SPRING LAKE PARK FIREFIGHTERS RELIEF ASSOCIATION. DEFINED BENEFIT PENSION PLAN (Lump Sum) Updated 4/25/2006

Transcription

1 SPRING LAKE PARK FIREFIGHTERS RELIEF ASSOCIATION DEFINED BENEFIT PENSION PLAN (Lump Sum) Updated 4/25/2006

2 Article I--Establishment and Purpose Spring Lake Park Firefighters' Relief Association Defined Benefit Pension Plan 1. Establishment Purpose Definitions Effective Date...2 Article II--Operation of the Plan 2.1 Board of Trustees and Duties Exclusive Benefit Rule Limits of Benefits Plan Year Contribution of Association Actuary Persons Included Notice of Change in Status Regulations Governing the Plan and Fund Accruals During Leaves of Absence...4 Article III--Pension Benefit 3.1 Pension Eligibility; Computation Survivor Benefit Direct Rollovers; Withholding; Notice Requirements Restrictions on Benefit Accruals and Annual Additions...7 Article IV Administration 4.1 How Pension Paid; Reporting Reduction of Pension Application to the Association Required to Receive Benefits Amendment and Termination of Plan

3 Spring Lake Park Firefighters' Relief Association Defined Benefit Pension Plan Article I -Establishment and Purpose 1.1 Establishment. The Spring Lake Park Firefighters' Relief Association (the " Association") hereby establishes, effective January 1, 1997, a qualified defined benefit plan for the benefit of certain of its members. The plan shall be known as the Spring Lake Park Firefighters' Relief Association Defined Benefit Pension Plan (the "Plan"). The Plan is intended to be a qualified retirement plan and trust, within the meaning of Section 401(a) of the Internal Revenue Code, and a governmental plan, as described in Section 3(32) of ERISA. 1.2 Purpose. The purpose of the Plan is to permit members of the Association who make a significant contribution to the community relations and public education efforts of the Spring Lake Park Fire Department, Inc. (the "Fire Department") to receive a supplemental lump sum or installment benefit when they cease membership in the Association. 1.3 Definitions. Whenever used in this Plan, the following terms shall have the respective meanings set forth below, unless otherwise expressly provided herein, and when the defined meaning is intended, the term is capitalized: (a) (b) "Board of Trustees" means the Board of Trustees defined in Section 9.12 of the Association's Bylaws. "Designated Beneficiary" means any individual designated as a beneficiary by a Participant. To be effective, such designation must be in writing, signed by the Participant and filed with the Board of Trustees. (c) "Fund" means the trust fund created and maintained in order to pay benefits pursuant to the Plan. (d) "Participant" means those persons described in Section 3.1 of the Plan as persons eligible to accrue a benefit under the Plan. A Participant shall continue to be considered a Participant until the earliest of his or her death, payment of all benefits to such Participant, or his or her forfeiture of all benefits under the Plan. (e) "Plan" means the Spring Lake Park Firefighters' Relief Association Defined Benefit Pension Plan described in this document, as amended from time to time. (f) "Plan year" means the calendar year. 1.4 Effective Date. This Plan is adopted effective January 1, The provisions of this Plan shall apply only to individuals who terminate membership with the Association on or after January 1, Members of the Association who terminated membership prior to January 1, 1997 and their respective spouses and beneficiaries shall have no rights under this Plan. 2

