Annual_Report_1995_001 - Laserfiche WebLink

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C�lii`ZiT�7Ti��.l�iili� 1 I�[�y�aGl�C�79h/V[N/:\rFalIr11Y71�Id�YK` � u : .. Alnie9=Single_Employer Defined Renefit Pencion Pian - Volunteer Fire Relief Assnciation - cpntinued I2isahility�teticement Temporary Disabiliry - a member who is temporazily disabled shall receive $10 per day, not ro ezceed 26 weeks. Permanent Disability - a member who is permanently disabled in the line of duty shall receive the maximum pension set out in the monttily benefit and lump sum section above. The computation will assume 20 years service unless the member's yeazs of service aze grea[er. Acmal years of service or 20 yeazs, whichever provides the highest benefit, will be used for computation purposes. Member's Death While Active Eligibiliry - Spouse legally married to member at least one year before sepazation from service and residing with member at the time of death. Child - Under the age of 18 and was bom within nine (9) months after death of inember. Benefits Spouse - Entided to 100% of benefits of inember. Child - If a surviving spouse, there is no additional benefit. If there is no surviving spouse, 100% benefit to be shazed prorating with other surviving children unti] the age of majority. Vested_Deferred Must be a member of the association for ten (10) years and served twenry (20) years in the Roseville Fire Department and separated before the age of fifty (50). Deferzal is until aher the age of Fifty (50) and regulaz benefit requirements are met. A vuiery of significant actuarial assumpcions are used to detemvne the standardized measure of the pension benefit obligation and these assumptions are summarized below: * The present value of future pension payments was computed by using a discount rate of five percent. The discount rate is equa] to the estimated long-term rate of rerum on current and future investments of the pension plan. * Future pension payments reflect no post-retirement benefit increases, which is consistent with the terms of the pension agreement. Funding Stanu and Progress - The amount shown below as the "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases (if any) and step-rate benefits, estimated ro be payable in the future as a result of service to date. The measure is intended to help users assess the funding status of the association on a going-concem basis, assess progress made in accumulating sufficient assets to pay benefits whe� due, and make compazisons among employers. The measure is the actuarial present value of credited projecced benefits and is independent of the funding method used to determine contributions to the association. �