[HISTORY: Adopted by the Township Committee of the Township of Wall 12-12-2007 by Ord. No. 28-2007. Amendments noted where applicable.]
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.