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Volunteer‑firefighter LOSAP: presenter urges actuarial review, beneficiary outreach and modest benefit increases
Summary
A Hometown Firefighter Services representative reviewed the village LOSAP 2025 valuation, reported a funded ratio near 58.5% and recommended an actuary review of alternatives including extending service years, modestly increasing the $20 monthly benefit and using annuities; he also urged use of a beneficiary portal.
A representative of Hometown Firefighter Services, speaking as an ex‑chief, 33‑year commissioner and state director, reviewed the village Length of Service Award Program (LOSAP) 2025 valuation and urged the board to consider changes to plan design and beneficiary outreach.
The presenter said the plan’s 2025 census showed about 84 total participants: 38 active, 26 inactive vested, and 20 entitled. He reported assets of roughly $580,000 and unfunded liabilities around $411,000, and described the plan’s funded ratio at about 58.5 percent.…
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