22-122 (12-20) Fire Relief Pension Level-1RESOLUTION NO. 22-122
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, Resolution No. 22-095 was passed on October 18, 2022 with errors to
the early vesting reduction and now includes the correct percentage for early vesting
reduction, the amounts of the pension were correct, 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 20th day of December 2022.
_____________________________
Shepard M. Harris, Mayor
ATTEST:
_____________________________
Theresa Schyma, City Clerk
DocuSign Envelope ID: 1817F112-A899-4A0D-9A86-BF307F9D234D
Resolution No. 22-122 - Continued
EXHIBIT A
ARTICLE XI
Completed Years of Service Early Vesting Reduction Pension Amount
10 5 40% 60% $ 73,200 $ 26,000
11-6 36%-52%48% $ 85,888 $ 40,560
12-7 32% 64%-36% $ 99,552 $ 58,240
13-8 28% 76%-24% $ 114,192 $ 79,040
14 -9 24% -88%12% $ 129,808 $ 102,960
15 -10 20% -100%0% $ 146,400 $ 130,000
16 16% $163,968
17 12% $182,512
18 8% $202,528
19 4% $222,528
20 none $244,000
More than 20 10 none Add $8,000 $13,000
per year
DocuSign Envelope ID: 1817F112-A899-4A0D-9A86-BF307F9D234D