Laserfiche WebLink
Additional recommendations from the Study included: <br />Providing a slinflar tax credit to employers who allowed respoi-iders to leave or <br />,or arrive late due to an ernergency call <br />I <br />Provide low cost or no cost access to Health Care (MnCaye) <br />No fiscal notes have been prepared for these two itemls. <br />Voluntary State Wide e. o lan: <br />Draft ...P.J.-OVIS1011S <br />a Creates a 7 ii-icniber cyLibernatorial appointedboard of directors consistina of active <br />kt) "In <br />responders, city,, township and public Inembers. <br />0 Assets, managed by SB1 <br />Z7 <br />0 Mandatory resolution passed by ...efief AND Political Subdivision it order to J0111 <br />(this addresses the voluntary coni.ponent of the bill) <br />0 Plan administration by MSRS <br />0 Seven benefit levels: $20,000 M1111MUMI S'10,000 increments up to $80,000 <br />0 Benefit level determined by formula of Fire State Alid muhiplIed by three year call <br />voltime as reported to State Fire Marshal <br />9 Maiidatory annual ii-wi-licipal contribution. of 101/0 of benefit level per member <br />(example- S,20,0001 benefit level requires $200 per member municipal contribution per <br />year) <br />91 Plans on cusp, of benefit level can migrate one level up with accompanying municipal <br />contributioll <br />0 5 year vesting for plan ji-icnibers <br />0 5 year minimum. plai.-1 participation prior to receiving increased benefit <br />0 Plans in deficit canjoin and given 10 years to make payments <br />Goals/Beiiefits of'Plaii <br />Provide, option for those who want to get back to business of being firefighters mid not <br />pensiolh plan administrators, this will red-Lice burnout and resulting turnover <br />Provide benefit increase to facilitate retention rates thus allowing continuation of present <br />cost effi cient system. <br />('114-rel-It SN't"Ifluz <br />Final T of' the bill is available on state association, W'eb sites with goal / piii posC of <br />educating and informing as well as takillcT CODI.MeDtSuntil session starts. Chief Authors <br />have been identified and contacted. Assuming positive comments. goal would be passage <br />of bill in 2008 session allowing forniation of board and plan documents. There is ftinding <br />need of $1010,000 for administrative actuarial work as part of 2008 passage. MSRS or <br />PERA -to, providc staff' to do this work, Discussions, have occurred with key legislators to <br />provide initial staff ftindiiia. Additional funding need of $10 to $15 million (estimated <br />and difficult to do without knowing who joins). The more money and the earlier it is <br />Provided rives the investment return greater potential, Sinc,e 2008 is not a budget year, <br />and it will talce some time to get plan created, additional funding request (which can be <br />provided in smaller increments over time will occur in 2,009. <br />N <br />