ASSEMBLY, No. 1882
STATE OF NEW JERSEY
INTRODUCED JANUARY 28, 2008
Assemblyman LOUIS D. GREENWALD
District 6 (Camden)
Assemblywoman CHARLOTTE VANDERVALK
District 39 (Bergen)
Assemblymen Conners, Chivukula, Senators Sarlo, Singer and Cardinale
†††† Permits three year payoff of accumulated deficits of municipal health insurance funds.
CURRENT VERSION OF TEXT
†††† As amended by the General Assembly on November 17, 2008.
An Act concerning county and municipal budgets and supplementing chapter 4 of Title 40A of the New Jersey Statutes.
†††† Be It Enacted by the Senate and General Assembly of the State of New Jersey:
†††† 1.††† 1[The] Whenever the accumulated deficits of a municipal health insurance fund established pursuant to P.L.1983, c.372 (C.40A:10-36 et seq.) exceed an amount equal to 10% of the current yearís total assessments, the1 commissioners of 1[a municipal health insurance] the1 fund 1[established pursuant to N.J.S.40A:10-6]1 may adopt a resolution declaring a special emergency for the purpose of funding obligations to satisfy 1the1 accumulated deficits of 1the1 employee group insurance programs administered by the fund.† The resolution must be adopted no later than 90 days after the fund year end.† No resolution adopted by the commissioners for the purpose of authorizing special emergency appropriations for the insurance fund shall take effect without the approval of the Local Finance Board and the Commissioner of Banking and Insurance.† The special emergency †1[shall] may1† be funded for 1up to1 three years pursuant to the provisions of either section 3 of P.L.1961, c.22 (C.40A:4-55.3) or section 4 of P.L.1961, c.22 (C.40A:4-55.4).† 1[The special emergency appropriation shall not be subject to the provisions of section 10 of P.L.2007, c.62 (C.40A:4-45.45) and section 11 of P.L.2007, c.62 (C.40A:4-45.46).]1
†††† 2.††† The municipal health insurance fund shall forward a certified copy of the resolution to each fund member and the Local Finance Board and the Commissioner of Banking and Insurance.† The fund shall submit a report to the Local Finance Board and the Commissioner of Banking and Insurance setting forth the elements of the accumulated deficit and provide a detailed plan that will enable the fund to retire the accumulated deficit no later than the last day of the third year following the date of the adoption of the resolution authorizing special emergency appropriations.†
†††† 3.† 1[The municipal health
insurance fund shall provide notice to each member that an ordinance] After a resolution1 authorizing
special emergency appropriations has been approved by the Local Finance Board
and the Commissioner of Banking and Insurance 1the municipal health insurance fund
shall provide notice to each member that the resolution was approved1.† The fundís
annual assessment shall provide sufficient detail to allow each fund
member to determine what portion currently relates to the current fund assessment and what portion relates to the funding of the accumulated deficit.† 1On behalf of members who require relief from the adjusted tax levy provisions of section 10 of P.L.2007, c.62 (C.40A:4-45.45) in order to meet their pro rata share of the deficit assessment, the fund may file a single request for waiver for all members who require such relief.† The Local Finance Board shall be authorized to approve such a consolidated waiver request.1
†††† 4.††† This act shall take effect immediately.