Monticello Volunteer Firefighter Relief Association members will receive a $100 increase in the 2013 pension benefit level used in retirement calculations.
City council members unanimously approved a consent agenda motion July 22 to set the pension benefit level at $2,850 for fire relief association members.
According to Finance Director Wayne Oberg and John Bauer, Monticello Volunteer Firemen’s Relief Association Treasurer, the $2,850 is the amount paid for each year of service for members who are fully vested. A member becomes fully vested after 20 years of service to the fire department. A member retiring before becoming fully vested is eligible for a portion of the $2,850 as determined by years of service. The earliest fully and partially vested members can receive their benefit is age 50, regardless of when they retire. By Aug. 1 each year, the Monticello Volunteer Firefighter Relief Association presents to the city council a schedule of the proposed benefits and the total liabilities associated with the proposed benefit in comparison to the assets of the fire association.
See this week’s print edition of the Monticello Times for the complete story.