19-35 - 06-18 - Golden Valley Fire Department Relief Association RESOLUTION NO. 19-35
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 sections 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 ration 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 $8,300 to $8,700.
Adopted by the City Council of Golden Valley, Minnesota on this 18th day of June, 2019.
Shep rd M. Harris, Mayor
ATTEST:
c -tic
Kristine A. Luedke, City Clerk
Resolution 19-35 -2- June 18, 2019
EXHIBIT A
ARTICLE XI
Section l:
a. Amount of Benefit- Each applicant shall be eligible for a service pension of$8300
($8,700) per full year of active service as a firefighter with the fire department.
b. Early Vesting Provision - In the event a member with ten years or more, but less than
twenty years of active service on the City of Golden Valley Fire Department resigns, that
person shall be entitled to the following benefits that represent the early vested portion
of their total pension amount, reduced by four(4) percent per year for each year less
than 20. The following table shall be used to determine the pension amount, less any
accrued interest:
Completed Years of Service Early Vesting Reduction Pension Amount
10 40% $ 494,800 $ 52,200
11 36% $ 54,432 $ 61,248
12 32% $ 678 $ 70,992
13 28% $ 7688 $ 81,432
14 24% $ 8&,34-2 $ 92,568
15 20% $ 9900 $ 104,400
16 16% $11� $ 116,928
17 12% $ 24T68 $ 130,152
18 8% $4448 $ 144,072
19 4% $464, 5 $ 158,688
20 none $46&,,O00 $ 174,000
More than 20 none Add $800 $8,700 per year