A defined contribution plan defines the contribution the plan sponsor (sponsoring agency) makes to the participant's plan. The plan sponsor makes a contribution annually. The plan can be established as either a fixed LOSAP contribution or a variable LOSAP contribution as determined by the plan sponsor. The plan sponsor contribution amount is based on the volunteer's annual qualifying activity. The contribution is placed in the participant's LOSAP account. The plan sponsor is responsible only for the contribution amount. The LOSAP participant selects the investment from available investment options. The outcome of the defined contribution LOSAP retirement account is dependent upon the performance of the investments selected by the participant...
It is a Length of Service Award Plan (LOSAP) designed specifically for emergency services volunteers, volunteer firefighters volunteer EMS workers.