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Ramsey, Nowthen, St. Francis, Oak Grove, and Bethel, Minnesota <br />Feasibility Study for Shared or Cooperative Fire and Emergency Services <br />Figure 16: Summary of Relief Association Benefits2 <br />Pension Type <br />Active Active Service Minimum Yearly Funding <br />Members Requirement Age Benefit Ratio <br />BFD <br />OGF❑ <br />RFD <br />Lump -Sum <br />Lump -Sum <br />Defined -Contribution <br />12 10 50 $488 <br />33 5 50 $2,300 104% <br />51 10 50 Balanced 100% <br />SFFD Lump -Sum <br />31 10 50 $2,100 121% <br />Although there are differences between the plan types currently in use within the study region, it is also <br />useful to examine the municipal contributions and current net assets held by each relief association. The <br />following figure summarizes these components. <br />Figure 17: Fire Relief Association Net Assets3 <br />Municipal <br />Contribution Current Net <br />(2010) Assets <br />BFD <br />OGFD <br />RFD <br />SFFD <br />Total Assets <br />$865 <br />$22,427 <br />$16,208 <br />$0 <br />$39,500 <br />$84,900 <br />$976,274 <br />S1,733,624 <br />$662,836 <br />$3,457,634 <br />If these funds were combined, there would have to be some adjustment to the plan type as well as the <br />service requirement. Otherwise, Chapter 424E of Minnesota Statues should be consulted in how to best <br />merge the existing relief associations if an operational consolidation is implemented. <br />2 Financial and Investment Report Of Volunteer Fire Relief Associations. State of Minnesota. Office of the State <br />Auditor. http://www.osa.state.rnn.us/Reports/pen/2010/vfra/vfra_10_report.pdf. <br />3 Ibid. <br />page 24 <br />Bmsrgcnry Serricu Cons -Wang <br />J <br />