[Amended 6-14-2022 by Ord. No. 2022-8]
A length of service award program (LOSAP) is
herewith established in accordance with Chapter 388 of the Laws of
1997, to reward volunteer fire fighters and emergency medical
service providers within the Indian Mills Fire Company and Shamong
residents volunteering for Tabernacle Rescue Squad for their loyal,
diligent, and devoted services to the residents of Shamong Township.
The LOSAP shall provide the 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 Township 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 estimated cost of the program has been calculated
as approximately $38,000 per year, which assumes that all potentially
active volunteers will obtain maximum contributions annually.