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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />I. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the year ended December 31, 2022 is as follows: <br /> <br />GERF $529,660 <br />PEPFF 885,049 <br />Fire Pension Plan (Note 8)54,995 <br />Total $1,469,704 <br /> <br /> <br />Note 8 DEFINED BENEFIT PENSION PLAN – FIRE DIVISION <br /> <br />A. PLAN DESCRIPTION <br /> <br />The Lino Lakes Public Safety Department – Fire Division participates in the Statewide Volunteer <br />Firefighter Retirement Plan (accounted for in the Volunteer Firefighter Fund), an agent multiple- <br />employer lump-sum defined benefit pension plan administered by the Public Employees Retirement <br />Association of Minnesota (PERA). The Volunteer Firefighter Plan covers volunteer firefighters of <br />municipal fire departments or independent nonprofit firefighting corporations that have elected to join <br />the plan. As of December 31, 2022, the plan covered 19 active firefighters and two vested terminated <br />fire fighters whose pension benefits are deferred. The plan is established and administered in <br />accordance with Minnesota Statutes, Chapter 353G. <br /> <br /> <br />B. BENEFITS PROVIDED <br /> <br />The Volunteer Firefighter Plan provides retirement, death, and supplemental benefits to covered <br />firefighters and survivors. Benefits are paid based on the number of years of service multiplied by a <br />benefit level approved by the City. Members are eligible for a lump-sum retirement benefit at 50 years <br />of age with five years of service. Plan provisions include a pro-rated vesting schedule that increases <br />from 5 years at 40% through 20 years at 100%. <br /> <br /> <br />C. CONTRIBUTIONS <br /> <br />The Volunteer Firefighter Plan is funded by fire state aid, investment earnings and, if necessary, <br />employer contributions as specified in Minnesota Statutes, and voluntary City contributions. The State <br />of Minnesota contributed $147,799 in fire state aid to the plan for the year ended December 31, 2022. <br />Required employer contributions are calculated annually based on statutory provisions. The City’s <br />statutorily-required contributions to the Volunteer Firefighter Fund for the year ended December 31, <br />2022 were $0. The City’s contributions were equal to the required contributions as set by state statute, <br />if applicable. <br /> <br /> <br />72