[Adopted 1-20-2004 by Ord. No. 1319-2003]
A Length of Service Award Program ("LOSAP") is hereby created in accordance
with the Emergency Service Volunteer Length of Service Award Program Act (N.J.S.A.
40A:14-183 et seq.) to reward volunteer members of the Cape May Fire Department
for their loyal, diligent and devoted services to the residents of the City
of Cape May.
The LOSAP shall provide for fixed annual contributions to a deferred
income account for each volunteer member who meets the criteria set forth
below; that such contributions shall be made in accordance with a plan that
shall be established by the City of Cape May pursuant to 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 US Internal Revenue Code, and this article.
The LOSAP shall provide for annual contributions to each eligible member
who earns 50 points in any calendar year based upon the criteria set forth
on Schedule A attached hereto.
The annual contribution shall be $1,150 per eligible member.
No credit for service rendered prior to the establishment of this service
award program shall be provided under this article.
Five years of active participation is required prior to a volunteer
being eligible to receive payment of award contributions.
The estimated total amount to be budgeted for the program has been calculated
to be $23,000 per year based on 20 eligible volunteers.
Under this Length of Service Award Program, a system would be established
by the City of Cape May to provide tax-deferred income benefits to active,
qualified volunteer members of the Cape May Fire Department, by means of investment
in those products permitted pursuant to N.J.S.A. 43:15B-3.