A Length of Service Awards Program (LOSAP) is hereby created
in accordance with Chapter 388 of the Laws of 1997, to reward members
of the Edgewater Volunteer Fire Department and Edgewater Volunteer
First Aid Squad for their loyal, diligent and devoted services to
the residents of the Borough of Edgewater.
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 Edgewater
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 article.
The LOSAP shall provide for annual contributions to each member
that meets the criteria as follows:
A. Any volunteer who accumulates 100 points in a calendar year will
be considered an active volunteer for that year and therefore eligible
for the full benefit amount.
B. To be eligible, the volunteer must complete all requirements mandated
by law.
C. The annual contributions shall be:
(1) Six hundred dollars for the year 2001.
(2) Nine hundred dollars for the year 2002.
(3) One thousand one hundred fifty dollars for the year 2003 and thereafter.
D. Five years of service are required for vesting.
E. Pursuant to N.J.S.A. 40A:14-185f, the maximum annual contribution
may be increased, from time to time, without public hearing or public
question, by resolution, provided such increased contribution does
not exceed a number calculated by multiplying the original contribution
as approved by public question by the consumer price index factor
as more particularly detailed in the aforesaid salary provision.
[Added 5-15-2006 by Ord. No. 1335-2006]
[Amended 10-21-2002 by Ord. No. 1252-2002]
The LOSAP shall provide for contributions as credit for no more
than 10 years of prior years of service for each eligible volunteer
at the rate of $600 per year.
The estimated cost of the program has been calculated as follows:
A. For regular annual service:
(1) Forty-nine thousand two hundred dollars for year 2001.
(2) Seventy-three thousand eight hundred dollars for year 2002.
(3) Ninety-four thousand three hundred dollars for year 2003 and thereafter.
B. For prior years' service, an estimated $32,742 per year with contribution
in accordance with law.
[Amended 10-21-2002 by Ord. No. 1252-2002]
Each active volunteer member shall be credited with points for
volunteer services provided to the Edgewater Volunteer Fire Department
and the Edgewater Volunteer First Aid Squad in accordance with the
following schedule:
A. Volunteer Fire Department: Schedule A.
B. Volunteer First Aid Squad: Schedule B.