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:
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 both the First
Aid Squad and Fire Department shall be permitted to receive deferred compensation
of more than $1,150, total compensation per year.
C. 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).