The volunteer fire and EMT service is a longstanding tradition in the United States that often encompasses families’ generation after generation. Unfortunately, it is also a tradition in danger of weakening and possibly even dying out. Incentive programs are used throughout the volunteer fire and EMT service as a retention tool. They are necessary to help recruit and retain volunteers. Among the most important, widely used, and growing incentives for volunteers are retirement plans. In most instances, they are called Length of Service Award Programs (LOSAP).
Under a LOSAP, volunteers earn pension-like benefits by performing activities such as attending drills and training sessions and responding to emergency calls. In many LOSAPs, each activity is assigned a certain number of points as prescribed in state specific LOSAP legislation. Upon accumulating a specified minimum number of points each year, the firefighter is entitled to a financial benefit, or Service Award. It is generally believed that this financial incentive has been useful in helping fire and EMT departments retain more active volunteers.
The LOSAP Group of RBC Wealth Management has been providing investment services for Length of Service Award Programs for 30 years. Our consultative team approach enables you to decide what type of program and which benefits will best suit your volunteers. We believe in providing ongoing information and education you can rely upon. We would welcome the opportunity to work with you from the beginning to help you design a program specifically for your department or community.
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