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Can the ECS or acting ECS approve annuities in a contract?

April 26, 2017acting annuities approve contract ECS

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Can the ECS or acting ECS approve annuities in a contract?

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A8. No, except for new contracts that replace expired contracts for which an annuity was included in the expired contract for the same administrator in the same district. An annuity for this purpose refers to a financial instrument in which the board of education invests funds on a tax-deferred basis in the name of an employee to be distributed back to the employee in the future. Sick and Vacation Q9. Are the P.L. 2007, chapter 92 (pensions law) caps on unused sick leave and vacation leave applicable to superintendents, assistant superintendents, deputy superintendents and business administrators? A9. Yes. The contractual provisions regarding accumulated unused sick and vacation leave and supplemental compensation for such leave must be consistent with N.J.S.A. 18A:30-3.5 and 18A:30-9.