[Adopted 12-3-2001 by Ord. No. 2001-20 (Ch. 25, Art. II of the 1971 Code)]
A Length of Service Awards Program (LOSAP) is herewith created in accordance with Chapter 388 of the Laws of 1997[1] to reward members of the Palmyra Fire Department for their loyal, diligent and devoted services to the residents of the Borough of Palmyra.
[1]
Editor's Note: See N.J.S.A. 40A:14-183 et seq.
[Amended 4-15-2013 by Ord. No. 2013-8]
The LOSAP shall provide for fixed annual contributions to a deferred income account for each volunteer member that meets the criteria set forth below. Such contributions shall be made in accordance with a plan that shall be established by the Borough of Palmyra 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 United States Internal Revenue Code, and this article. The annual contribution payable by Palmyra to eligible members of the Palmyra Fire Department under LOSAP shall be subject to an automatic annual increase equivalent to the annual increase in the Consumer Price Index ("CPI") for the prior year as determined by the Director pursuant to N.J.S.A. 40A:14-185f.
The estimated cost of the program has been calculated as follows: for regular annual services, $30,800 per year.
A. 
This article shall not take effect unless it is approved by the voters as a public election to be scheduled for November 5, 2002.
[Amended 5-13-2002 by Ord. No. 2002-4]
B. 
The following referendum question shall be submitted to the voters of the Borough of Palmyra:
Shall the Borough of Palmyra be authorized to establish a Length of Service Awards Program for the Palmyra Fire Department that serves the Borough of Palmyra, pursuant to the following terms and conditions:
(1)
The program shall provide for annual contributions to a deferred income account for each active volunteer member that meets the eligibility criteria and in accordance with the schedule adopted by the Borough of Palmyra and set forth in the attached Schedule A.
(2)
The maximum proposed annual contribution for an active volunteer is $700 per year and may be subject to increase pursuant to N.J.S.A. 40A:14-185f due to increases in the consumer price index.
(3)
The estimated cost of the program has been calculated as follows:
(a)
For regular annual services: $30,800 per year based upon 44 volunteers.
EXPLANATORY STATEMENT
The Borough of Palmyra has decided to create a Length of Service Awards Program (LOSAP) for members of the Palmyra Fire Department that serve the citizens of Palmyra. The general requirements of a LOSAP are set forth in state law (N.J.S.A. 40A:14-183 et seq).
Each volunteer fire fighter that performs the minimum amount of service and accumulates the minimum number of points will have a maximum amount of $700 deposited into a tax-deferred income account that will earn interest for the volunteer; the aforesaid sum may be subject to increase pursuant to N.J.S.A. 40A:14-185f as a result of increases in the consumer price index.
The cost will be budgeted annually in the budget of the Borough of Palmyra and is anticipated to be $30,800 per year. The plan adopted by the Borough of Palmyra provides that a volunteer may earn up to 10 years of previous volunteer service.
Additional information on the program may be found in Ordinance No. 2001-20 adopted by the Borough of Palmyra, which is available for inspection along with a copy of the state enabling law at the Borough of Palmyra, Borough Clerk's office, between 9:00 a.m. and 4:00 p.m. Monday through Friday.