[Ord. No. 138 §§ 1—4; Ord. No. 314 § 1]
The full-time employees of the Borough shall receive a longevity
increment in addition to their base salary or compensation to the
extent that they qualify under the terms and conditions of the longevity
plan hereinafter set forth.
a.
Longevity shall accrue at the rate of one-half of one (.005%) percent
of current base salary per service year. This longevity increment
shall be on an annual basis beginning on January 1st in the year after
the employees' service anniversary occurs. However, no such increment
shall be paid until the employee shall have accrued five years of
longevity; as of January 1st following the employee's fifth anniversary
a longevity increment equal to two and one-half (2 1/2%) percent
of annual base salary shall be paid to the employee as an addition
to salary.
b.
No longevity shall accrue after the employee's twentieth (20th)
service anniversary.
c.
All longevity increments computed under this plan shall be rounded
off to the nearest dollar. If the fraction is exactly 50/100, the
higher dollar shall be used.
d.
Only full-time employees of the Borough shall receive a longevity
increment in addition to their base salary or compensation to the
extent that they qualify under the terms and conditions of the longevity
plan hereinafter set forth.
[Ord. No. 380 §§ 1,2]
a.
Findings.
The Borough of Interlaken deems it appropriate to provide certain
assistance with retirement benefits for retirees who have served the
Borough for many years but have not reached the age of 65 and are,
therefore, not yet eligible for Medicare.
b.
Allowance
for Insurance. Pursuant to N.J.S.A. 40A:10-23, any employee who has
reached the age of 62 and has served the Borough of Interlaken for
at least 35 years in full-time capacity shall be eligible for an allowance
paid by the Borough toward his or her health care coverage in the
amount of $5,000 per year for a maximum period of three years, provided
also that this employee has no other health coverage available to
him or her. This allowance shall terminate when an employee reaches
65 years of age.
c.
Additional
Costs to Be Paid by Employees. Additional cost of coverage over $5,000
shall be paid by the employee to the insurance carrier of the Borough
as determined by the insurance carrier. In the event that the co-payment
is not so paid, coverage may be terminated.
