There is hereby established in the Township
of Wall, the Wall Township Self-Insurance Fund for Health Benefits.
The fund established in §
45-1 herein shall be to provide contributory or noncontributory self-funded, or partially self-funded, health benefits to Township employees, their dependents, or both in accordance with rules and regulations of the Director of the Division of Local Government Services in the Department of Community Affairs.
The Township Committee of the Township of Wall
shall appropriate such funds as are necessary to accomplish the purposes
for which the Wall Township Self-Insurance Fund for Health Benefits
is established.
The minimum amount to be held in said fund for
the remainder of the 2007 budget year shall be such funds as the Chief
Financial Officer certifies are available from Account No. 70123220000298
- Employee Group Insurance and Account No. 70954502000536 - Other
Insurance. Beginning in the 2008 budget year, there shall be a minimum
amount of $3,400,000 appropriated for said fund.
[Amended 2-27-2013 by Ord. No. 3-2013]
The Mayor shall appoint three Township officials,
who may be members of the governing body, to serve as Insurance Fund
Commissioners. The Mayor shall appoint a person to serve as Secretary
to the Commission who shall serve at the pleasure of the Township
Committee of the Township of Wall. The Commissioners shall hold office
for two years or the remainder of their term of office as officials,
whichever shall be less, and until their successors shall have been
duly appointed and qualified. The Commissioners shall serve without
compensation. The salary of the Secretary shall be set by the salary
ordinance authorized by the Township Committee.
Vacancies in the office of Insurance Fund Commissioners
caused by any reason other than expiration of term as an official
shall be filled for the unexpired term. Vacancies in the position
of Secretary shall be filled in the manner of the original appointment.
The Commissioners shall have the following powers
and authority:
A. Employ necessary clerical assistants, whose compensation
shall be fixed and paid by the Township in the same manner as is that
of other employees of the Township;
B. Invest the fund and all additions and accretions thereto
in such securities as they shall deem best suited for the purposes
of the fund;
C. Adopt rules and regulations for the control and investment
of the fund;
D. Fix reasonable rates of premium for all insurance
carried by the Insurance Fund, and shall effect all insurance in the
Insurance Fund or with any insurance company or companies authorized
to do business in this state;
E. Collect and incorporate into the fund employee contributions
for health benefits which are made pursuant to applicable Township
ordinances or contracts;
F. The Secretary to the Insurance Fund Commission shall
be entrusted with the daily operation of the Insurance Fund and shall
submit a report to the Commissioners at least once a month.