121-22 Agreement for Chief Financial Officer - 2022.pdf

ARTICLE VIII – RETIREMENT The Employee shall retain all pension rights under New Jersey law and ordinances of the Township of West Orange. 9

ARTICLE IX – DURATION OF AGREEMENT This Agreement shall become effective on January 1, 2022 and shall terminate on December 31, 2024. All provisions contained herein shall be retroactive to the effective date of this Agreement. 10

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures as of this __th day of _________, 2022. ATTEST: THE TOWNSHIP OF WEST ORANGE, a Municipal Corporation in the County of Essex, State of New Jersey ________________________________ ____________________________________ ROBERT D. PARISI, MAYOR ATTEST: ________________________________ ____________________________________ John O. Gross, Chief Financial Officer 11

Attachment A 12

CHIEF FINANCIAL OFFICER TERM SHEET FOR EMPLOYMENT CONTRACT TERM The term of this agreement shall be from January 1, 2022 through December 31, 2024. RETENTION OF BENEFITS Except as otherwise provided herein, all rights, privileges, economic and non-economic benefits including but not limited to the provision of Health Benefits, Prescription Plan, Dental Insurance, Paid Time Off (PTO), PERS Pension and Accumulated Sick Time Payout at retirement which the Chief Financial Officer has heretofore enjoyed and is presently enjoying or shall enjoy as a tenured statutory employee, shall be maintained and continued by the Township during the term of this Agreement at not less than the highest standards in effect at the commencement of these negotiations resulting in this Agreement. The provisions of all municipal ordinances and resolutions, except as specifically modified herein, shall remain in full force and effect during the term of this Agreement and shall be incorporated in said Agreement as if set forth herein at length. MONETARY COMPENSATION a. Pensionable Base Salary for the Chief Financial Officer shall be $265,412. In addition, the Pensionable Base Salary for the Chief Financial Officer shall subject to adjustment through the Term of this agreement so that the Pensionable Base Salary shall be 1% higher than the second highest pensionable base salary for any employee of the Township. b. The Township will fund a Pensionable deferred compensation salary bi-weekly contribution to a 457-Deferred Compensation account designated by the Chief Financial Officer in an amount equal to the IRS Maximum Special 457(b) Catch Up Deferral, not exceeding an amount equal to two times the IRS Maximum Elective Deferral for the life of this contract. NON-MONETARY BENEFITS Non-Monetary Benefits for the Chief Financial Officer shall be adjusted to include Vacation, Sick Time and Personal Day accruals equal to the max accrual awarded to any other employee. 13

RETIREMENT HEALTH BENEFITS Upon retirement with 25 or more years of creditable PERS pension service, the Chief Financial Officer shall be provided with full health and prescription benefits at no premium cost to him or his spouse & eligible dependents from the date of his retirement until his death or until his current or future spouse’s death, whichever occurs last. Additionally, the Township will reimburse the Chief Financial Officer any Medicare premiums for Medicare Part A, Part B or Part D, including any Income Related Monthly Adjustment Amount (IRMAA) assessment made by the Social Security Administration or its successor. These benefits shall remain equal to or better than the benefits received by the Chief Financial Officer and his family as of the last date of service to the Township. When Chief Financial Officer qualifies for Medicare, benefits will become secondary to Medicare while his Spouse and dependents will continue to receive full coverage until children reach the age of 26. When his spouse or disabled children become eligible for Medicare, they will become secondary to Medicare. Child Dependents who are disabled before aging out will retain coverages until the death of the Chief Financial Officer and his Guardian spouse, whichever occurs last. OTHER CONSIDERATIONS All future rights privileges, economic and non-economic benefits bestowed upon any other Township non-uniformed employee will automatically be made available to the Chief Financial Officer without further negotiations for the life of this contract once approved by the Mayor. 14