A Length of Service Awards Program (LOSAP) is
hereby created in accordance with Chapter 388 of the Laws of 1997,
to reward members of the Hardyston Township Volunteer Fire Department
and the Hardyston Township First Aid Squad for their loyal, diligent
and devoted services to the residents of the Township of Hardyston.
The LOSAP shall provide for fixed annual contributions
to a deferred income account for each volunteer member who meets the
criteria set forth below; that such contributions shall be made in
accordance with a plan that shall be established by the Township of
Hardyston pursuant to P.L. 1997, c. 388; and that such plan shall
be administered in accordance with the laws of the State of New Jersey,
the United States Internal Revenue Code and this chapter.
The LOSAP shall provide for annual contributions
to each member who meets the following criteria:
A. A minimum of 528 annual service points are required
for a member of the Hardyston Township First Aid Squad to be eligible
for an annual contribution to the LOSAP program, calculated in accordance
with the Hardyston Township First Aid Squad LOSAP Service Point System,
annexed as Schedule 1 of this chapter.
B. A minimum of 100 annual service points are required
for a member of the Hardyston Township Volunteer Fire Department to
be eligible for an annual contribution to the LOSAP program, calculated
in accordance with the Hardyston Township Volunteer Fire Department
LOSAP Service Point System, annexed as Schedule 2 of this chapter.
Five years of service from the effective date
of this chapter, not necessarily consecutive, shall be required for
vesting.
The Township's annual contribution shall be
$500 per eligible member.
The estimated cost of this program has been
calculated at $50,000 per year.