ABOUT PENFLEX

The Company

Penflex, Inc. is a pension plan, actuarial and administrative firm located in Latham, N.Y. Penflex specializes in the administration of volunteer firefighter and volunteer ambulance workers Length of Service Award Programs (LOSAPs). For the past 16 years, Penflex has been retained to assist local and state government officials to establish and operate LOSAPs. Currently, Penflex provides services to over 300 volunteer emergency service organizations in eight states (NY, CT, MA, PA, ME, WI, TX, NV, OH).

Penflex's Goal

Penflex aims to custom-design LOSAPs that help recruit, retain and reward members of volunteer emergency service organizations.

The President

Penflex founder, owner and president Edward Holohan has been a professional pension plan actuary specializing in taxpayer-funded pension programs for over 35 years. Since December 1995, Penflex has provided consulting and administrative services exclusively to LOSAP sponsors and volunteer emergency service organizations.

The Penflex Team

Penflex presently employs two actuaries, two full-time analysts and four part-time staff. In addition to its four field representatives, Penflex also has attorneys and certified public accountants on retainer.

LOSAP Legislation

Penflex began providing its services to volunteer organizations in New York State after the number of volunteer firefighters decreased significantly during the 1980s. This overall decline in the number of volunteers seriously threatened the safety of residents and communities.

In 1988 the New York State Legislature and the governor approved an amendment to the NYS general municipal law authorizing local governments to establish voter-approved volunteer firefighter "Length of Service Award Programs." By providing cash incentives to volunteers, these programs were designed to help municipalities recruit and retain volunteers to be active members of their organization.

Although numerous other states have adopted similar legislation, there are still tens of thousands of volunteer organizations without LOSAPs. Some of these organizations have established LOSAPs absent legislation in their state.

The Internal Revenue code was amended in 1996 in an attempt to clarify the tax treatment of length of service awards paid to volunteers.

How Penflex Began

Since 1990, Ed Holohan took his business from the small laptop in his den to over 300 fire and EMS volunteer organizations in eight states. He's spent the last 16 years explaining to government officials and volunteers that a proper education on these programs, including a sound financial program-funding plan, will save taxpayers the major expense of a full-time, paid fire and EMS staff.

Penflex's Future

Penflex is currently expanding its staff and field force to reach volunteers and local and state government officials across the country.