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06-23-14 Council Packet
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06-23-14 Council Packet
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1/14/2015 2:32:55 PM
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10/16/2014 1:07:05 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/23/2014
Council Meeting Type
Regular
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Lino Lakes, Minnesota <br />Fire Pension Impacts <br />Page 2 <br />Impact of pension options to firefighters <br />We have created a table that outlines the impact of the total lump -sum pension received to any given firefighter under <br />the SVFRP and a table if the City/Fire Relief administers the plan with a vesting schedule similar to the CFD vesting <br />schedule. <br />Several assumptions we made in creating this table. They include: <br />Firefighters will retire after a total of 20 years of service between the two departments; no more, no less <br />CFD offers a $4,500 lump -sum pension over the entire period of service <br />Lino Lakes offers a $5,000 lump -sum pension over the entire period of service <br />Benefits are in today's dollars <br />Benefits received at age 50 or older <br />Under the SVRFP, partial vesting begins with 5 years of service. In the CFD, partial vesting begins at year 10. The <br />vesting schedules are shown below. <br />Years of Svc: 1 2 3 4 5 6 7 8 9 10 <br />SVFRP: --- 40% 44% 48% 52% 56% 60% <br />Fire Relief: --- 60% <br />Years of Svc: 11 12 13 14 15 16 17 18 19 20 <br />SVFRP: 64% 68% 72% 76% 80% 84% 88% 92% 96% 100% <br />Fire Relief: 64% 68% 72% 76% 80% 84% 88% 92% 96% 100% <br />100% <br />80% <br />60% <br />40% <br />20% <br />0% <br />Vesting Schedules - SVFRP vs Relief Assn. <br />1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 <br />• SVFRP • Fire Relief Assn <br />
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