[HISTORY: Adopted by the Township Committee of the Township of Colts Neck 8-13-2003. Amendments noted where applicable.]
Editor's Note: This ordinance was approved at referendum 11-4-2003 with an effective date of 1-1-2004.
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 and Colts Neck First Aid Squad for their loyal, diligent and devoted services to the residents of the Township of Colts Neck.
The LOSAP shall provide for fixed annual contributions to a deferred income account for each active volunteer fire fighter or first aid squad member who meets the criteria set forth below; that such contributions shall be made in accordance with a plan that will be established by the Township of Colts Neck 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:
Benefits will become fully vested upon the completion of five years of active volunteer emergency service.
There shall be a forfeiture provision for a break of service of five consecutive years prior to vesting.
Benefits shall be payable after 15 years of service, at age 55, or upon another qualifying event pursuant to law.
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:
No person who is an active volunteer of both the First Aid Squad and Fire Department shall be permitted to receive deferred compensation of more than $1,150, total compensation per year.
Persons serving as members of the Fire Police, 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; $57,500.00 (50 eligible volunteers x $1,150).