New Jersey S1129 allows municipalities and counties to issue bonds to fund the buy-out of accumulated leave time to reduce future terminal leave.
New Jersey S1129 amends the state's borrowing laws to allow municipalities and counties to issue bonds for the buy-out of accumulated leave time. This measure aims to reduce future terminal leave expenses by purchasing accrued leave time at current rates, which would be more expensive if officers and employees retire in the future when their compensation has increased. The cost of bonding is required to be less than the cost of borrowing at the time the obligations to convert the accrued leave time to money are anticipated to occur.
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