A.
A Length of Service Award Program (LOSAP) is herewith created in accordance with P.L. 1997, c. 388, to reward members of the Fire Companies and First Aid and EMS Squads of the Township of Lacey for their loyal, diligent and devoted services to the residents of the Township of Lacey.
B.
The LOSAP shall provide for fixed annual contributions to a deferred-income account for each volunteer member that meets the criteria set forth herein. Such contributions shall be made in accordance with a plan that shall be established by the Township of Lacey pursuant to P.L. 1997, c. 388, and said plan shall be administered in accordance with the laws of the State of New Jersey, the United States Internal Revenue Code and this chapter.