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 Borough's volunteer first responder
agencies, the Wood-Ridge Fire Department and the Wood-Ridge Emergency
Squad, respectively, for their loyal, diligent, and devoted services
to the residents of the Borough of Wood-Ridge.
The LOSAP shall provide for fixed annual contributions to a
deferred income account for each volunteer member that meets the criteria
set forth below; such contributions shall be made in accordance with
a plan that shall be established by the Borough of Wood-Ridge 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 article. The Boards of Officers of the Wood-Ridge
Fire Department and the Wood-Ridge Emergency Squad, respectively,
shall each appoint a member to serve as LOSAP Coordinator of their
respective agency for the purpose of administering the LOSAP point
system.
The LOSAP shall provide for annual contributions to each eligible
member that meets the criteria and point schedule as follows:
A. LOSAP point system. Eighty points are needed for a qualifying year;
120 points for the maximum benefit. Points may be earned and accumulated
through service in either the Fire Department or the Emergency Squad
or a combination of both up to the maximum benefit. Nothing herein
shall be construed as permitting or entitling an individual who is
a member of both the Fire Department and the Emergency Squad as being
eligible for any additional and/or double benefit in excess of that
which is earned by achieving 120 points.
B. Benefit point scale: 80 points minimum, 120 points maximum. Points
are credited based upon participation. The benefit received is based
on the following percentage schedule:
Points Credited
|
Percentage of Benefit Received
|
---|
120 or greater
|
100%
|
115 to 119
|
95%
|
110 to 114
|
90%
|
105 to 109
|
85%
|
100 to 104
|
80%
|
95 to 99
|
75%
|
90 to 94
|
70%
|
85 to 89
|
65%
|
80 to 84
|
60%
|
Below 80
|
0%
|
C. Eligibility. To be an eligible award recipient in the LOSAP plan,
a member must complete five cumulative calendar years, which may be
a combination of service in the Fire Department and the Emergency
Squad. However, individuals who are members of both agencies may not
receive "double credit" for the same period of service, i.e., an individual
serving simultaneously for three years in both the Fire Department
and the Emergency Squad will not be credited with completing six years
of service. Partial years are not to be credited towards the award
but the same shall be credited towards the benefit percentage. If
a member fails to participate in the plan for five years, said member's
funds are to be returned to the Borough's general fund. At such time,
said funds will be totally removed from the LOSAP plan.
D. Partial year credit.
(1) Points may be credited based on partial year participation. The partial
year credit will affect those members who enter or leave the Department
during the calendar year (prior to the end of the plan year, December
31 of each plan year). The points for an incomplete year are prorated
for a full year; the benefit received will be 1/12 of percentage rating
per months of participation.
(2) For example: a person who participates for seven months and accumulates
60 points. Divide 12 by the number of months served (12/7 = 1.71).
Multiply the result by the number of points accumulated (1.71 x 60
= 102). The 102 prorated points fall in the 80% category of benefit
percentage. The participant will receive 7/12 of the 80% of the benefit.
E. Withdrawal. Participants may begin withdrawing funds after reaching
the age determined by the plan administrator or the State of New Jersey.
[Amended 3-8-2023 by Ord. No. 2023-2]
Eligible members shall receive LOSAP points according to a LOSAP
Point Schedule prepared by the LOSAP Coordinator, approved by the
Fire Department Board of Officers, and adopted at a public meeting
by resolution of the Mayor and Council of the Borough of Wood-Ridge.
The estimated cost of the program has been calculated to be
$47,150 per year.
Each active volunteer member shall be credited with points for
services provided to the volunteer Wood-Ridge Fire Department and/or
the volunteer Wood-Ridge Emergency Squad in accordance with the schedule
set forth hereinabove.