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Benefit Level Amount 10,000
<br />Effective 1-Jul-24
<br />Effective termination 31-Dec-25 31-Dec-26
<br />FF Hire Date
<br />Years in RA / from date
<br />of employment Amount owed Years in RA Amount owed
<br />POC JB Seals 10/09/23 2.2 22,301.37$ 3.23 32,301.37$
<br />POC Jeff Krahl 10/09/23 2.2 22,301.37$ 3.23 32,301.37$
<br />POC Ryan Kanive 10/09/23 2.2 22,301.37$ 3.23 32,301.37$
<br />POC Mike Johnsrud 10/09/23 2.2 22,301.37$ 3.23 32,301.37$
<br />POC Ben Veach 10/09/23 2.2 22,301.37$ 3.23 32,301.37$
<br />POC Justin Hinker 10/09/23 2.2 22,301.37$ 3.23 32,301.37$
<br />POC Chris Adams 01/08/24 2.0 19,808.22$ 2.98 29,808.22$
<br />POC Oliver Kennedy 05/13/24 1.6 16,356.16$ 2.64 26,356.16$
<br />169,972.60$ 249,972.60$
<br />Subd. 8. Immediate distribution of retirement benefits and payment of all other obligations.
<br />(a)The board of trustees shall liquidate the assets of the special fund and pay retirement benefits and administrative expenses under the retirement plan within 210
<br />days after the effective date of the termination of the retirement plan .
<br />(b)If the retirement plan is a defined benefit plan that pays lump-sum benefits or a defined contribution plan, without regard to whether the participant has
<br />attained age 50, each participant and other benefit recipient shall be permitted to elect an immediate distribution or a direct rollover of the participant's benefit to
<br />an eligible retirement plan as permitted under section 356.633 , subdivisions 1 and 2, if the benefit is an eligible rollover distribution as defined in section 356.633,
<br />subdivision 1, paragraph (d).
<br />(c)If the retirement plan is a defined benefit plan that pays monthly pension benefits, the boardof trustees shall, at the election of the participant or other benefit
<br />recipient, purchase an annuity contract under section 424A.015, subdivision 3, naming the participant or other benefit recipient, as applicable, as the insured or
<br />distribute a lump-sum amount that is equal to the present value of the monthly pension benefits to which the participant or other benefit recipient is entitled. If an
<br />annuity is elected by the participant or other benefit recipient, the annuity shall provide for commencement at a date elected by the insured, to be paid as an
<br />annuity for the life of the insured. Legal title to the annuity contract shall be transferred to the insured. If a lump sum is elected, the option under paragraph (b) to
<br />take an immediate distribution or a direct rollover shall apply.
<br />(d)The board of trustees shall complete the distribution of all assets of the special fund bymaking any remaining distributions or transfers as required under
<br />subdivision 9 on behalf of participants or other benefit recipients who cannot be located or are unresponsive and paying any remaining administrative expenses
<br />424A.001, Subd. 4
<br />Subd. 12. Membership start date. Membership in a firefighters relief association begins upon the date of hire by a municipality, a joint powers board, or an independent
<br />nonprofit firefighting corporation with which the relief association is directly associated, unless otherwise specified in the relief association bylaws.
<br />(b) An involuntary termination of a relief association under this subdivision is effective on the December 31 that is at least eight months after the date on which the
<br />fire department is dissolved or the termination of employment or services of all active members of the relief association occurs. The board of trustees must comply
<br />with subdivisions 3 and 5 to 12. The board of trustees may comply with subdivision 4. The state auditor has the discretion to waive these requirements if the board
<br />of trustees requests a waiver in advance and provides adequate demonstration that meeting these requirements is not practicable.
<br />Subd. 3. Retirement plan termination date, full vesting, and forfeitures.
<br />(a) Unless subdivision 2 applies, the effective date of the termination of a retirement plan is the date approved by the board of trustees of the relief association. If
<br />the board of trustees does not approve a termination date, the effective date of the termination of a retirement plan is the effective date of the dissolution of the
<br />relief association or, if the relief association is not being dissolved, the end of the calendar year in which the termination of employment or services of all active
<br />members of the relief association occurs.
<br />(b) As of the earlier of the retirement plan termination date or the date on which the termination of employment or services of all active members of the relief
<br />association occurs, each participant becomes fully (100 percent) vested in the participant's retirement benefit under the retirement plan , notwithstanding any
<br />bylaws or laws to the contrary, except for any retiree in pay status who is receiving a monthly service pension from a relief association described in section
<br />424A.093.
<br />(c) If the relief association is a defined contribution relief association, the account of each participant who becomes 100 percent vested under paragraph (b) shall
<br />include an allocation of any forfeiture that is required, under the bylaws of the relief association, to occur on or as of the end of the calendar year during which the
<br />termination of the retirement plan is effective, if the participant is entitled to an allocation of forfeitures under the bylaws. Any account so forfeited shall not be
<br />included in the retirement benefits that become 100 percent vested under paragraph (b).
<br />An involuntary termination of a relief association under this subdivision is effective on the December 31 that is at least eight months after the date on which the fire
<br />department is dissolved or the termination of employment or services of all active members of the relief association occurs.
<br />Subd. 2. Involuntary dissolution and termination.
<br />(a) A relief association is dissolved and the retirement plan administered by the relief association is terminated automatically if :
<br />(1) the fire department affiliated with a relief association is dissolved by action of the governing body of the municipality in which the fire department is located or
<br />by the governing body of the independent nonprofit firefighting corporation, whichever applies; or
<br />(2) the fire department affiliated with a relief association has terminated the employment or services of all active members of the relief association .
<br />As of April 1st I believe the amount would be ~ $169,972. If after May 1st the amount would be ~$249,972.60. The way I understand the rule, the amount is
<br />calculates based on the 31st of December of the year the association is terminated but that has to be at least 8 month after the termination. So if before 1 May we
<br />would use 31 Dec 25 if after we would use 31 Dec 26.
<br />424B.22 RELIEF ASSOCIATION DISSOLUTION AND RETIREMENT PLAN TERMINATION.
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