22-095 (10-18) Approve Fire Dept Relief By-Law Article XI Increase Service Pension AmountDocuSign Envelope ID: ialtyzs
RESOLUTION NO.22-095
RESOLUTION APPROVING GOLDEN VALLEY FIRE DEPARTMENT RELIEF
ASSOCIATION BY-LAW ARTICLE XI INCREASING SERVICE PENSION AMOUNT
WHEREAS, the Golden Valley Fire Department Relief Association has by-laws
governing their process for active duty; and
WHEREAS, an active member of the Golden Valley Fire Department Relief
Association is eligible to collect a lump sum service pension subject to Article XI of the by-
laws; and
WHEREAS, the City of Golden Valley may be required to approve a relief
association's pension benefit level, and also may be required to make contributions to fund
relief association pension benefits; and
WHEREAS, the Article XI relates to a section of the by-laws; and
WHEREAS, the Annual Service Pension amount approved shown in Exhibit A; and
WHEREAS, the Fire Relief added to their policies that the benefit increases will be
pursued under the following guidelines: using the State current year Schedule Form (SC)
that show projected assets and accrued liabilities must be at a funding ratio of at least
120% and the amount will not have triggered a municipal contribution on the current year
SC form.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley, Minnesota, as follows:
Approve the Annual Service Pension in Article XI from $12,200 to $13,000 and the
Early Vesting Provision from 10 to 20 years to 5 to 10 years.
Adopted by the City Council of Golden Valley, Minnesota this 18th day of October 2022.
DocuSigned �by:
M., halms
1 dFRQSFFRl1FR7dl`4
Shepard M. Harris, Mayor
ATTEST:
DocuSigned by:
i®ccrvvcaor9F
Theresa Schyma, City Clerk
DocuSign Envelope ID: Isty1s
Resolution 22-XX - Continued
EXHIBIT A
ARTICLE XI
October 18, 2022
Completed Years of Service
Early Vesting Reduction
Pension Amount
40-5
40%
$ 73,200 $ 26,000
4 --6
36% 52%
$ 95,899 $ 40,560
4-2-7
320 -64%
$ 99,652 $ 58,240
43-8
28O -76%
$ 114,492 $ 79,040
4-4-9
24-0/6 -88%
$ 129,808 $ 102,960
45 -10
2 0 -100%
$ 446,400 $ 130,000
4-6
4"
$403,968
4-7
42Ok
$182; a42
4-8
"o
$202,528
4.9
4°k0$222,62-8
2-
one
$244, 000
More than 20 10
none
Add $9-,QW $13,000
per year