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 Volunteer Fire fighters and Ambulance
Corps members for their loyal, diligent and devoted services to the
residents of the Borough of Northvale.
The LOSAP shall provide for fixed annual contributions
to a deferred-income account for each volunteer member that meets
the criteria set forth below; that such contributions shall be made
in accordance with a plan that shall be established by the Borough
of Northvale 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 eligible member that meets the criteria as follows:
A. Achieves minimum service levels to be eligible for
an annual contribution.
B. Five years of service are required for vesting.
C. The amount of the 2016 annual contribution for each
eligible member shall be $843.29.
[Amended 5-12-2016 by Ord. No. 960-2016; 3-8-2017 by Ord. No. 971-2017]
D. Beginning in the year 2017, the annual contribution for each eligible
member shall automatically be increased by the same amount as the
percentage increase in the consumer price index factor as set by the
Director of the State of New Jersey, Division of Local Government
Services.
[Added 5-12-2016 by Ord.
No. 960-2016; amended 3-8-2017 by Ord. No. 971-2017]
The estimated cost of the program has been calculated
as follows:
A. For regular annual services: $45,000 per year.
B. For contributions for prior years service: $31,000
per year for estimated 11 years.
Each active volunteer member shall be credited
for one year of volunteer service provided to the Volunteer Fire Department
or Ambulance Corps in accordance with the following schedule:
A. Fire Department: see Schedule A.
B. Ambulance Corps: see Schedule B.
This chapter shall not take effect unless it
is approved by voters as a public question at the next general election.