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 Folsom Borough Fire Company, all of whom
are volunteer firefighters, for their loyal, diligent and devoted services
to the residents of the Borough of Folsom.
The LOSAP shall provide for fixed annual contributions to a deferred
income account for each volunteer firefighter that meets the criteria set
forth below; that such contributions shall be made in accordance with a plan
that will be established by the Borough of Folsom pursuant to P.L. 1997, Ch.
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 US Internal Revenue
Code, and this chapter.
The LOSAP shall provide for contributions as credit for no more than
five years of prior years' services for each eligible volunteer in accordance
with the following schedule:
A. An active member with one or more years of eligible prior
service shall receive credit of $500 for each year of eligible prior service
up to a maximum of five years of such credit.
The estimated cost of the program has been calculated as follows:
A. For regular annual services: $5,000 per year.
B. For contributions for prior years' service: $25,000.
Each active volunteer member shall be credited with points for volunteer
services provided to the volunteer fire company in accordance with the following
schedule: (see Schedule A annexed hereto).
This chapter shall not take effect unless it is approved by voters as
a public question at the next general election.
The following referendum question shall be submitted to the voters of
the Borough of Folsom at the November 6, 2001, general election:
Shall the Borough of Folsom be authorized to establish a Length of Service
Awards Program for the volunteer firefighters that serve the Borough pursuant
to the following terms and conditions:
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(1)
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The program shall provide for annual contributions to a deferred income
account for each active volunteer member that meets the eligibility criteria
and in accordance with the schedule adopted by the Borough of Folsom.
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(2)
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The program shall provide for contributions as credit for no more than
five years from prior years' services for each eligible volunteer.
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(3)
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The proposed annual contribution for an active volunteer member is $500.
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(4)
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The estimated cost of the program has been calculated as follows:
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(a)
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For regular annual services: $5,000 per year.
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(b)
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For contributions for prior years' service: $25,000.
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