A Length of Service Awards Program (LOSAP) is herewith created
in accordance with Chapter 388 of the Laws of 1997 to reward members of volunteer services for their loyal,
diligent, and devoted services to the residents of the Borough of
Clayton.
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 Clayton 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. Seventy-five points are required for a member to be eligible for
an annual contribution. These points shall be attained pursuant to
the terms and conditions set forth in Schedule A.
B. Five years of service are required for vesting.
[Amended 12-12-2002 by Ord. No. 22-02]
C. The annual contribution shall not exceed $500 per vested member.
If a vested member does not attain 75 points, he or she is not entitled
to a pro rata share.
[Amended 4-9-2009 by Ord.
No. 2-2009]
The estimated cost of the program has been calculated as follows:
A. For regular annual services: $10,000 per year, but not to exceed
$0.01 of the local purpose tax.
There shall not be any credit given for prior volunteer services.
The Mayor shall establish and designate a LOSAP Coordinator
who shall be responsible for the administration of the program.
This chapter shall not take effect unless it is approved by
the voters at the next general election.