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1 of 58.1.23 <br />60 EMPIRE DRIVE, SUITE 200, ST. PAUL, MN 55103-2088 1.800.652.9026 | 651.296.7460 | mnpera.org <br />STATEWIDE VOLUNTEER FIREFIGHTER (SVF) PLAN <br />The SVF Plan is a Defined Benefit Plan (DBP), however, unlike other DBPs PERA administers, the retirement benefit is a one- <br />time, lump-sum amount. A volunteer firefighter’s SVF Plan retirement benefit is based on their certified years of service, vesting <br />status, and the benefit level in effect for their fire department at the time they separate from service. A fire department’s SVF <br />Plan benefit level is the dollar amount corresponding to each year of a volunteer firefighter’s certified service. <br />SVF PLAN BENEFIT LEVEL RANGE <br />The SVF Plan currently offers benefit levels ranging from $500 to $15,000 per year of credited service. This range is subject to <br />statutory change. Benefit levels are set in $100 increments. <br />WHO SETS A FIRE DEPARTMENT’S BENEFIT LEVEL IN THE SVF PLAN? <br />The fire department’s governing body sets the benefit level in the SVF Plan for their volunteer firefighters. The governing body can <br />elect to approve an increase in the fire department’s benefit level once per year. Benefit level increases approved in a given year are <br />effective on January 1 of the next year. <br />At any time, either the fire chief or governing body representative(s) may request that PERA provide a cost analysis showing <br />the estimated cost of increasing the fire department’s benefit level under the SVF Plan. PERA’s cost analysis is intended to help <br />the fire chief and governing body determine whether and the extent to which a benefit level increase is appropriate for their fire <br />department. For step-by-step instructions on how to increase a fire department’s benefit level, see the guidance in Consider <br />Increasing the Benefit Level for My Fire Department. <br />SVF PLAN VESTING SCHEDULES <br />A volunteer firefighter’s vesting percentage represents the extent (in a percentage) to which they are entitled to a future <br />retirement benefit under the SVF Plan. A volunteer firefighter’s years of service determine their vesting percentage. <br />If the fire department joined the SVF Plan effective prior to January 1, 2023, the following vesting schedule applies: <br />SVF Plan Retirement Benefits <br />Years of Service 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 <br />Vested %40%44%48%52%56%60%64%68%72%76%80%84%88%92%96%100% <br />VESTING SCHEDULE 1 <br />Years of Service 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 <br />Vested %40%44%48%52%56%60%64%68%72%76%80%84%88%92%96%100% <br />Years of Service 5 6 7 8 9 10 <br />Vested %40%52%64%76%88%100% <br />VESTING SCHEDULE 2 <br />If the fire department joined the SVF Plan effective January 1, 2023 or later, the department selected one of the following vesting <br />schedules: <br />Years of Service 10 11 12 13 14 15 16 17 18 19 20 <br />Vested %40%46%52%58%64%70%76%82%88%94%100% <br />VESTING SCHEDULE 3