Retention and Recruitment for the Volunteer Emergency Services

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Retention & Recruitment for the Volunteer Emergency Services: Challenges & Solutions 0 RETIREMENT PLANS, PENSION PLANS, AND LENgTH OF SERVICE AWARD PROgRAMS Among the most important, widely used, and growing incentives for volunteers are retirement plans. As businesses and the government reduce employee pension plans, volunteer department plans will appear even more attractive. They are referred to by various names other than pensions. In some places they are called “Length of Service Awards Programs” (LOSAP), in others “Awards” programs, “Relief Fund,” or pensions. These volunteer pension plans usually are carefully structured to avoid unnecessary entanglement with State and Federal tax codes. Internal Revenue Code 457 (http://www. irs.gov/retirement/article/0,,id=111442,00.html) specifically excludes LOSAP from being a Deferred Compensation Plan, provided two criteria are met: it must be for bona-fide volunteers, and the annual contribution for any person in the plan cannot exceed $3,000. In a few States, there are statewide plans. The statewide plans may either be inclusive or exclusive. New Jersey, Wisconsin, and Georgia have exclusive statewide plans. No private LOSAP vendor may market their plan in those States. Other States, such as North Carolina, Virginia, and Texas, have statewide plans that allow for private vendors’ plans in place of the statewide plan. A LOSAP can be structured as a Defined Benefit (DB) or a Defined Contribution (DC) plan. With a DB plan, LOSAP provides lifetime monthly income payments once a volunteer reaches a certain entitlement age, usually between 55 and 65. The size of the “pension” usually is a function of the number of years a member volunteers. Depending upon the funding available, pensions can range from $100 to $1,200 a month after 40 years of service. This certainly does not pay for the hours given by a volunteer to his or her community. In other cases, such as with a DC plan, LOSAP provides a lump sum award at entitlement age based upon years of service, amounts contributed each year, and earnings on those contributions. Under most systems, the municipality contributes an annual amount to a central fund for each qualifying volunteer. The major problem that many departments encounter is where the communities or departments obtain the money to contribute to these plans. This problem is reduced in States where funding is provided, such as New York State, but, in the majority of the States, legislative assistance is not provided. Tax-supported fire districts can budget for this expense with greater ease. The independent, chartered fire departments prevalent in many areas have difficulty raising the funds for this added program. In some cases, individuals contribute to the retirement program, but in most cases, the community or department pays for the whole program.
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U.S. Fire Administration Retention
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U.S. Fire Administration Retention
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Preface In 2004, the U.S. Fire Admi
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viii contents Other Image-enhancing
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x contents Individual Retirement Ac
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xii contents Tests and Background C
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introduction The volunteer emergenc
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Retention & Recruitment for the Vol
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THE RETENTION & RECRUITMENT CHALLEN
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RETENTION: Challenges & Solutions
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A Retention & Recruitment for the V
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Example: goal --Comply with all of
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• Participate in local parades. R
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