Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br />B. BENEFITS PROVIDED <br />The SVF provides lump -sum retirement, death, and supplemental benefits to covered firefighters and <br />survivors. Benefits are paid based on the number of years of service multiplied by a benefit level per <br />year of service approved by the City of Lino Lakes. Members are eligible for a lump -sum retirement <br />benefit at 50 years of age with five years of service. Plan provisions include a pro -rated vesting <br />schedule that increases from 5 years at 40% through 20 years at 100%. <br />C. CONTRIBUTIONS <br />The SVF is funded by fire state aid, investment earnings and, if necessary, employer contributions as <br />specified in Minnesota statutes, and voluntary City contributions. The State of Minnesota contributed <br />$113,797 in fire state aid to the plan for the year ended December 31, 2017. Required employer <br />contributions are calculated annually based on statutory provisions. The City's statutorily -required <br />contributions to the SVF plan for the year ended December 31, 2017 were $0. The City's contributions <br />were equal to the required contributions as set by state statute, if applicable. In addition, the City made <br />voluntary contributions of $58,800 to the plan. <br />71 <br />