MN SF4070

Dissolves the Maplewood Firefighters Relief Association and terminates its pension plan after payment of all benefit obligations and distribution of remaining assets.

Members employed as volunteer firefighters by the Maplewood Fire Department on February 27, 2018 become 100 percent vested and are entitled to a lump sum benefit of $11,000 multiplied by their years of service.

Relief association must amend its bylaws to establish a defined benefit lump sum service pension plan and distribute retirement benefits as lump sum payments or direct rollovers regardless of member age.

Remaining relief association special fund balance transfers to the city of Maplewood general fund, and the general fund balance is distributed equally to all members.

Bill takes effect only if approved within 45 days by the relief association board of trustees, a majority of members at a membership meeting, and the Maplewood City Council.