II. Pension Plan - Optional (Municipality must, by ordinance or resolution, allow participation.)

Pension Tables   (effective 07/01/03) DOWNLOAD (MS WORD)

A. Fees

1) Annual fees for firefighters

a) Municipality fee is $30.00

b) Member fee is $30.00

2) Annual fees for EMSD volunteers and reserve officers

a) Municipality fee set by State Board

1. Set at annual October meeting for following year

2. Set to cover total actuarial cost of
participation less member’s fee

b) Member fee is $30.00

3) Municipality may choose to pay member’s fee.

4) No more than 25 annual pension payments may be paid.

a) Member’s $30.00 fee, if paid by member, is
refundable upon leaving service

b) Fees paid by municipality are not refundable.

5) Initial enrollment in the pension plan can be made at
any time of the year.

B. Benefits

1) Pension Calculation [Base pension X service percent =
age 65 pension]

a) Step 1 – Base pension

1. $50.00 plus $10.00 for each year paid-in.

2. Maximum is $300.00 for 25 years paid-in.

b) Step 2 - Service percent

1. 10-14 years of service = 20% of base pension

2. 15-19 years of service = 35% of base pension

3. 20-24 years of service = 75% of base pension

4. 25+ years of service = 100% of base pension

c) Step 3 - Age election percent option -

100% at age 65 or 92% at age 64 or 84% at age 63 or

76% at age 62 or 68% at age 61 or 60% at age 60

2) Joint-Survivor Option - Applies only to those serving
after 07/01/89

a) Reduced pension based on the difference in age
between the fire-fighter and his/her spouse

b) Continues to the spouse upon the member’s
death

c) If spouse precedes member in death, pension
will be increased to unreduced amount

d) With additional reduction for age at time of death,
will be paid to spouse of deceased member who dies
before drawing pension

3) If any pension computes to less than $50.00, it will
be paid as a one time lump-sum settlement equal to the
value of the annuity.

4) Service credit is given for service rendered prior to
enrollment in the pension plan, although pension fees
cannot be paid for those years.