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353G.11 SERVICE PENSION LEVELS.

Subdivision 1.Levels.

The retirement plan provides the following levels of service pension amounts to be selected at the election of coverage, or, if fully funded, thereafter:

Level A $500 per year of good time service credit
Level B $750 per year of good time service credit
Level C $1,000 per year of good time service credit
Level D $1,500 per year of good time service credit
Level E $2,000 per year of good time service credit
Level F $2,500 per year of good time service credit
Level G $3,000 per year of good time service credit
Level H $3,500 per year of good time service credit
Level I $4,000 per year of good time service credit
Level J $4,500 per year of good time service credit
Level K $5,000 per year of good time service credit
Level L $5,500 per year of good time service credit
Level M $6,000 per year of good time service credit
Level N $6,500 per year of good time service credit
Level O $7,000 per year of good time service credit
Level P $7,500 per year of good time service credit

Subd. 2.Level selection.

At the time of the election to transfer retirement coverage, or on April 30 thereafter, the governing body or bodies of the entity or entities operating the fire department whose firefighters are covered by the retirement plan may request a cost estimate from the executive director of an increase in the service pension level applicable to the active firefighters of the fire department. Within 90 days of the receipt of the cost estimate prepared by the executive director using a procedure certified as accurate by the approved actuary retained by the Public Employees Retirement Association, the governing body or bodies may approve the service pension level change, effective for the following calendar year. If not approved in a timely fashion, the service pension level change is considered to have been disapproved.

Subd. 3.Supplemental benefit.

The retirement plan also shall pay a supplemental benefit as provided for in section 424A.10.

Subd. 4.Ancillary benefits.

No disability, death, funeral, or other ancillary benefit beyond a service pension or a survivor benefit is payable from the retirement plan.

Official Publication of the State of Minnesota
Revisor of Statutes