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05-26-2020-R
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05-26-2020-R
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<br />-22- <br />• Changes impacting volunteer firefighter relief associations (VRFAs) included: <br /> <br />o Effective January 1, 2020, vesting schedules for defined contribution plans cannot require <br />that a member have more than 20 years of active service to become 100 percent vested in the <br />member’s account, or provide for a larger vesting percentage with respect to the completed <br />years of service than as provided in the statutory schedule. <br /> <br />o Effective January 1, 2020, the permitted graded vesting schedule for defined benefit pension <br />plans is reduced from 20 years to 10 years for full vesting. Also, plans cannot require that a <br />member have more than 20 years of active service to become 100 percent vested in the <br />member’s accrued service pension, or provide for a larger vesting percentage with respect to <br />the completed years of service than as provided in the statutory schedule. <br /> <br />o Effective January 1, 2020, supplemental benefits are allowed to be paid to designated <br />beneficiaries or estates when plan members have no surviving spouse or children. <br />
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