Section 353G.11 Service Pension Levels - Minnesota Statutes

353G.11 SERVICE PENSION LEVELS.

Subdivision 1.Levels.

The retirement plan provides the following levels of service pension amounts to be selected at the election of coverage, or, if fully funded, thereafter:

	Level A	$500 per year of good time service credit
	Level B	$600 per year of good time service credit
	Level C	$700 per year of good time service credit
	Level D	$800 per year of good time service credit
	Level E	$900 per year of good time service credit
	Level F	$1,000 per year of good time service credit
	Level G	$1,250 per year of good time service credit
	Level H	$1,500 per year of good time service credit
	Level I	$2,000 per year of good time service credit
	Level J	$2,500 per year of good time service credit
	Level K	$3,000 per year of good time service credit
	Level L	$3,500 per year of good time service credit
	Level M	$4,000 per year of good time service credit
	Level N	$4,500 per year of good time service credit
	Level O	$5,000 per year of good time service credit
	Level P	$5,500 per year of good time service credit
	Level Q	$6,000 per year of good time service credit
	Level R	$6,500 per year of good time service credit
	Level S	$7,000 per year of good time service credit
	Level T	$7,500 per year of good time service credit

Subd. 1a.Continuation of prior service pension levels.

If a municipality or independent nonprofit firefighting corporation elects to be covered by the retirement plan prior to January 1, 2010, and selects the $750 per year of good time service credit service pension amount effective for January 1, 2010, that level continues for the volunteer firefighters of that municipality or independent nonprofit firefighting corporation until a different service pension amount is selected under subdivision 2 after January 1, 2010.

Subd. 2.Level selection.

At the time of the election to transfer retirement coverage, or on April 30 thereafter, the governing body or bodies of the entity or entities operating the fire department whose firefighters are covered by the retirement plan may request a cost estimate from the executive director of an increase in the service pension level applicable to the active firefighters of the fire department. Within 90 days of the receipt of the cost estimate prepared by the executive director using a procedure certified as accurate by the approved actuary retained by the Public Employees Retirement Association, the governing body or bodies may approve the service pension level change, effective for the following calendar year. If not approved in a timely fashion, the service pension level change is considered to have been disapproved.

Subd. 3.Supplemental benefit.

The retirement plan also shall pay a supplemental benefit as provided for in section 424A.10.

Subd. 4.Ancillary benefits.

No disability, death, funeral, or other ancillary benefit beyond a service pension or a survivor benefit is payable from the retirement plan.

History:

2009 c 169 art 9 s 20; 2010 c 359 art 6 s 6,7