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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />I. PENSION EXPENSE <br /> <br />Pension expense recognized by the City for the year ended December 31, 2022 is as follows: <br /> <br />GERF $342,167 <br />PEPFF 779,867 <br />Fire Relief 7,088 <br />Total $1,129,122 <br /> <br /> <br />Note 8 DEFINED BENEFIT PENSION PLAN – FIRE DEPARMENT <br /> <br />A. PLAN DESCRIPTION <br /> <br />The City’s Fire Department participates in the Statewide Volunteer Firefighter Retirement Plan (SVF), <br />an agent multiple-employer lump-sum defined benefit pension plan administered by the Public <br />Employees Retirement Association of Minnesota (PERA). The SVF plan covers volunteer firefighters <br />of municipal fire departments or independent nonprofit firefighting corporations that have elected to <br />join the plan. At December 31, 2022 (measurement date), the plan covered 23 active firefighters and <br />10 vested terminated fire fighters whose pension benefits are deferred. The plan is established and <br />administered in accordance with Minnesota Statutes, Chapter 353G. <br /> <br /> <br />B. BENEFITS PROVIDED <br /> <br />The SVF provides lump-sum retirement, death, and supplemental benefits to covered firefighters and <br />survivors. Benefits are paid based on the number of years of service multiplied by a benefit level <br />approved by the City. Members are eligible for a lump-sum retirement benefit at 50 years of age with <br />five years of service. Plan provisions include a pro-rated vesting schedule that increases from 5 years <br />at 40 percent through 20 years at 100 percent. <br /> <br /> <br />C. CONTRIBUTIONS <br /> <br />The SVF is funded by fire state aid, investment earnings and, if necessary, employer contributions as <br />specified in Minnesota statutes, and voluntary City contributions. The State of Minnesota contributed <br />$67,800 in fire state aid to the plan for the year ended December 31, 2022. Required employer <br />contributions are calculated annually based on statutory provisions. The City was not statutorily <br />required to make any contributions to the SVF plan for the year ended December 31, 2022. There <br />were no City voluntary contributions to the SVF plan for the year ended December 31, 2022. <br /> <br /> <br />73