Annual_Report_1987_001 - Laserfiche WebLink

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CITY OF ROSE4ILLE, MINNESOTA :671X'�D7f17kIS[46\�YI:Iliqa�ya�aa[�ia.�uama�� � Note 13 - Defined Benefit Pension Plan - Volunteer Fire ReLief Association (Continued) Monthly Benefit - a memher at the fuLl service pension Level wilt receive 815 per month for each year '�. of service up to a maximum credit of 30 years of service. '�, Wmp Sum - At the option of the retiree, a Lump sum settlement of pension henefits may 6e seLected. '�.. The lump sum shalt 6e S"I500 for each year of service. '��.. DisabiLity Retirement '�.. Temporary Disability - a member who is temporarily disabled shaLL receive 810 per day, not to exceed � 26 weeks. �. Permanent Disabitity - a mem6er who is permanently disabted in the line of duty shatl receive the � '�, maximum pension set out in the monthly 6enefit and Lump sum section above. The compuiation wiLL assume '�. 20 years service unless the memher's years of service are greater. ActuaL years of service or 20 years, '�.. whichever provides the highest benefit, wiLL be used for mmputation purposes. '�, Mem6er's Death While Active '.. ELigi6ility - Spouse tegaLty married to member at least one year 6efore separation from service and residing with member at the time of death. Child - tlnder the age of 18 and was 6orn within nine (9) months after death of inember. Benefits Spouse - Entitled to 100% ot benefits of inem6er. Child - If a surviving spouse , there is no additional henefit. If ihere is no surviving spouse, 100% benefit to 6e shared prorata with other surviving children untit the age of majority. Vested Deterred Must 6e a member of the associat9on for ten (10) years and served twenty (20) years in the Roseville Fire Departmen[ and separated before the age of fifty (SO). DeferraL is until after [he age ot fifty (50) and reguLar 6enefit requirements are me[. A variety of signiti<ant actuarial assumptions are used to determine the standardized measure of the pension benefit ohligation and these assumptions are summarized helow: * The present value of future pension payments was computed hy using a discount rate of five percent. 7he discount rate is equal to the estimated tong-term rate of return on current and future investments of the pension plan. - � Future pension payments reftect no post-retirement benefit increases, which is consistent wiih the terms ot the pension agreement. -45-