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 department and volunteer first
aid squad for their loyal, diligent and devoted service to the residents
of the Township of East Hanover.
The LOSAP shall provide for fixed annual contributions
to a deferred income account for each volunteer member who meets the
criteria set forth in Schedules A and B attached hereto and made a
part hereof as if written in full herein. The contributions shall be made in accordance with a plan
that shall be established by the Township of East Hanover 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 chapter. The maximum annual contribution shall
be $1,150 per eligible member. The maximum contribution amount may
be increased from time to time without public hearing or public question,
provided the increased contribution does not exceed a number calculated
by multiplying the original contribution by the consumer price index
factor as issued by the United States Department of Labor for the
New York metropolitan area for all goods and services.
In order to be eligible to participate in the
LOSAP, a volunteer must be considered to be a member in good standing
(as defined in the bylaws of the Fire Department or First Aid Squad,
as the case may be) for the majority of the calendar year.
The estimated maximum annual cost of the program
has been calculated at $69,000. This cost is based on an estimated
60 eligible volunteers at the maximum contribution level.
Each active volunteer member shall be credited
with points for volunteer service provided to the volunteer squads
in accordance with Schedule A (East Hanover First Aid Squad) and Schedule
B (East Hanover Fire Department), attached hereto and made a part hereof; provided, however,
that years of service prior to 2001 shall be compensated at 50% of
the dollar amounts set forth in said schedules.