[HISTORY: Adopted by the Township Committee of the Township of Dennis: Art. I, 11-27-1989 as Ord. No. 89-183. Amendments noted where applicable.]
[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.
A. 
All valid claims shall be calculated as of the employee's actual date of retirement or termination.
B. 
The township reserves the right to pay such benefits within a reasonable time, allowing for due processing of said claims, unless otherwise specified in a written agreement.
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.