[HISTORY: Adopted by the Mayor and Council of the Borough of Wallington 7-22-2004 by Ord. No. 2004-07. Amendments noted where applicable.]
A Length of Service Awards Program (LOSAP) is herewith created in accordance with Chapter 388 of the Laws of 1997 to reward members of the Wallington Fire Department and the Wallington Emergency Squad, all of who are volunteer firefighters and/or emergency squad members, for their loyal, diligent and devoted services to the residents of the Borough of Wallington.
Editor's Note: See N.J.S.A. 40A:14-183 et seq.
The LOSAP shall provide for fixed amount contributions to a deferred income account for each volunteer member that meets the criteria set forth in Schedule A; such contributions shall be made in accordance with a plan that shall be established by the Borough of Wallington pursuant to P.L. 1997, c. 388; and such plan shall be administered in accordance with the laws of the State of New Jersey, the U.S. Internal Revenue Code, and this chapter.
The LOSAP shall provide for annual contributions to each eligible member that meets the criteria as follows:
[Amended 1-22-2009 by Ord. No. 2009-03]
Five years of service is required for vesting.
The maximum annual contribution of $1,150, plus consumer price index each year, per eligible member.
The estimate cost of the program has been calculated as follows:
There will be no contributions given for prior years of service.