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

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