A Length of Service Awards Program (LOSAP) is herewith created
in accordance with Chapter 388 of the Laws of 1997 (N.J.S.A. 40A:14-183
et seq.) to reward members of the Volunteer Fire Department and Volunteer
Emergency Squad for their loyal, diligent, and devoted services to
the residents of the Township.
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 Township pursuant to
P.L. 1997, c. 388 (N.J.S.A. 40A:14-183 et seq.); 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 initially set forth as the point
system schedule held in the Township Clerk's office and as thereafter
may be modified by the Township Council.
The estimated cost of the program for regular annual services
is $50,000 to $60,000 per year.