The Defined Length of Service Awards Program is similar to a retirement program. It is designed to retain and rewards volunteers for their service. VFIS has provided LOSAP administration since 1983. With the Defined LOSAP departments can customize the LOSAP to meet their needs and budgets.
Benefits of LOSAP
• Lump Sum Benefit – At Retirement or Termination
• Death Benefit – Funds earned will be paid to Beneficiary
• Disability Benefit – Funds may be distributed
• Death and Disability
• Retirement Income
• Retain Volunteers
• Increase participation
How does it work?
Each year the sponsor contributes to the plan on behalf of each eligible volunteer. These funds, plus accumulated interest (less administration fee), equal the participants balance. The benefit is payable upon death or retirement.