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ELK RIVER FIRE DEPARTMENT RELIEF ASSOCIATION <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 AND 2007 <br />Note 1: PLAN DESCRIPTION -CONTINUED <br />C. Pension Benetiis <br />The Association operates under a defined benefit plan. The pension liability is calculated by the number of <br />active service years multiplied by a set benefit level. The Association's current level is at $5,091per active year <br />According to the bylaws of the Association and pursuant to Minnesota statute 424A.02, subdivisions 2 and 4, <br />members who retire with less than 20 years of service and have reached the age of 50 years and have completed <br />at least five years of active membership are entitled to a reduced service pension not to exceed the amount <br />calculated by multiplying the member's service pension for the completed years of service times the applicable <br />non-forfeitable percentage of pension as follows: <br />Completed years <br />of service <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 and thereafter <br />Non-forfeitable percentage <br />of pension amount <br />40% <br />44 <br />48 <br />52 <br />56 <br />60 <br />64 <br />68 <br />72 <br />76 <br />80 <br />84 <br />88 <br />92 <br />96 <br />100 <br />If a member of the Association shall become totally and permanently disabled, with a service related disability <br />(injured in the line of duty) to the extent that a physician or surgeon acceptable to the Board shall certify that <br />such disability will permanently prevent said member from performing said member's duties in the Department, <br />the Association shall pay to such member the sum of the current pension amount for each year and fractions of a <br />year that the member has served as an active member of the Department, without regard to minimum or partial <br />vesting requirements. If a member who has received such a disability pension should subsequently recover and <br />return to active duty in the Department, any amount paid to said member as a disability pension shall be <br />deducted from said member's service pension. <br />n <br /> <br />~I~ <br /> <br />i~ <br />J <br />C~ <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Upon the death of any member of the Association who is in good standing at the time of said member's death, <br />the Association shall pay to the surviving spouse, if any, and if there is no surviving spouse, to child or children, <br />if any, and if no child or children survive, to the estate of such deceased member, the credited sum of said <br />member's pension. <br /> <br />-8- <br /> <br /> <br /> <br />