#09 - Cost anaysis SVF plan - Laserfiche WebLink

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Instructions for How to Join the SVF Plan 1. By July 15, the Secretary of the fire department’s relief association (if one exists) and the Chief Administrative Officer of the fire department’s governing body jointly complete and submit to PERA a Request for a Cost Analysis to Join the SVF Plan requesting that PERA prepare an analysis estimating the cost of joining the SVF Plan. The board of the relief association (if one exists) and the board/council of the governing body must grant approval to the Secretary and Chief Administrative Officer, respectively, to complete the Request for a Cost Analysis to Join the SVF Plan form. If the fire department is associated with more than one municipality or nonprofit firefighting corporation, the Chief Administrative Officer of each governing body of the fire department must jointly execute the request. 2. Once PERA receives the completed Request for a Cost Analysis to Join the SVF Plan form, PERA staff contacts the fire department and/or the Office of the Minnesota State Auditor to obtain a copy of the relief association’s bylaws (if applicable) and the information needed to prepare the requested cost analysis. PERA collects information on individual volunteer firefighters, including birthdates, years of service, pension vesting status, and the dates on which volunteer firefighters joined and (if applicable) left the fire department. 3. PERA prepares the requested cost analysis free of charge. PERA provides the cost analysis, which includes estimates of future required contributions, to the fire department’s relief association (if one exists) and governing body. 4. PERA notifies the State Board of Investment (SBI) that the fire department is considering joining the SVF Plan. The SBI provides the fire department with information about the SVF Plan investments and about how the fire department may set up an account with the SBI.