N.J. Admin. Code § 5:30-15.5

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:30-15.5 - Accounting for compensated absence funds

(a) A county or municipality may appropriate and reserve funds for the purpose of compensating employees for accumulated absence time in accordance with the following:

1. No funds may be appropriated or reserved unless the local unit has complied with 5:30-15.4(a).

2. The amount to be appropriated is specifically reserved to the governing body. Nothing in this section shall require any specific amount to be appropriated in any given year. In addition:

i. Total appropriations for compensated absences shall not exceed the value of the total accumulated absence, as determined by the chief financial officer of the local unit.

ii. Once appropriated, funds so reserved for compensated absence shall not be used for any other purpose unless so approved by the Local Finance Board.

iii. Current fund appropriations for municipalities and county governments shall be deposited into a dedicated trust fund, pursuant to 40A:4-39.

iv. Funds may be disbursed in accordance with the Local Fiscal Affairs Law, 40A:5-1 et seq., as necessary, to meet the obligations of the employer agreement.

N.J. Admin. Code § 5:30-15.5