Section 219-N. Benefits

1.  The  benefit  payable  under a service award
  program shall be the actuarial equivalent of an annual payment for  life
  in one of the following amounts as selected by the sponsor:
    (a) sixty dollars per year of ambulance service;
    (b) one hundred twenty dollars per year of ambulance service;
    (c) one hundred eighty dollars per year of ambulance service;
    (d) two hundred forty dollars per year of ambulance service; or
    (e) three hundred sixty dollars per year of ambulance service.
    2.  Service  awards  shall  be  paid in the form of a lump sum, a life
  annuity with or without survivor benefits, a period certain annuity,  or
  any  other  form provided under the program, provided, that all forms of
  payment shall be actuarially equivalent to each other. The  program  may
  limit   the  forms  of  payment  or  impose  conditions  concerning  the
  availability of a form of payment.
    3. Except as otherwise provided in this section, a  participant  shall
  be  entitled  to  apply  for  and  receive a service award only when the
  participant has acquired a nonforfeitable right to a service  award  and
  has reached entitlement age.
    4.  In  the  event  that a participant becomes totally and permanently
  disabled, as certified by  the  workers'  compensation  board  or  other
  competent  authority  approved  by the administrator, and the disability
  prevents the participant from pursuing his or her normal occupation, the
  participant shall be entitled to apply for and receive a service  award,
  regardless of whether the participant has reached entitlement age or has
  acquired a nonforfeitable right to a service award.
    5.  In  the  event  of  the  death of a participant who has acquired a
  nonforfeitable right to a service award, the beneficiaries designated by
  the participant or, if no beneficiaries have  been  so  designated,  the
  participant's  estate, shall be entitled to apply for and receive a lump
  sum  death  benefit,  regardless  of  whether  the  participant  reached
  entitlement  age  before  death. Such benefit shall be equal to the lump
  sum equivalent of the service award earned by  the  participant  at  the
  date  of  death,  provided  that  the  benefit provided pursuant to this
  subdivision shall not be paid following commencement  of  payment  of  a
  service award.
    6.  A service award shall be paid only after an application is made to
  the  program  administrator   and   the   administrator   approves   the
  application.
    7. No service award may be assigned or alienated except to provide for
  the legally obligated support of minor children or a spouse.
    8. Payment of a service award shall not impair any rights of volunteer
  ambulance  workers under the volunteer ambulance workers' benefit law or
  any other law.