Township’s creditors until distributed as benefit payments, are not available for funding the operations of the Township. The funds may also be used to pay the administrative fees charged by the Plan Administrator. Lincoln Financial Group (“Plan Administrator”), an approved Length of Service Awards Program provider, is the administrator of the Plan. The Township’s practical involvement in administering the Plan is essentially limited to verifying the eligibility of each participant and remitting the funds to the Plan Administrator.

Vesting - Benefits, plus actual earnings thereon, are one hundred percent (100%) vested after five (5) years of service.

Payment of Benefits - Upon retirement or disability, participants may select various payout options, which include lump sum, periodic, or annuity payments. In the case of death, with certain exceptions, any amount invested under the participant's account is paid to the beneficiary or the participant's estate. In the event of an unforeseeable emergency, as outlined in the Plan document, a participant or a beneficiary entitled to vested accumulated deferrals may request the local plan administrator to payout a portion of vested accumulated deferrals. During the year ended December 31, 2019 payouts of $16,306.82 were made to vested participants.

Forfeited Accounts – During the year ended December 31, 2019, no accounts were forfeited.

Plan Information - Additional information about the Township's length of service awards program can be obtained by contacting the Plan Administrator.

Management has reviewed and evaluated all events and transactions that occurred between December 31, 2019 and June 25, 2020, the date that the financial statements were available for issuance, for possible disclosure and recognition in the financial statements.

In December 2019, an outbreak of a new strain of coronavirus, COVID-19, emerged in Wuhan, China. Within weeks, the number of those infected grew significantly, and beyond China's borders. As of the date of this report, the coronavirus is reported to have spread to over 80 countries, and the list is expected to continue to grow. The coronavirus outbreak is still evolving and its effects remain unknown. The Township is unable to predict how changing global economic conditions such as the COVID-19 coronavirus will affect the Township's operations.

On January 14, 2020 a resolution authorizing the construction and/or acquisition of various general capital improvements, in the County of Ocean, and providing for the issuance of not to exceed $13,640,000 General Obligation Bonds. Interest rates vary from 2.00% to 4.00% and bonds will mature on February 1, 2033.

67