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ST. ANTHONY FIREFIGHTERS RELIEF ASSOCIATION NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 Note 3. Defined Benefit Pension Plan A. Plan Description The St. Anthony Firefighters Relief Association is the administrator of a single - employer pension plan available to firefighters of the City of St. Anthony, Minne- sota. The Association was established November 23, 1982 and operates under the Provisions of Minnesota Statutes Chapter 424A. For financial reporting purposes, the financial statements of the Association are not included with the City of St. Anthony's financial statements because the Asso- ciation has been determined not to be a component unit of the City. Membership data of the Association as of December 31, 1995 was: Retired members entitled to benefits but who have not yet received them 7 Active plan participants Vested 12 Nonvested 9 28 The St.,Anthony Firefighters Relief Association operates as a defined benefit pen- sion plan. The Association provides retirement benefits as well as disability bene- fits to its members and benefits to survivors upon death of eligible members. The basic characteristic of this plan is that the Association will pay members a lump sum pension benefit based on years of service. Members who have completed 20 or more years of service as an active member of the fire department, attained the age of 50 years and have been a member of the Asso- ciation in good standing for 10 or more years are eligible for benefits. Members satisfying these requirements are eligible for a lump sum payment of $1,000 for each year of active service. In the event a member has served for at least 20 years but has not attained the age of 50 years, such member may retire and be placed on deferred pension status. Upon reaching 50 years of age, such member shall be paid a lump sum payment of $1,000 for each year of active service. In the event a member has more than 10 years but less than 20 years of service, such member is eligible for a reduced service pension benefit. After 10 years of service, benefits are payable at 60% of the lump sum benefit which would have been earned, increasing by 4% fcr each year of service completed after 10 years. If a member seperates before the age of 50 years with 10 years or more of service, such member shall be placed on early vested pension status. Pensions payable to members on early vested pension status shall be based on the lump sum amount payable per year of service in effect at the time of such early retirement. .f. r