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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <br />Note 8 DEFINED BENEFIT PENSION PLAN — FIRE DIVISION <br />A. PLAN DESCRIPTION <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 -employer <br />lump -sum defined benefit pension plan administered by the Public Employees Retirement Association of <br />Minnesota (PERA). The Volunteer Firefighter Plan covers volunteer firefighters of municipal fire <br />departments or independent nonprofit firefighting corporations that have elected to join the plan. As of <br />December 31, 2023 (measurement date), the plan covered 19 active firefighters and two vested terminated <br />firefighters whose pension benefits are deferred. The plan is established and administered in accordance <br />with Minnesota Statutes, Chapter 353G. <br />B. BENEFITS PROVIDED <br />The Volunteer Firefighter Plan provides retirement, death, and supplemental benefits to covered firefighters <br />and survivors. Benefits are paid based on the number of years of service multiplied by a benefit level <br />approved by the City. Members are eligible for a lump -sum retirement benefit at 50 years of age with five <br />years of service. Plan provisions include a pro -rated vesting schedule that increases from 5 years at 40% <br />through 20 years at 100%. <br />C. CONTRIBUTIONS <br />The Volunteer Firefighter Plan is funded by fire state aid, investment earnings and, if necessary, employer <br />contributions as specified in Minnesota Statutes, and voluntary City contributions. The State of Minnesota <br />contributed $170,000 in fire state aid to the plan for the year ended December 31, 2023. Required <br />employer contributions are calculated annually based on statutory provisions. The City's statutorily - <br />required contributions to the Volunteer Firefighter Fund for the year ended December 31, 2023 were $0. <br />The City's contributions were equal to the required contributions as set by state statute, if applicable. <br />73 <br />