4 Article II -Operation of the Plan 2.1 Board of Trustees and Duties. The Board of Trustees of the Association shall constitute the trustees for the management of the Plan and Fund. The trustees shall not receive any additional compensation for their services as trustees of the Fund. The Board shall have such powers and perform such duties as may be provided by law. 2.2 Exclusive Benefit Rule. The Fund shall receive contributions from the Association's General Fund. No part of the moneys shall be used for any purpose other than the payment of pensions. The Board may invest all or part of the Fund assets by selecting a funding agent or agents and establishing an investment agreement contract. The contract shall authorize the funding agent or agents to hold and invest funds for the Board. Funds shall be placed for investment only with a firm or firms whose primary endeavor is money management, and only after a trust agreement or contract has been executed. 1. Except as may be provided elsewhere in this Plan, in no event shall any part of the Fund be paid to or become vested in the Association or the Spring Lake Park Fire Department, Inc. (the "Fire Department"), or be used for any purpose whatsoever other than for the exclusive benefit of Participants and their beneficiaries, except that contributions of the Association may be returned if: (a) The contribution was conditioned on the qualification of the Plan under Section 401(a) of the Internal Revenue Code, the Plan does not so qualify and the contribution is returned within one year after the Plan is found to not so qualify; or (b) The contribution was made due to a mistake of fact, the contribution is returned within one year of the mistaken payment of the contribution and the amount so returned (a) does not exceed the excess of the contribution over the amount which could have been contributed had there been no mistake of fact, (b) does not include the net earnings attributable to such excess contributions, and (c) is reduced by any net losses attributable to the excess contribution. 2.3 Limits on Benefits. (a) Domestic Relations Order. A Domestic Relations Order shall be accepted by the Board of Trustees if in compliance with state law. No benefits shall be paid under a Domestic Relations Order which requires the Association to provide any type or form of benefit, or any option, not otherwise provided under these Bylaws or under state law. (b) Garnishment. Judgment or Legal Process. No service pension or ancillary benefits paid or payable from the Special Fund to any person receiving or entitled to receive a service pension or ancillary benefits shall be subject to garnishment, judgment, execution, or other legal process, except as provided in Minn. Stat , or

5 (c) Assignments. No person entitled to a service pension or ancillary benefits from the Special Fund may assign any service pension or ancillary benefit payments, nor shall the Association have the authority to recognize any assignment or pay over any sum, which has been assigned. 2.4 Plan Year. The Plan Year for the Fund shall commence on the first day of January of each year and terminate on the 3lst day of December of the same year. The Plan Year shall be considered the plan year for purposes of Section 401(a) of the Internal Revenue Code and shall be considered the limitation year for purposes of Section 415 of the Internal Revenue Code. 2.5 Contribution of Association. The Board of Trustees of the Association shall annually make a contribution to the Fund from the Association's General Fund as may be needed to maintain the Fund in a sound actuarial condition. 2.6 Actuary. The funding of the Plan shall be based upon actuarial tables and the Board of Trustees shall, from time to time, be empowered to engage the services of an actuary for the purpose of determining the condition of the Fund. The actuary shall be paid by check issued by the Board of Trustees in a reasonable amount determined by the Board of Trustees. 2.7 Persons Included. Every active member of the Association shall participate in the Plan as of the first day of his or her acceptance as a member by the Board of Trustees. Any permanent or fulltime employee of the fire department shall be a participant of the Plan. 2.8 Notice of Change in Status. It shall be the duty of the President of the Association to give immediate notice to the Board of Trustees of the change in pension status of any Participant resulting from death or other cause, and he or she shall furnish such other information concerning any Participant as the Board of Trustees may require. 1. Each Participant and beneficiary shall furnish to the Board of Trustees such information affecting the individual's status as a Participant or beneficiary as the Board of Trustees may require. 2.9 Regulations Governing the Plan and Fund. The Board of Trustees are authorized to adopt, from time to time, such regulations as it deems necessary and consistent with the terms and provisions of this Plan governing the operation of the Plan and Fund and the requirements as to participation and distribution. Each Participant and beneficiary shall be subject to all the provisions of this Plan and to all such rules and regulations Accruals During Leaves of Absence. No rights to pension benefits shall accrue to any Participant or to any beneficiary during any leave of absence, except (a) during a regular vacation or sick leave or absence duly granted, (b) during a period of military service to the extent required by federal law, or (c) during a period of leave to the extent required under the Family and Medical Leave Act of 1993 or any similar law of the State of Minnesota that provides greater rights. 4

