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 Colts Neck Fire Department, the Colts Neck Fire Police, and
the Colts Neck First Aid Squad for their loyal, diligent and devoted
services to the residents of Colts Neck Township.
The LOSAP shall provide for fixed annual contributions to a
deferred income account for each active volunteer firefighter or First
Aid 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 Colts Neck 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 U.S. Internal Revenue
Code, and this chapter. The plan shall have the following minimum
provisions:
A. Benefits will become fully vested upon the completion of five years
of active volunteer emergency service.
B. There shall be a forfeiture provision for a break of service of five
consecutive years prior to vesting.
C. Benefits shall be payable after 15 years of service, at age 55, or
upon another qualifying event pursuant to law.
D. As required by N.J.S.A. 40A:14-188, points will be awarded according
to certain criteria. To qualify for an award for a calendar year under
the plan, an active volunteer member shall be required to accrue a
minimum of 60 points in that calendar year.
The LOSAP shall provide for annual contributions to each eligible
active volunteer member that meets the criteria as follows:
A. The amount of the award for a year under the program shall be based
upon the points accrued in a calendar year in accordance with Schedule
A annexed hereto.
B. No person who is an active volunteer of more than one of the eligible
services shall be permitted to receive deferred compensation of more
than $1,150 total compensation per year.
C. Persons serving as members of the Fire Cadets, Police Cadets, First
Aid Cadets, or Woman's Auxiliary shall not be eligible for this
program.
The Colts Neck Township LOSAP shall provide for annual contributions
in the minimum amount of $400 and the maximum amount of $1,150, subject
to periodic consumer price index increases pursuant to law.
The estimated cost of the Colts Neck Township LOSAP program
has been calculated as follows: For annual contributions to active
volunteer Fire and First Aid members, $57,500 (50 eligible volunteers
x $1,150).