A Length of Service Awards Program (LOSAP) is
herewith created in accordance with Chapter 388 of the Laws of 1997,
to reward members of the volunteer firefighters and ambulance corps
members for their loyal, diligent, and devoted services to the residents
of the Borough of Dumont.
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 Dumont 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 U.S. Internal Revenue Code, and this chapter.
The LOSAP shall provide for annual contributions
to each eligible member that meets the criteria as follows:
A. Achieve minimum service levels to be eligible for
an annual contribution;
B. Five years of service are required for vesting;
C. The annual contribution shall be $600 per eligible
member.
The estimated cost of the program has been calculated
as follows:
A. For regular annual services, $600 per member is $72,000
per year.
B. For contributions for prior years' service: $33,550
per year for an estimated 11 years.
Each active volunteer member shall be credited
for one year of volunteer service provided to the volunteer fire company/ambulance
corps in accordance with the following schedule:
A. Fire Department: see Schedule A.
B. Ambulance Corps: see Schedule B.
This chapter shall not take effect unless it
is approved by voters as a public question at the next general election.