LEGAL NOTICE PUBLIC NOTICE PROPOSITION REFERENDUM ON …

LEGAL NOTICE

PUBLIC NOTICE

PROPOSITION

REFERENDUM ON AMENDMENT OF THE SERVICE AWARD PROGRAM FOR ACTIVE VOLUNTEER FIREFIGHTERS OF THE WOODBOURNE FIRE COMPANY NO 1 INC

DECEMBER 13, 2022

Motion to adopt a resolution seeking (1) ratification of an increase of the maximum accrued monthly service award from $300 to $500 for calendar years 2020, 2021, and 2022; and (2) approval of an amendment to the defined benefit service award program to increase the maximum accrued monthly service award from $300 to $500 going forward. The ratification will be retroactive to January 1, 2020, and the amendment will be effective January 1, 2023. The annual cost of the current program is approximately $6,000 ($335 per covered participant inclusive of administrative fees). The annual cost of the amended program is expected to be about $9,500 ($525 per covered participant inclusive of administrative costs). There is to be an increase in actuarial and administrative fees as a result of this amendment.

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