[HISTORY: Adopted by the Mayor and Council of the Borough
of Westwood as indicated in article histories. Amendments noted where
applicable.]
[Adopted 3-21-2017 by Ord. No. 17-4]
There is hereby established a trust fund to be known as "The
Self-Insurance Fund for Health Insurance Benefits" (hereafter the
"fund") pursuant to N.J.S.A. 40A:10-1 et seq. and regulations established
by the New Jersey Department of Community Affairs.
The Borough Chief Financial Officer shall remain responsible
and bear responsibility for the fund in the same manner and to the
same extent as other public funds under his/her care. All interest
earned on the fund shall accrue to the fund's principal.
The Borough Administrator and Chief Financial Officer shall
annually estimate the probable maximum exposure of the fund during
the calendar year.
The Borough Administrator and Chief Financial Officer shall
include, as part of the recommended annual operating budget, an amount,
in their opinion, needed to adequately fully fund the employee health
reimbursement account and responsibly estimate the costs associated
with the calendar year.
The Borough Administrator, upon the recommendation of the Borough's
Risk Manager, shall fix reasonable rates of reimbursements for all
insurance carried by the insurance fund to be applied to the various
covered persons and dependent categories, and shall effect all insurance
in the insurance fund or with any insurance company or companies authorized
to do business in the State of New Jersey.
The Borough Council of the Borough of Westwood shall appropriate
such funds as are necessary to accomplish the purposes for which the
Self-Insurance Fund for Group Health Insurance Benefits is established.
