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Year Ending December 31, 2025 $ (3,546) 2026 (3,546) 2027 (120,300) 2028 (210,097) The Town accounts for service award program assets within its Fire Protection Fund. The fair value of these program assets as of December 31, 2024 is $2,601,939. 8. PENSION OBLIGATIONS—EMS LOSAP Plan Description—The Town established a defined contribution Length of Service Awards Program the (“LOSAP”) for the active ambulance volunteers of the Boston Emergency Squad. The Program was established pursuant to Article 11-A of the General Municipal Law. The program provides municipally-funded pension-like benefits to facilitate the recruitment and retention of active volunteer ambulance workers. The Town is the sponsor of the program. Program Description— Participation, vesting and service credit—Active volunteers are eligible to participate in the program and become fully vested upon earning five years of service credits or upon being awarded a total and permanent disability. The program’s entitlement age is sixty and the maximum service credit allowable is forty years. Benefits—A participant’s benefit under the program is equal to $700 per year of service. The program provides statutorily mandated death and disability benefits. Fiduciary Investment and Control—Service credit is determined by the governing board of the sponsor, based on information certified to the governing board by the Emergency Squad. The governing board of the sponsor has retained and designated Penflex, Inc. to assist in the administration of the program. Program assets are required to be held in trust by LOSAP legislation, for the exclusive purpose of providing benefits to participants and their beneficiaries or for the purpose of defraying the reasonable expenses of the operation and administration of the program. Authority to invest program assets is vested in the Investment Committee. Subject to restrictions in the program document, program assets are invested in accordance with a statutory “prudent person” rule. The sponsor is required to retain an actuary to determine the amount of the sponsor’s contributions to the plan. The actuary retained by the sponsor for this purpose is Penflex, Inc. Portions of the following information are derived from the most recent report prepared by the actuary, dated December 31, 2024. - 35 -