A Length of Service Awards Program (LOSAP) is
hereby created in accordance with Chapter 388 of the Laws of 1997
(N.J.S.A. 40A:14-183 et seq.) to reward the active volunteer fire
fighters of the City of Garfield Volunteer Fire Department for their
loyal, diligent and devoted services to the residents of the City
of Garfield.
The Length of Service Awards Program shall provide
for fixed annual contributions to a deferred income account for each
volunteer member that meets the criteria set forth in the LOSAP eligibility
document, designated as "Exhibit A" and attached hereto and made a
part of this article; such contributions shall be made in accordance with a
plan that shall be established by the voters of the City of Garfield
pursuant to P.L. 1997, c. 388; and such plan shall be administered
in accordance with the laws of the State of New Jersey, the U.S. Internal
Revenue Code and this article.
The Length of Service Awards program shall provide
for annual contributions to each eligible active volunteer firefighter
that meets the eligibility criteria as set down in Section A of the
LOSAP eligibility document, designated as "Exhibit A" and attached
hereto and made a part of this article.
The estimated annual cost of the program for
annual services has been calculated to be $201,250. The maximum amount
to be credited to any qualified individual shall not exceed $1,150,
subject to periodic increases approved by the New Jersey Division
of Local Government Services.
Each active volunteer member shall be credited
with points for volunteer services provided to the volunteer fire
company in accordance with the schedule provided in Section B of the
LOSAP eligibility document designated as "Exhibit A" as made a part
of this article.
This article shall not take effect unless it
is approved by the voters of the City of Garfield as a public question
to be placed on the ballot at the next general election to be held
November 5, 2002.
Upon approval of the voters of the City of Garfield
at the general election, the City Council of the City of Garfield
is hereby authorized to enter into a plan agreement with an organization
approved and qualified to administer and manage Deferred Compensation
and Length of Service Awards Programs for the establishment of member
accounts pursuant to the laws of the State of New Jersey, the United
States Internal Revenue Service and the provisions of this article.
Pursuant to the adoption of this article, the
City Council of the City of Garfield shall establish a separate line
item appropriation within the 2003 municipal budget and appropriate
such funds as anticipated to cover the cost of the first year's program
costs.