[HISTORY: Adopted by the Mayor and Council of the Borough of Westwood as indicated in article histories. Amendments noted where applicable.]
[Adopted 3-21-2017 by Ord. No. 17-4]
There is hereby established a trust fund to be known as "The Self-Insurance Fund for Health Insurance Benefits" (hereafter the "fund") pursuant to N.J.S.A. 40A:10-1 et seq. and regulations established by the New Jersey Department of Community Affairs.
The Borough Chief Financial Officer shall remain responsible and bear responsibility for the fund in the same manner and to the same extent as other public funds under his/her care. All interest earned on the fund shall accrue to the fund's principal.
The Borough Administrator and Chief Financial Officer shall annually estimate the probable maximum exposure of the fund during the calendar year.
The Borough Administrator and Chief Financial Officer shall include, as part of the recommended annual operating budget, an amount, in their opinion, needed to adequately fully fund the employee health reimbursement account and responsibly estimate the costs associated with the calendar year.
The Borough Administrator, upon the recommendation of the Borough's Risk Manager, shall fix reasonable rates of reimbursements for all insurance carried by the insurance fund to be applied to the various covered persons and dependent categories, and shall effect all insurance in the insurance fund or with any insurance company or companies authorized to do business in the State of New Jersey.
The Borough Council of the Borough of Westwood shall appropriate such funds as are necessary to accomplish the purposes for which the Self-Insurance Fund for Group Health Insurance Benefits is established.