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:
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(1)
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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.
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(2)
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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.
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(3)
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The estimated cost of the program has been calculated
as follows:
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(a)
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For regular annual services: $30,800 per year
based upon 44 volunteers.
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EXPLANATORY STATEMENT
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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).
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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.
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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.
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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.
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