[Adopted 8-7-2000 by Ord. No. 80-0-00; amended in its entirety 9-9-2024 by Ord. No. 13-0-2024]
A Length of Services Awards Program (LOSAP) created in accordance with Chapter 388 of the Laws of 1997, to reward members of the volunteers and ambulance squad members for their loyal, diligent, and devoted services to the residents of the Borough of Wanaque has been a benefit.
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 Wanaque 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 US Internal Revenue Code, and this article.
The LOSAP shall provide for the annual contributions to eligible member that meets the criteria as follows:
A. 
100 points are required for a member to be eligible for an annual contribution;
B. 
Five years of service are required for vesting;
C. 
The annual contribution shall be established at an award of $1,425 per eligible member in 2024. For subsequent years, the contribution will be adjusted in accordance with the Annual Consumer Price Index (CPI) Adjustment as published each January by the Division of Local Government Services Local Finance Notice.
Each active volunteer member shall be credited with points for volunteer services provided to the volunteer fire company/ambulance-first aid squad in accordance with the following schedule:
A. 
Fire Department — See Schedule A.
B. 
First Aid Squad — See Schedule B.
This article shall take effect immediately after final passage and publication in the manner provided by law.