Cecil County Executive proposes trust fund for firefighters' service

  • Source: Elkton Cecil Whig
  • Published: 04/18/2019 11:39 AM

County Executive Alan McCarthy aims to transition the county’s pension-like program for volunteer firefighters into a full-fledged trust fund by June, using budgeted funds and the proposed Fiscal Year 2020 budget to chip away at future costs via investment. The McCarthy administration presented a bill on Tuesday that would establish the Volunteer Length of Service Award Program (VLOSAP) Trust Fund, making good on a promise he made during budget deliberations last year. The Governmental Accounting Standards Board changed its requirements, and now the county has to reckon with the $18 million in unfunded liability that comes with the VLOSAP program, officials said. “The intent behind this bill is to make sure moving forward that we have a financially sound plan in place to assure the future solvency of the VLOSAP trust so that eligible first responders are provided in the pension that is set forth in state law upon eligibility,” County Attorney Jason Allison explained during Tuesday’s work session.


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