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<br /> <br />5. After receiving PERA’s cost analysis, the fire department’s relief association (if one <br />exists) and governing body have 120 days to approve pension coverage in the SVF Plan. <br />If the relief association (if one exists) and governing body approve pension coverage <br />under the SVF Plan, they provide PERA with written board/council resolutions <br />documenting that approval by November 15. PERA has developed model resolutions <br />that the relief association and governing body may use if they choose to approve <br />pension coverage in the SVF Plan. The relief association (if one exists) and governing <br />body may email their resolutions to PERASVF@mnpera.org. If the relief association (if <br />one exists) and governing body take no action within 120 days, the existing pension <br />coverage continues as before. <br /> <br />6. If participation in the SVF Plan is approved, PERA notifies the SBI. The SBI works directly <br />with the owner of the pension assets to transfer the assets within the year in which the <br />participation in the SVF Plan is approved. Once the pension assets are transferred to the <br />SBI, the relief association’s special fund (if one exists) ceases to exist as a pension fund. <br />Legal title to the assets transfers to the SBI, but the assets will be used exclusively to <br />fund the pension benefits of the fire department’s volunteer firefighters. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />