Title
PROPOSED RESOLUTION FOR THE BENEFIT LEVEL INCREASE IN THE STATEWIDE VOLUNTEER FIREFIGHTER (SVF) PLAN
Body
This proposed resolution increases the benefit level under the Minnesota PERA Statewide Volunteer Firefighter (SVF) Plan from $3,000 to $3,250 per year of credited service, effective January 1, 2027. The proposed increase recognizes the dedication and service of the City’s paid on-call firefighters, supports recruitment and retention efforts, and maintains a competitive retirement benefit. The SVF Plan is currently well funded, and actuarial projections indicate that existing plan assets are sufficient to support the increased benefit level without requiring additional contributions or costs from the City. Approval of the increase will enhance retirement benefits for eligible firefighters while utilizing available fund resources in a fiscally responsible manner.