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Actuary Craig Relyea outlines LOSAP plan and timeline for Hague volunteer fire department
Summary
An actuary for Firefly Admin presented a proposed Length of Service Award Program (LOSAP) for the Hague Volunteer Fire Department, describing legal mechanics, point-based eligibility, and a November 2026 referendum leading to a prospective 01/01/2027 program start.
Craig Relyea, an actuary with Firefly Admin, told the Town of Hague board that LOSAPs are locally sponsored deferred-compensation programs governed by New York State General Municipal Law and overseen by the Office of the State Comptroller. “The prospective program start date would be 01/01/2027,” Relyea said, adding that a successful voter referendum this November would allow members to begin accruing credit that calendar year.
Relyea described LOSAP as similar in function to a pension for volunteers but not ERISA-qualified, stressing that the funds are held in a town trust and subject to annual audit and OSC reporting. He explained the core mechanics: points are awarded for drills, calls and other activities, 50 points equal one year of program credit, and the town (as sponsor) must approve the point listing and manage vendor relationships for administration, actuarial services and investment management.
