is due, payment shall be made from the current funds of the operating budget.