6 Article III -Pension Benefit 3.1 Pension Eligibility; Computation. Every Participant, surviving spouse, or other beneficiary of a deceased Participant who has made application to the Board of Trustees for a pension and who has been certified by the Board of Trustees as eligible for a pension shall be paid out of the Fund an amount to be determined as follows: (a) $500 multiplied by the sum of (a) the number of years of service credited to the Participant prior to January 1, 1997 by the Fire Department (a year shall be credited if the participant had 6 months or greater good service time their first year), plus (b) the number of Plan Years, beginning on or after January 1, 1997, in which the Participant is a member of the Association and serves at no less than six (6) public relations events of the Fire Department for each plan year, plus; (b) $500 for each Plan Year beginning on or after January 1, 2006 in which the Participant is a member of the Association and serves at no less than six (6) to no more than eight (8) public relations events of the Fire Department, plus; (c) $750 for each Plan Year beginning on or after January 1, 2006 in which the Participant is a member of the Association and serves at no less than nine (9) to no more than eleven (11) public relations events of the Fire Department, plus; (d) $1000 for each Plan Year beginning on or after January 1, 2006 in which the Participant is a member of the Association and serves at twelve (12) or more public relations events of the Fire Department. 1. The benefit shall be payable in a single lump sum payment The Participant, surviving spouse or other beneficiary shall elect the form of payment Benefit payments shall commence not more than 90 days after the Participant terminates membership with the Association for any reason. 3.2 Survivor Benefit. The surviving spouse of a deceased Participant shall be entitled to receive the full pension benefit described in Section 3.1 to the extent it has not been paid at the Participant's death. If the Participant has no surviving spouse, the benefit shall be payable to the beneficiary designated in writing by the Participant on a form acceptable to the Board of Trustees. If the Participant has no surviving spouse and a valid signed beneficiary designation in not on file or has been revoked by the Participant, the benefit shall be payable to the Participant's estate. Benefit payments will be made no later than 90 days following approval by the Trustees. However, a benefit payable to a deceased member's estate shall not be distributed until the Board of Trustees has been notified in writing of the identity of the executor or personal representative of the estate. 5

7 3.4 Direct Rollovers; Withholding; Notice Requirements. A Participant, the surviving spouse of a Participant, or an "alternate payee" (as defined below) is subject to the rights and requirements of this Section 3.4 if such Participant, spouse or former spouse (hereafter referred to as the "distributee") is eligible for and has requested to receive a benefit under the Plan or the Plan requires distribution to such distributee of a benefit and the benefit is not a distribution made in the last calendar year in which a distribution is required to be made (a) because of the Participant's attainment of age 70 1/2 or (b) in the case of a distribution following the Participant's death to the Participant's surviving spouse, because such calendar year is the later of (i) the calendar year following the calendar year in which the Participant died, or (ii) the calendar year in which the Participant would have attained age 70 1/2. 1. A distributee subject to this Section 3.4 is entitled to elect to have his or her benefit or a portion thereof paid in a direct rollover to an "eligible retirement plan" (as defined below), provided the distributee specifies the eligible retirement plan to which such benefit is to be paid in the form and at the time required by the Treasurer of the Board of Trustees. If the distributee elects to roll over only a portion of a payment, such portion must be equal to at least $500. The distributee may specify no more than one eligible retirement plan to which the benefit will be paid. If the distributee does so elect and timely provides the information required by the Treasurer, the Treasurer shall inform the Board of Trustees that a direct rollover of the distributee's benefit is to be made to the trustee or custodian of the eligible retirement plan identified by the distributee, for the benefit of the distributee. 2. If the distributee does not so elect or does not provide the required information in the form and at the time required by the Treasurer, the-treasurer shall inform the Board of Trustees that the distributee's benefit is to be paid directly to the distributee. The Board of Trustees shall instruct the Treasurer to withhold income taxes on such benefit in the amount required under Internal Revenue Code Section 3405(c) and the regulations thereunder. 3. No less than 30 days and no more than 90 days before paying any benefit to a distributee subject to this Section 3.4, the Treasurer shall provide to the distributee a written explanation of the rules concerning direct rollovers, rollovers of benefits after payment to the distributee, withholding of tax on benefits not directly rolled over, and special tax rules for certain benefits. A benefit, however, may be paid less than 30 days after the notice described in the foregoing sentence has been given, provided that: (a) the Treasurer clearly informs the distributee that the distributee has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a direct rollover, and (b) the distributee, after receiving the notice, affirmatively elects either a direct rollover or to receive the benefit directly. For purposes of this Section 3.4, the following definitions shall apply: a. " Alternate payee" means a spouse or former spouse who is entitled to all or a portion of the Participant's benefit from the Plan pursuant to the terms of a domestic relations order that has been approved by the Board of Directors. b. "Eligible retirement plan" means a defined contribution plan qualified under Section 401(a) of the Internal Revenue Code, which accepts rollover distributions; 6

