HomeMy WebLinkAbout25-017 Amended Lakeville Fire Relief Association Bylaws Relating to Pension Vesting Schedules and Board Compensation CITY OF LAKEVILLE
RESOLUTION NO. 25-017
RESOLUTION AMENDING LAKEVILLE FIRE RELIEF ASSOCIATION BYLAWS
RELATING TO PENSION VESTING SCHEDULES AND BOARD COMPENSATION
WHEREAS, The Bylaws of the Lakeville Fire Relief Association provide for a Defined Benefit Lump
Sum Retirement Plan for volunteer firefighters that are eligible under the vesting schedule.
WHEREAS, The original effective date of the Plan was October 11, 1943.
WHEREAS,Article 3.1 Full Vesting of Accrued Benefits is amended to read "A Participant shall have a
fully vested and non-forfeitable interest in the Participant's Accrued Benefit upon completion of 15 Years
of Active Service.
WHEREAS, Article 3.2 Partial Vesting of Accrued Benefit is amended to read "The following vesting
schedule shall apply to Participant with fewer than 15 Years of Active Service:
Years of Current Amended
Active Vested % Vesting%
Service
5 40% 50%
6 44% 55%
7 48% 60%
8 52% 65%
9 56% 70%
10 60% 75%
11 64% 80%
12 68% 85%
13 72% 90%
14 76% 95%
15 80% 100%
16 84%
17 88%
18 92%
19 96%
20 100%
WHEREAS, Article 6.8 Compensation states "for services to the Association by the officers, the
membership may at the Annual Association meeting authorize payment of an aggregate salary expense
payable from the Special Fund to one (1) or more of these officers. The amount shall be recommended
by the Board to the membership and approved by the membership at their annual Association meeting."
The current and revised compensation amounts are as follows:
Relief Board Officer Current Amended
Annual Pay Annual Pay
President $1,000 $2,000
Vice President $1,000 $2,000
Treasurer $3,000 $3,000
Secretary $3,000 $3,000
Board-Appointed Trustee(s) $ 0 $1,000
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota
that the Lakeville Fire Relief Association's Bylaws are hereby amended for the changes in the vesting
schedule and relief board officers and trustees' compensation.
ADOPTED by the Lakeville City Council this 3'�day of February 2025.
CITY OF LAKEVILLE:
Luke M. Hellier, Mayor
AT'TEST:
Ann Orlo sky, City Clerk
APPENDIX A
LAKEVILLE FIRE RELIEFASSOCIATION
Bene it Levels
Benefit Level Interest Rate for Date Benefit
Benefit Level per Deferred Pension Approved by
Effective Date Year of Active Benefit MunicipaGty
Semce
February 6, 2024 $15,000.00 Separate Account February 5, 2024
March 8, 2022 $12,000.00 Separate Account March 7, 2022
January 1, 2021 $10,000.00 Separate Account December 7, 2020
January 1, 2020 $9,195.00 Separate Account May 6, 2019
January 1, 2019 $8,395.00 Separate Account November 19, 2018
January 1, 2018 $7,595.00 Separate Account February 6, 2017
January 1, 2017 $7,225.00 Separate Account October 17, 2016
January l, 2016 $6,877.00 Separate Account November 3, 2014
January 1, 2015 $6,742.00 Separate Account November 3, 2014
January 1, 2014 $6,610.00 Separate Account March 18, 2013
January 1, 2012 $6,417.00 Separate Account December 19, 2011
Apri16, 2009 $6,230.00 Separate Account Apri16, 2009
January l, 2009 $6,230.00 5.000% December 1, 2008
January 1, 2008 $6,000.00 5.000% November 5, 2007
January 1, 2007 $5,820.00 5.000% December 18, 2006
January 1, 2006 $5,725.00 5.000% January 1, 2006
January 1, 2005 $5,550.00 5.000% January l, 2005
January 1, 2004 $5,400.00 5.000% January l, 2004
Benefit Level Interest Rate for Date Benefit
Benefit Level per Deferred Pension Approved by
Effective Date Year of Active Benefit Municipality
Service
January 1, 2003 $5,300.00 5.000% January l, 2003
January 1, 2002 $5,100.00 5.000% January 1, 2002
Januaty 1, 2001 $4,750.00 5.000% January 1, 2001
January l, 2000 $4,500.00 5.000% January 1, 2000
January 1, 1999 $4,000.00 5.000% January 1, 1999
January l, 1998 $3,850.00 5.000% January 1, 1998
January 1, 1997 $3,750.00 5.000% January 1, 1997