N.J. Admin. Code § 5:30-14.62

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:30-14.62 - Vesting and awards

(a) Pursuant to 40A:14-188, a sponsoring agency may make a yearly contribution to the LOSAP Account in the deferred income program for an active volunteer who has satisfied the requirements for receipt of an award, but the volunteer shall not be able to receive a distribution of the funds until the completion of a five year vesting period.

(b) Should a volunteer fail to vest or terminate association with a sponsoring agency prior to the completion of the vesting period, the funds placed in the LOSAP Account on behalf of the volunteer shall revert to the sponsoring agency, not to the volunteer.