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3 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 />Retirement Benefit Example 2: Partially Vested <br />• 50-year old volunteer firefighter separates from service after serving 10 years <br />• Fire department’s benefit level at the time the volunteer firefighter separates from service is $1,000 <br />• Fire department’s vesting schedule starts at 40% after 5 years of service, increasing by 4% each subsequent year until 100% <br />vesting is reached after 20 years of service <br />[10 years x $1,000 x 60%] = $6,000 retirement benefit <br />Retirement Benefit Example 3: Partially Vested with Some Months of Service <br />• 50-year old volunteer firefighter separates from service after serving 19 years and 11 months* <br />• Fire department’s benefit level at the time the volunteer firefighter separates from service is $1,000 <br />• Fire department’s vesting schedule starts at 40% after 5 years of service, increasing by 4% each subsequent year until 100% <br />vesting is reached after 20 years of service <br />[19 years x $1,000 x 96%] = $18,240 retirement benefit <br />* The SVF Plan retirement benefit calculation rounds service credits downward to the whole year. <br />Retirement Benefit Example 4: Not Vested <br />• 50-year old volunteer firefighter separates from service after serving 4 years <br />• Fire department’s benefit level at the time the volunteer firefighter separates from service is $1,000 <br />• Fire department’s vesting schedule starts at 40% after 5 years of service, increasing by 4% each subsequent year until 100% <br />vesting is reached after 20 years of service <br />[4 years x $1,000 x 0%] = $0 retirement benefit <br />Retirement Benefit Example 5: Partially Vested with Service at Multiple Fire Departments* <br />• 50-year old volunteer firefighter separates from service after serving 3 years at the Green Fire Department and subse- <br />quently serving 10 years at the Red Fire Department. The Red Fire Department participates in the SVF Plan, and the <br />Green Fire Department does not. <br />• The Red Fire Department’s benefit level at the time the volunteer firefighter separates from service is $1,000 <br />• The Red Fire Department’s vesting schedule starts at 40% after 5 years of service, increasing by 4% each subsequent year <br />until 100% vesting is reached after 20 years of service <br />[10 years x $1,000 x 72%] = $7,200 retirement benefit paid by the Red Fire Department <br />* The benefit calculation in this example is based on (1) the 10 years of service rendered at the Red Fire Department, (2) the $1,000 <br />benefit level in effect for the Red Fire Department, and (3) the vested percentage achieved with 13 years of total service rendered <br />between the Green (3 years) and Red (10 years) Fire Departments.