Defined contribution LOSAP typically provides three benefits:
- Pre-entitlement death benefit.
- Pre-entitlement disability benefit.
- Lump Sum Benefit payable at retirement.
Who benefits from LOSAP:
- Community - Establishing a LOSAP can provide significant savings to municipalities that are otherwise associated with paying salaries and benefits for full-time firefighters.
- Emergency Service Organization - Establishing service requirements to qualify for benefits promotes a better trained and managed team of volunteers.
- Volunteers - Establishing a LOSAP offers rewards to volunteers for community service and encourages volunteer retention.