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<br /> <br />City of Lake Elmo Volunteer Fire Department 9 <br /> <br />Summary of Plan Provisions <br />Following is a summary of the major plan provisions used to determine the plan’s financial position. It should <br />not be used in determining plan benefits. <br /> <br /> <br />Fire Department City of Lake Elmo Volunteer Fire Department <br />Plan Year Calendar year <br />Vesting Schedule Members are 40% vested upon completion of 5 years of <br />service. The vesting percentage increases by 4% for each <br />complete year of service above 5 years until the member is <br />100% vested with 20 years of service. <br />Normal Form of Payment Lump sum <br />Deferred Vested Benefit Eligible upon termination, after completion of at least 5 years <br />of service. Lump sum of $8,000 per year of service, subject to <br />the vesting schedule, payable at age 50. The benefit may be <br />subject to an interest rate credit during the time that a <br />member is deferred. <br />Normal Retirement Benefit Eligible upon attainment of age 50 and completion of 20 years <br />of service. Lump sum of $8,000 per year of service. <br /> <br />The benefit level changed from $7,000 per year of service in the December 31, 2024 valuation to $8,000 <br />per year of service in this valuation. <br />