General – Firefly Admin Inc.

Enhanced Cancer Coverage & LOD Disability Points

April 30, 2024

Effective January 1, 2019, General Municipal Law Section 205-cc was adopted to provide enhanced cancer disability benefits. The question we are attempting to address with this post is: Would an individual who receives a benefit under this new law also be eligible for LOSAP line-of-duty-disability points? Firefly is not an expert on this law, nor…

LOSAP Information for the 2023 Income Tax Year

February 1, 2024

It is tax time again! The time of year where we get questions about LOSAP and income taxes. Keep in mind that this post is not intended to be tax advice. Firefly Admin Inc. does not provide tax advice, and all participants and beneficiaries who receive a LOSAP benefit are strongly encouraged to consult with…

Participating in more than one LOSAP

October 30, 2023

A frequent question is if an individual can participate in more than one LOSAP at the same time. For volunteer firefighter LOSAPs in New York State, all active volunteer firefighters of a fire department/company that have met the minimum age requirement are eligible to participate in the LOSAP. In fact, participation is automatic unless the…

LOSAP Investment Policy

September 29, 2023

One of the essential documents we require for our role as third-party administrator is a plan document. Each LOSAP should have a detailed plan document that outlines the benefits a participating volunteer firefighter can earn for their service. It is a vitally important document. Without it, confusion and misinformation can quickly set in regarding benefits…

LOSAP II EXPLAINED (DB PLANS)

August 30, 2023

When LOSAP was first adopted in New York State, generally it was administered like a pension plan, where once a participating volunteer reached the entitlement age and collected a benefit, the volunteer was no longer able to earn benefits. In a traditional pension plan, a person generally is not “retired” and “working” at the same…

VESTING AT ENTITLEMENT AGE

July 31, 2023

Section 217(b) of the General Municipal Law is where the vesting requirement for a NY State LOSAP is found. It states: A participant shall have a nonforfeitable right to a percentage of a service award that is not lessthan the percentage determined under the following table: Years of Nonforfeitable Firefighting Service: Less than 5, Percentage=…

NEW NEW YORK STATE TRAINING STIPEND SHOULD NOT IMPACT LOSAP ELIGIBILITY

June 30, 2023

When the 2023 State Fiscal Year Budget was adopted, the legislation included a new amendment to the General Municipal Law (GML) and Volunteer Firefighter Benefits Law (VFBL) to allow for the payment of training stipends. Chapter 55 of the Laws of 2023 accomplished two things: 1) Amend the GML to provide for the payment of…

CAN EXTENDING THE MAXIMUM YEARS OF SERVICE CREDIT BE “RETROACTIVE”?

May 31, 2023

Prior to 2021, the maximum monthly benefit that could be earned in a defined benefit LOSAP in New York State was essentially $1,200. The statute states, in essence, that the monthly payment cannot exceed an amount equal to $30 for each year of service credit up to a maximum of forty (40) years of service…

2022 LOSAP INFORMATION FOR INCOME TAX PREPARERS

February 27, 2023

This post is not intended to be tax advice. Firefly Admin Inc. does not provide tax advice, and all participants and beneficiaries who receive a LOSAP benefit are strongly encouraged to consult with a qualified tax professional regarding the information provided in this post. The information contained herein is accurate as of the date of…

IRS RAISES MAXIMUM LOSAP BENEFIT TO $7,000

January 1, 2023

Towards the end of 2022, the IRS released Notice 2022-55, which made cost-of-living adjustments for the benefit limitations provided in certain sections of the Internal Revenue Code. One of those limitations is the maximum benefit that can be accrued in a Length of Service Award Program. The maximum benefit was increased from $6,500 to $7,000…

Category: General