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LITY OF ROSEVILLE MiNNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 37. 7992 Note 9 Sinate Emolover Defined Benefit Pension Plan - Volunteer Fire Relief Association (Continued) Volunteers of the fire depertment are not required to contribute any percent of their gross earnings to the retief essociation. ihe City levied property taxes et the direction of and for the benefit of the fire relief assotiation end passes through stete aids altoeated to the plan, all in accordence with enabting state statutes. Plen Descriotion: Votunteer fire fighters of the Lity join the essociation under the follouing requirements: (7) They cannot be a substitute or probationary volunteer. (2) TAey do not have a medicaL impairment or condition that constitutes a predictable or unuarranted risk for the essociation. (3) They m�st pay annuel dues. p member in good standing is entitled to pension be�efits es follows: Rge and Service Retirement Eligibility - 50 years of age, member of the association for at least 10 years and hes served in the Roseville Volunteer Fire Department for 20 years. MonthLy Benefit - e mcy�er at the futl service pension level uill receive E15 per month for each year of service up to a meximun credit of 30 years of service. L�mp Sum - At the option of the retiree, e lunp sun settlement of pension benefits may be selected. The lu� sun shall be E1500 for eech year of service. Funding of the Plan, es set out in State Statute, requires the Association to annuatly cortq�ute the totel amount by adding the amount ot normaL cost plus amortization needed to fully fund the actuariat liability. ihat amount is then reduced by the estimated state aid to be received plus an estimated interest grouth of 5% on totat plen assets. Any amount remaining may then be part of a special property tex levy. No other City funds or contributions by the eirployees are required. Disabilitv Retirement Tm�orary Disebility - a member uho is tenporarity disabled shall receive E10 per day, not to exceed 26 Weeks. Permanent Disability - a member uho is permanently disabled in the Line of duty shatl receive the '' maxim�m pension set out in the monthty benefit and luip sun section above. The tomputation will assune 20 years service unless the member's years of service ere 9reater. Actuet years of servire or 20 years, .. whichever provides the highest benefit, will be used for conputetion purposes. ��... Member�s Death While Active Eligibility - Spouse tegally married to menber at teast one year before separation fran service and residing uith member et the time of death. Child - Under the ege of 18 and wes born uithin nine (9) months efter death of inember. Benefits Spouse - EntitLed to t00X of benefits of inertber. Child - If a surviving spouse, there is no edditional benefit. If there is no surviving spouse, 100X benefit to be shared prorating uith other surviving children untit the age of inejority. Vested Deferred Must be a member of the association for ten (t0) years and served tuenty (20) years in the Roseville Fire Department and separated before the ege of fifty (50). Deferral is until after the ege of fifty (50) and regutar benefit requirements are met. � 41