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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2016 BENEFITS PROVIDED The Relief provides retirement benefits as well as disability benefits to members and benefits to survivors upon death of eligible members. Benefits are established in accordance with the State Statute and vest after ten years of credited service. The defined retirement benefits are based on a member’s years of service. Benefit provisions can be amended by the Relief within the parameters provided by State Statutes. Twenty Year Service Pension Each member who is at least 50 years of age; has retired from the City of St. Anthony, Minnesota; has served at least twenty (20) years of active service with such department before retirement; and has been a member of the Relief in good standing at least 10 years prior to such retirement; shall be entitled to a pro-rated lump sum service pension in the amount of $3,300 for each completed full year of service but not exceeding the maximum amount per year of service allowed by law for the minimum average amount of available financing per firefighter as prescribed by law. Members with 10 years of service receive partial vesting at 60% of the 20 year rate and 4% added for every one year of service beyond ten years up to 20 years. Disability Benefits A member who becomes permanently disabled from being an active firefighter in the City of St. Anthony, Minnesota will be eligible to collect a disability benefit in an amount equal to his/her full years of active service multiplied by the yearly lump sum service pension rate. If a member receives a disability benefit and subsequently returns to active duty, the total disability benefit will be deducted from his/her service pension. Death Benefits Upon the death of any active member of the Relief who is in good standing at the time of their death, the Relief shall pay to the surviving spouse or children, if any, the sum of $3,300 for each year that the member served as an active member of the Relief. The survivor benefits include those members who are on the regular pension roll or on the deferred pension roll. State Supplemental Benefits Minnesota Statute 424A.10 provides for the payment of a supplemental benefit equal to ten percent of a regular lump sum distribution up to a maximum of $1,000. The supplemental benefit is in lieu of a State income tax exclusion for lump sum distributions and will no longer be available if State tax law is modified to exclude lump sum distributions from State income tax. The Relief qualifies for these benefits. 70