[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.
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.
No longevity shall accrue after the employee's twentieth (20th) service anniversary.
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.
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]
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.
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.
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.