20-50 - 09-15 - Fire Department Relief Association By-Law Article XI Increasing Service Pension AmountDocuSign Envelope ID: 5EA79110-OBDE-4A66-AE92-E666D8DAEF4A
Resolution 20-50 September 15, 2020
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 $8,700 to $9,200.
Docuftned by::
5� YvL. RAMS
Shepar Harris, Mayor
ATTEST:
'00,01i� 10
Sue Virnig, Deputy City Clerk
Resolution 20-50 - Continued
EXHIBIT A
ARTICLE XI
Section P
September 15, 2020
a. Amount of Benefit - Each applicant shall be eligible for a service pension of $8,700-($9,200)
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%
$ 52,,209 $ 55,200
11
36%
$ 64-,249 $ 64,768
12
32%
$ 70-,902 $ 75,072
13
28%
$ 84,432 $ 86,112
14
24%
$ 92,5" $ 97,888
15
20%
$ U4 400 $ 110,400
16
16%
$a-a-6;9�8 $ 123,648
17
12%
$�1452 $ 137,632
18
8%
$444$7-2 $ 152,352
19
4%
$458,688 $ 167,808
20
none
$474-,�09 $ 184,000
More than 20
none
Add $8-,709 $9,200
er ear