8 an individual retirement account described in Section 408(a) of the Internal Revenue Code; an individual retirement annuity described in Section 408(b) of the Internal Revenue Code, which is not an endowment contract; or an annuity plan described in Section 403(a) of the Internal Revenue Code. However, if the distributee is the surviving spouse of a Participant, "eligible retirement plan" shall be limited to an individual retirement account or individual retirement annuity, as described above. 3.5 Restrictions on Benefit Accruals and Annual Additions. (a) Special Definitions. For purposes of this Section 3.5, the following definitions shall apply: (1) "Annual Additions" means the sum of the following amounts credited to a Participant's account in a defined contribution plan for the Plan Year: (i) contributions; (ii) forfeitures; and (iii) employee contributions. (b)amounts allocated after March 31, 1984 to an individual medical account, as defined in Internal Revenue Code Section 415(1)(1), which is part of a defined benefit plan are treated as Annual Additions to a defined contribution plan. Annual Additions are also subject to adjustment under ERlSA transition rules. (2) " Annual Benefit" means a retirement benefit under the Plan which is payable annually in the form of a straight life annuity. Except as provided below, a benefit payable in a form other than a straight life annuity must be adjusted to an actuarially equivalent annuity payable as a straight life annuity before applying the limitations of this Section. The interest rate assumption used to determine actuarial equivalence shall be five percent (5%). The Annual Benefit does not include any benefits attributable to employee contributions, rollover contributions, or assets transferred from a qualified plan not maintained by the Fire Department or Association. No actuarial adjustment to the benefit is required for the value of (i) a qualified joint and survivor annuity, (ii) benefits that are not directly related to retirement benefits (such as a qualified disability benefit, pre-retirement death benefits, and post-retirement medical benefits), and (iii) post-retirement cost-of-living increases made in accordance with Treasury Regulations. (3) 'Defined Benefit Fraction" means a fraction, the numerator of which is the sum of the Participant's projected Annual Benefits under all the defined benefit plans (whether or not terminated) maintained by the Fire Department or Association, and the denominator of which is the lesser of (i) 125 percent of the dollar limitation in effect for the Plan Year under Internal Revenue Code Section 415(b)(1)(A) or (ii) 140 percent of the Participant's Highest Average Compensation (as defined below). A Participant's "projected Annual Benefit" is the Annual Benefit the Participant is entitled to under the Plan assuming (i) the Participant continues employment until age 62 (or current age if later) and (ii) the Participant's compensation for the 7

9 current Plan Year and all other relevant factors used to determine Plan benefits will remain constant for all future Plan Years. (a)notwithstanding the above, if the Participant was a Participant in a plan in existence on July 1, 1982, the denominator of this fraction will not be less than 125 percent of the sum of the Annual Benefits under such plans which the Participant had accrued as of the later of September 30, 1983 or the end of the last Plan Year beginning before January 1, The preceding sentence applies only if the defined benefit plans individually and in the aggregate satisfied the requirements of Internal Revenue Code Section 415 as in effect at the end of the 1982 Plan Year. (4) "Defined Contribution Fraction" means a fraction, the numerator of which is the sum of the Annual Additions to the Participant's accounts under all defined contribution plans (whether or not terminated) maintained by the Fire Department or Association for the current and all prior Plan Years (including Annual Additions attributable to the Participant's nondeductible employee contributions to this and all other defined benefit plans (whether or not terminated) maintained by the Fire Department or Association, and Annual Additions attributable to all welfare benefit funds, as defined in Internal Revenue Code Section 419(e), maintained by the Fire Department or Association), and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior Plan Years of service with the Fire Department or Association (regardless of whether a defined contribution plan was maintained by the Fire Department or Association). (a)the maximum aggregate amount in any Plan Year is the lesser of 125 percent of the dollar limitation in effect under Internal Revenue Code Section 415(c)(1)(A) or 35 percent of the Participant's compensation (as defined in Treasury Regulation Section (d) for such year. (b)if the employee was a Participant in one or more defined contribution plans maintained by the Fire Department or Association in existence on July 1, 1982, the numerator of this fraction will be adjusted if the sum of this fraction and the defined benefit fraction would otherwise exceed 1.0 under the terms of this Plan. Under the adjustment, an amount equal to the product of (i) the excess of the sum of the fractions over 1.0 times (ii) the denominator of this fraction, will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the later of September 30, 1983 or the end of the last Plan Year beginning before January 1, This adjustment will also be made if at the end of the last Plan Year beginning before January 1, 1984, the sum of the fractions exceeds 1.0 because of accruals or additions that were made before the limitations of this Section became effective to any plans of the Fire Department or Association in existence on July 1, (5) "Maximum Permissible Amount" for this governmental plan means $90,000. Effective January 1, 1987, if the Annual Benefit commences before the date the Participant attains age 62, the $90,000 limitation shall be adjusted to equal the actuarial equivalent of a $90,000 Annual Benefit beginning at age 62. This actuarial adjustment shall not reduce the $90,000 limitation below $75,000 if the benefit begins at or after age 55, or, if the benefit begins 8

