Authorizes Swansea to establish a trust for a length of service award program for volunteer firefighters.
The bill allows the Swansea Board of Selectmen to create a trust to manage a length of service award program for volunteer firefighters. The trust can be funded by gifts, bequests, grants, and town meeting appropriations, with no minimum funding requirement. The trust assets will be held in a separate account, managed by the Swansea Treasurer or a third-party administrator. The trust will not allow personal contributions from firefighters or distributions to non-beneficiaries. The trust aims to be a deferred compensation plan for federal taxation purposes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.