A Length of Service Awards Program ("LOSAP") is herewith created
in accordance with Chapter 338 of the Laws of 1997, to reward members
of the Borough, all of whom are volunteer firefighters and/or rescue
squad members, for their loyal, diligent and devoted services to the
residents of the Borough of Wenonah, effective January 1, 2003.
The LOSAP shall provide for fixed annual contributions to a
deferred income account for each volunteer firefighter and/or rescue
squad member that meets the criteria set forth below; that such contributions
shall be made in accordance with a plan that will be established by
the Borough of Wenonah 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 U.S. Internal Revenue Code,
and this ordinance.
The LOSAP shall provide for annual contributions to each active
eligible member that meets the following criteria and as set forth
in Schedule "A" attached hereto:
A. Must be a minimum of 18 years of age.
B. A minimum of 75 points is required for an active member to be eligible
for an annual contribution (see Schedule A).
C. Active eligible members shall be vested after five years of service
upon commencement of the LOSAP program.
D. The annual contribution shall be $1,000 per active eligible member
with a maximum annual contribution, including prior service credit,
of $1,150.
E. The LOSAP shall provide for contributions as credit not to exceed
10 years of prior years services for each eligible volunteer in accordance
with the following schedule:
An active eligible member shall receive prior years service
credit payable at the rate of $150 per year, up to and not exceeding
$1,500.
The estimated cost of the program has been calculated as follows:
A. For regular annual services: $27,000 per year.
B. For contributions for prior years service: $5,700 per year for an
estimated 10 years.
Each active volunteer member shall be credited annually on December
31st with points for volunteer services provided to the volunteer
fire companies in accordance with the following schedule: (See Schedule
A annexed hereto.)