10 before age 55, the actuarial equivalent of $75,000 at age 55. To determine actuarial equivalence, the interest rate assumption shall be five percent (5%). If the Annual Benefit commences after age 65, the $90,000 limitation shall be adjusted to equal the actuarial equivalent of a $90,000 Annual Benefit beginning at age 65. To determine actuarial equivalence after age 65, the interest rate assumption used shall be five percent (5%). (a)effective on January 1,1988, and each January 1 thereafter, the $90,000 limitation above shall be automatically adjusted to the new dollar limitation determined by the Secretary of the Treasury for that calendar year.the new limitation will apply to Plan Years ending within the calendar year of the date of the adjustment. (b) Limitation on Annual Benefit. The Annual Benefit otherwise payable to a Participant at any time shall not exceed the Maximum Permissible Amount. If the benefit the Participant would otherwise accrue in a Plan Year would produce an Annual Benefit in excess of the Maximum Permissible Amount, the rate of accrual shall be reduced so that the Annual Benefit will equal the Maximum Permissible Amount. (c)if a Participant is, or has ever been, covered under more than one defined benefit plan maintained by the Fire Department or Association, the sum of the Participant's Annual Benefits from all such plans may not exceed the Maximum Permissible Amount. The benefits under this Plan shall be reduced first. (d)if an individual was a Participant in one or more defined benefit plans of the Fire Department or Association before September 30, 1983, and if all such defined benefit plans met the requirements of Internal Revenue Code Section 415 as in effect on July 1, 1982 for all Plan Years beginning before September 30, 1983, the application of the limitations of this Section shall not cause the Maximum Permissible Amount for such individual under all such defined benefit plans to be less than the individual's accrued benefit under all such defined benefit plans as of September 30, 1983 (determined without regard to Plan changes or cost-of-living increases occurring after July 1, 1982). (e) Annual Benefits Not in Excess of $ If the Annual Benefit payable to a Participant under this Plan and all other defined benefit plans of the Fire Department is not more than $1,000 multiplied by the Participant's number of years of service (not to exceed 10) with the Fire Department and Association, and the Fire Department and Association have not at any time maintained a defined contribution plan in which such Participant participated, the limitation in Paragraph 2 is deemed satisfied. (f) Participation and Service Reductions. If a Participant has less than 10 years of participation in the Plan, the $90,000 limitation (as adjusted) shall be multiplied by a fraction, the numerator of which is the Participant's years (or parts thereof) of Plan participation and the denominator of which is 10, but in no event shall the fraction be less than one-tenth. To the extent provided in Treasury Regulations, the foregoing limitation shall-be applied separately with respect to each change in the Plan s benefit structure. 9

