New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 30 - LOCAL FINANCE BOARD › Subchapter 14 - EMERGENCY SERVICE VOLUNTEER LENGTH OF SERVICE AWARD PROGRAM › Section 5:30-14.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter, shall
				  have the following meanings, unless the context clearly indicates otherwise:
"Accounting date" means the annual date at the close of the fiscal
				  year when the sponsoring agency provides an accounting of its length of service
				  award agreement and apprises all participants of the value of their accounts.
"Active volunteer member" means a person who has been so
				  designated by the governing board of a duly created emergency service organization
				  and who is faithfully and actually performing volunteer service in that
				  organization.
"Beneficiary" means the person, persons or legal entity designated
				  by a participant to receive any undistributed compensation which becomes payable in
				  the event of a participant's death.
"Complete application package" means the documentation to be
				  submitted to the Director by a contractor for approval of a prototypical length of
				  service award plan agreement which may include other supporting documentation as
				  required.
"Contractor" means any person or entity, other than the sponsoring
				  agency, authorized to do business in New Jersey, that provides investments or
				  services or both regarding the sponsoring agency's length of service award plan
				  agreement.
"Director" means the Director of the Division of Local Government
				  Services within the Department of Community Affairs.
"Division" means the Division of Local Government Services within
				  the Department of Community Affairs.
"Emergency service organization" means a fire or first aid
				  organization, whether organized as a volunteer fire company, volunteer fire
				  department, fire district or duly incorporated emergency service squad.
"Emergency service squad" means a duly incorporated volunteer
				  first aid, emergency or volunteer ambulance or rescue squad association.
"Independent auditor" means a registered municipal accountant for
				  a municipality or county pursuant to
				  40A:5-4, or a certified public
				  accountant for a fire district pursuant to
				  40A:5A-15.
"Joinder agreement" means the document signed by a participant to
				  authorize participation in a length of service award program.
"Length of service award program" or "LOSAP" means a system
				  established to provide tax-deferred income benefits to active volunteer members of
				  an emergency service organization.
"Local plan administrator" means the person or group of local
				  public officials or employees, including the local governing body, appointed by the
				  sponsoring agency to act as the agreement representative with respect to the
				  contractor and to perform the agreement duties, if any, that are not to be performed
				  by the contractor under the terms of a length of service award plan
				  agreement.
"Participant" means an active volunteer member who is eligible for
				  benefits under a length of service award program.
"Prototypical length of service award plan," "LOSAP plan" or
				  "plan" means a length of service award plan prepared by a contractor and approved by
				  the Director.
"Sponsoring agency" means the governing body of a municipality or
				  fire district.
"Vesting" means the length of time a bona fide volunteer must
				  serve in order to secure the right to receive the benefits of participation in a
				  length of service award program.
"Year of active emergency service" means a 12-month period during
				  which an active volunteer member participates in the fire or first aid service and
				  satisfies the minimum requirements of participation established by the sponsoring
				  agency on a consistent and uniform basis.