We continue to look at the different ramifications of the fact that the assets reserved for LOSAP benefits are municipal assets and not firefighter assets.
Given the last few discussions, this one may seem obvious, but a participant cannot take a loan against his/her LOSAP account balance either.
This is an easy answer first because the NY State law does not allow it. The reason it isn't allowed is because again, the assets are not participant assets. So any kind of loan would be akin to the municipality loaning money to an individual.
Sharing my thoughts and insights on LOSAP, and occasionally other topics.