The Clerk-Treasurer shall create a non-reverting fund to be known as "The Town of Schererville Employee Benefit Fund" in a financial institution of the Clerk-Treasurer's choice in which to deposit funds which will be employed to provide and pay for benefits under this (self-funded employee benefit) plan further addressed in Section 2-203 of this Code. This fund shall be an interest bearing account at the highest possible interest available under the terms of this plan. All such earned interest shall belong to said fund in its entirety. Monies which may be paid into this fund include monies assessed from Town Departments and monies collected from employees under a plan whereby employees may be required to contribute to the fund in order to belong to the plan and benefit from it. Monies may only be expended from this fund for the payment of claims arising from retained risk, premiums for life insurance, and any stop loss coverages deemed necessary, and all incidental costs associated with health, life, or other insurance policies are in force for the Town of Schererville and its employees.
(Ord. No. 1093, § 4, 12-14-88)