[Adopted 11-27-1989 as Ord. No. 89-183]
There is hereby established a trust fund to be known as the
"Retirement, Sick and Terminal Leave Trust Fund," hereinafter referred
to as the "fund," pursuant to the rules and regulations established
by the New Jersey Department of Community Affairs.
The Chief Financial Officer shall maintain and bear responsibility
for the fund in the same manner as other public funds.
All interest earned on the fund shall accrue to the fund's
principal.
The Chief Financial Officer shall annually estimate the probable
maximum exposure of the fund during the coming fiscal year. The Municipal
Financial Officer shall make this estimate on factors including:
A. Expressed employees' intentions to retire or terminate.
B. Current salary levels of such employees.
C. Past retirement experience.
D. Current levels of the fund.
The Township Committee may include, as part of the annual operating
budget for the coming fiscal year, the amount over and above the current
balance in the fund needed to cover the estimate of the Chief Municipal
Financial Officer as the fund exposure for the current fiscal year.
All employees retiring or terminating from employment with the
Township of Dennis will be eligible for payment from the fund pursuant
to current township policy relating to retirement and terminal leave
benefits.
In the event that the amount of any valid claim for retirement
or terminal leave benefits would exceed the cash balance in the fund
at any given time, payment may be made from the township's current
fund or operating budget at the Township Committee's discretion.