Firefly Admin Inc.

ROLLOVER ALTERNATIVES FOR LOSAP

August 31, 2022

In a post from May 20, 2019, we discussed why a LOSAP benefit cannot be rolled over to a qualified plan. You can read that article HERE. Additionally, since a LOSAP benefit is not earned income (for Firefly clients, the income is reported on a 1099-MISC in Box 3), it cannot be deposited into an IRA. …

IN NY STATE, A LOSAP CAN BE “ABOLISHED”

June 30, 2022

In our last post we reviewed Section 215 of the New York State General Municipal Law (GML), which is entitled “Purpose”. We saw that this section of the statute states that a LOSAP is not guaranteed by the State constitution like the retirement system. The benefits provided by the retirement system are constitutionally guaranteed, which is why the tier…

STATED PURPOSE OF LOSAP IN NYS LAW (IT IS NOT GUARANTEED)

May 31, 2022

Volunteer firefighter LOSAPs in New York are governed by the General Municipal Law (GML). Article 11-A of the GML contain the relevant sections (214 through 219-a) that authorize volunteer firefighter LOSAPs. Most attention is paid to the sections that provide the detail on establishing a plan, the point system, and the benefits that can be…

EARNING SERVICE CREDIT – 50 POINTS IS THE ONLY REQUIREMENT

April 29, 2022

Long before there was LOSAP, fire departments had by-laws that outline membership requirements. 50 years ago, those by-laws were usually strictly enforced, because there was often a waiting list of people waiting to become a member. So firefighters had incentives to meet those requirements, otherwise risk being dropped as an active member. That is also…

LOSAP PAYMENTS IN NEW YORK DO NOT QUALIFY FOR FEDERAL TAX EXEMPTON UNDER VRIPA

March 31, 2022

It has just recently come to our attention that the National Volunteer Fire Council (NVFC) sought clarification from the Internal Revenue Service (IRS) about the application of the Volunteer Responder Incentive Protection Act (VRIPA) to LOSAP. Here is a link to the article on the NVFC website, which summarizes the response, as well as a…

FIREFLY ADDS NEW MEMBER TO THE TEAM

February 21, 2022

Firefly Admin Inc. is guided by six core principles – serve, trust, value, teach, collaborate, and grow. You can read more about what these mean to us at www.fireflyadmin.com/core-principles/ This past week Firefly has grown with the addition of Connie Tyrrell to the Firefly team! Not only have we grown in number but in knowledge and expertise.…

AWARDING POINTS FOR COMMITTEES

January 28, 2022

A common question and topic of conversation when discussing point systems is how to award points to committee members and for committee meetings. The two most common mistakes we see in point systems are: Both, in our opinion, are incorrect. A committee member, or the committee chairperson, is not an Elected or Appointed Position as…

LOSAP & JUNIOR FIREFIGHTERS

December 27, 2021

In the latest issue of The Volunteer Firefighter, the official publication of the Firemen’s Association of the State of New York, there was an article by FASNY General Counsel Timothy Hannigan about junior firefighters. You can read the article here: FASNY ARTICLE Mr. Hannigan extensively covers the risks and rewards of having a restricted member firefighter program.…

GASB & LOSAP – PART 4 OF 4

November 4, 2021

This post concludes our look at the Government Accounting Standards Board (GASB) and how it has impact the reporting of LOSAP on governmental financial statements. First, we outlined just what the GASB is, and how the Office of the State Comptroller plays a roll in this, and just how the finances of LOSAP work in…

GASB & LOSAP – PART 3 OF 4

October 26, 2021

Today we will take a closer look at GASB Statement 84. For the first two parts of this look at GASB & LOSAP, click here. Here is what you need to know about GASB Statement 84: