HomeMy WebLinkAbout25-171 Resolution Amending Lakeville Fire Relief Association Bylaws Relating to Pension Benefit Levels and Vesting Schedule CITY OF LAKEVILLE
RESOLUTION NO. 25-171
RESOLUTION AMENDING LAKEVILLE FIRE RELIEF ASSOCIATION BYLAWS
RELATING TO PENSION BENEFIT LEVELS AND VESTING SCHEDULE
WHEREAS, The Bylaws of the Lakeville Fire Relief Association (`Bylaws") provide for a Defined
Benefit Lump Sum Retirement Plan for volunteer firefighters that are eligible under the vesting schedule;
and
WHEREAS, the original effective date of the Plan was October 11, 1943; and
WHEREAS, the Lakeville Fire Relief Association ("LFRA") manages pension benefits for paid-on-call
firefighters; and
WHEREAS,the LFRA has proposed amendments to the pension benefit,including shortening the vesting
schedule for full vesting from 15 years to 10 years and increasing the annual benefit levels; and
WHEREAS, the Council desires to amend the Bylaws as provided in Exhibit A and Exhibit B attached
hereto; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as
follows:
1. The Lakeville Fire Relief Associations' Bylaws are hereby amended as provided in Exhibit A.
2. The Lakeville Fire Relief Associations' Annual Definite Benefit levels are hereby amended as
provided in Exhibit B.
ADOPTED by the Lakeville City Council this 15�' day of December 2025.
CITY OF LAKEVIL
�
M. He lier, Mayor
Ann Or o ky, City Clerk
EXHIBIT A
AMENDMENTS TO FIRE RELIEF ASSOCIATION BYLAWS
1. Amendment to Appendix B, Article 3 of the Bylaws. Section 3.1 of Exhibit B Bylaws is
amended to read in its entirety as follows:
3.1. Full Vesting of Accrued Benefits. A Participant shall have a fully vested and non-
forfeitable interest in the Participant's Accrued Benefit upon completion of 10 Years of Active
Service.
EXHIBIT B
LAKE VILLE FIRE RELIEF ASSOCIA TION
Bene ct Levels
Benefit Level Interest Rate for Date Benefit
Benefit Level per Year of Deferred Pension Approved by
Effective Date Active Service Benefit MunicipaGty
January 1, 2027 $20,000.00 Separate Account December 15, 2025
January 1, 2026 $17,500.00 Separate Account December 15, 2025
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 1, 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
April 6, 2009 $6,230.00 Separate Account April 6, 2009
January 1, 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 1, 2005
Benefit Level Interest Rate for Date Benefit
Benefit Level per Year of Deferred Pension Approved by
Effective Date Active Service Benefit Municipality
January 1, 2004 $5,400.00 5.000% January l, 2004
January 1, 2003 $5,300.00 5.000% January 1, 2003
January 1, 2002 $5,100.00 5.000% January 1, 2002
January 1, 2001 $4,750.00 5.000% January 1, 2001
January 1, 2000 $4,500.00 5.000% January 1, 2000
January 1, 1999 $4,000.00 5.000% January 1, 1999
January 1, 1998 $3,850.00 5.000% January 1, 1998
January 1, 1997 $3,750.00 5.000% January 1, 1997