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Township opens PLGIT account for payroll transfers to avoid fees
Summary
The board authorized opening a general fund account through PLGIT for payroll direct-deposit transfers and approved allowing the Secretary to transfer funds between accounts as necessary.
Morris Township opened a new general fund account through the Pennsylvania Local Government Investment Trust (PLGIT) to be used for payroll direct-deposit transfers, which are not charged fees. Chairman Bracey moved to authorize the Secretary to transfer between funds as needed; Supervisor Coffield seconded and the motion was approved 3-0.
Minutes state that the PLGIT account will be used specifically for payroll direct-deposit transfers to minimize transaction fees. The board did not provide further detail on account balances or transfer thresholds during the meeting.
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