11 (g)if the Participant has less than 10 years of service with the Fire Department, the Highest Average Compensation limitation is reduced by one-tenth for each year of service (or part thereof) less than 10. This adjustment shall be applied in the denominator of the Defined Benefit Fraction based upon years of service. Years of service shall include future years occurring before the Participant's attainment of age 62, but shall include the year which contains the date on which the Participant attains age 62 only if it can be reasonably anticipated that the Participant will receive a year of service for such year. (h) Reduction if Defined Contribution Plan is Also Maintained. If the Fire Department or Association maintains, or at any time maintained, one or more qualified defined contribution plans covering any Participant in this Plan (or if, after December 31, 1985, the Fire Department maintains a welfare benefit fund, as defined in Section 419(e) of the Internal Revenue Code), the sum of the Participant's Defined Contribution Fraction and Defined Benefit Fraction will not exceed 1.0 in any Plan Year, and the Annual Benefit otherwise payable to the Participant under this Plan will be reduced first. This paragraph (e) shall no longer apply for Plan Years after December 31, Article IV Administration 4.1 How Pensions Paid; Reporting. All pensions paid and all moneys drawn from the Fund under the provisions of this Plan shall be upon checks authorized by the Board of Trustees, and issued by the Treasurer of the Board. Each check shall designate the name of the person and the purpose for which payment is made. The Treasurer's annual report shall show the receipts and expenditures of the Fund for the preceding Plan Year, the money on hand and how invested. The report shall be made to the Board of Trustees and shall be filed with the Secretary of the Board. 4.2 Reduction of Pension. Whenever the amount contributed from the Association's General Fund as provided herein shall be insufficient to meet the demands of the payments to be made to Participants and their beneficiaries pursuant to this Plan, the Board of Trustees shall have the power and authority, in order to safeguard the future of the Plan and for the future purpose of ensuring that there be no liability upon the Fire Department or Association for unpaid pensions, to make such adjustments and such apportionments of the payments to be made as in its judgment it determines are necessary to safeguard the Fund and protect the Fire Department and Association from any liability for pensions. For that purpose and to that end the Board of Trustees may in their judgment make such reductions and apportionments in the payments to Participants and their beneficiaries as is necessary and increase contributions in a manner to safeguard the future of the Plan. 4.3 Application to the Association Required to Receive Benefits. For receipt of any benefits, a Participant or beneficiary must make application through the Association and such benefits will be paid by and controlled by the Association. Any application for benefits must be submitted no less than 45 days prior to the date as of which the Participant or beneficiary desires the payment of benefits to be made or to commence. 10

12 4.4 Amendment and Termination of the Plan. The Association shall have the right at any time to amend the Plan, in full or in part and in any respect, by resolution of the Board of Trustees, and each such amendment shall become effective as of any current, prior or later date specified in such resolution. Any amendment adopted under this Section shall be deemed a part of the Plan as if incorporated herein, and the Plan shall be deemed accordingly amended. (a)the Association has established the Plan with the bona fide intention and expectation that it will continue the Plan and be able to provide for contributions to the Fund indefinitely, but the Association is not and shall not be under any obligation or liability whatsoever to continue making contributions or to maintain the Plan for any given length of time, and may in the absolute discretion of its Board of Trustees reduce, suspend or discontinue such contributions or terminate the Plan at any time without any liability whatsoever for such discontinuance or termination. (b)upon termination of the Plan or complete discontinuance of contributions to the Plan, the rights of each Participant to his or her benefits accrued under the Plan as of the date of termination or discontinuance of contributions, to the extent then funded, shall remain nonforfeitable. (c)in no event shall any amendment or the termination of the Plan result in the violation of the exclusive benefit rule as set forth in Section 2.2. However, notwithstanding Section 2.2 and any other Section of the Plan, upon termination of the Plan, the Association shall receive such amounts, if any, as may remain after the satisfaction of all liabilities of the Plan and arising out of any variations between actual requirements and expected actuarial requirements. IN WITNESS WHEREOF, the Association has executed this Plan on this, 20. day of SPRING LAKE PARK FIREFIGHTERS' RELIEF ASSOCIATION By: Harlan Lundstrom, President Attest: Dan Anderson, Secretary 11

13 Revision History 1/1/97 Plan established 2/28/99 Article III, 3.1 changed pension amount from $250 to $300 effective September 1, /23/01 Article III, 3.1 changed pension amount from $300 to $350 effective September 1, /3/02 Article III, 3.1 changed pension amount from $350 to $400 effective September 1, /2/04 Article III, 3.1, changed pension amount from $400 to $450 effective September 1, /1/05 Article III, 3.1, changed pension amount from $450 to $500 effective September 1, /1/05 Article II, 2.7, any person working for the fire department as a permanent or full time employee can participate in the plan. 9/1/05 Article III, 3.1, those grandfathered with 6 or more months in the public relations deferred comp plan to qualify for an additional year of service 1/24/06 Article III, 3.1 b, c, d added the benefit steps of $750, $ /25/06 Article III, 3.1 deleted the maximum benefit level, installments of a period of 5 years, the amount of the benefit shall not be actuarially adjusted, deleted all of 3.3, changed city to Treasurer in rd paragraph, any reference to city to fire department. Changed last page Harlan Lundstrom President, Dan Anderson Secretary GP v1 12