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Articles in this newsletter include:
- Annual Funding Reports
- DC Table Reconciliation Reports
- Administrative Fees
- Benefit Level Increases
- Fire Chief and Governing Body Representative Responsibilities
- Investment Information
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Annual Funding Report: SVF Defined Benefit Plan
Annual Funding Reports will be emailed to fire chiefs and governing body representatives by August 1, 2026.
- Reports can be shared with others following your governing body’s data practices and policies.
- To keep your report accurate, submit the Annual Service Credit Certification Form to PERA before March 31.
What’s in the Annual Funding Report?
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Required Contribution—2026 Plan Year.
- The governing body must pay the required contribution by December 31, 2027.
- If the report shows $0, no contribution is required.
- If the amount is greater than $0, PERA will send you an invoice for the required contribution and payment procedures by August 31, 2026.
The Annual Funding Report also includes results from prior years.
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Estimated Funded Status as of December 31, 2026.
- This section shows whether the plan has a surplus or deficiency, along with your funded ratio.
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Projected Plan Assets—2027 Plan Year.
- The projection is based on expected fire state aid and an assumed 6% investment return.
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Cost Impact of Benefit Level Increases.
- This section shows how funding changes if benefit levels increase by $100, $200, or $1,000.
- PERA will no longer accept requests for cost estimates for additional benefit level increase scenarios. You can estimate the cost for other scenarios using amounts that are between the values provided in the report.
- To increase benefits starting January 1, 2027, submit a signed Resolution for SVF Benefit Level Increase to PERA by December 31, 2026, for an effective date of January 1, 2027.
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Active Member Report.
- This shows each active member’s estimated benefit amount as of December 31, 2025, calculated using their current benefit level, length of service, and vesting percentage.
Learn more about the Annual Funding Report on the SVF Financial Information page of PERA’s website.
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DC Table Reconciliation Report: SVF Defined Contribution Plan
This report is sent to departments after PERA receives the following:
- New departments: the previous DC table reconciliation
- Existing departments: the Annual Service Credit Certification Report (service credits earned during 2025 are used in balance calculations)
What Happens Next
Once complete, departments will receive a single document to share with firefighters in accordance with the governing body’s data practices.
- PERA does not send information directly to individual firefighters.
- Benefit payments cannot be made until the DC Table Reconciliation Report is completed.
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Administrative Fees
For both plans, the administrative fee is $60 per member, increasing to $80 in 2027. Administrative costs, including PERA’s staff time, are shared equally among participating members.
You can help keep costs down by submitting information promptly and accurately, and by using PERA’s website to find answers to your questions.
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Benefit Level Increases
A fire department’s defined benefit level is the dollar amount earned for each year of a volunteer firefighter’s credited service. The governing body may approve one benefit level increase per year, which takes effect on January 1 of the following year. Benefit levels cannot be decreased.
How to Increase the Benefit Level
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Review and share the Annual Funding Report.
- The fire chief and governing body review the report and share it with appropriate governing body representatives who have authority to approve benefit level increases.
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Document the decision in a resolution.
- If approved, the governing body records the decision in a resolution. A resolution template SVF Benefit Level Increase is available on PERA’s website.
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Submit the completed resolution.
- The fire chief or governing body submits the completed resolution to PERA by December 31.
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PERA updates the benefit level.
- The new benefit level takes effect January 1 of the following year.
Benefit level increases apply to SVF defined benefit plans only.
To learn more about benefit level increases:
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Fire Chief and Governing Body Representative Responsibilities
PERA communicates with two contacts for each SVF plan: the fire chief and a governing body representative.
The governing body representative must be a governing body employee, such as a city clerk, treasurer, finance director, or joint powers board member, and cannot be a firefighter.
To keep the plan running efficiently and avoid duplicate inquiries, PERA recommends that other interested parties direct their questions to the fire chief or governing body representative.
Fire Chief Responsibilities
The fire chief submits the Annual Certification Form each year to verify volunteer firefighter service credits.
Email PERASVF@mnpera.org if you have questions about service credit, enrollment, or other department related questions.
Governing Body Representative Responsibilities
The governing body representative is responsible for:
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Selecting the appropriate benefit level for each year of service.
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Applying for state aid annually.
- PERA receives the payment and deposits it into the department’s SVF plan account with the Minnesota State Board of Investment.
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Paying required contributions if owed.
- Required contributions are owed when projected state aid plus the assumed 6% rate of return investment earnings is less than the projected annual financial requirement. PERA will send an invoice if contributions are due.
Email PERASVF@mnpera.org with questions about your department, service credit, enrollment.
Shared Responsibilities
The fire chief and governing body are both responsible for:
- Notifying PERA by email when fire chief or governing body changes.
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Providing SVF Plan information to volunteer firefighters.
- PERA communicates SVF Plan information only to the fire chief and governing body representative. The fire chief or governing body representative is responsible for sharing information from PERA with volunteer firefighters.
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Keeping records.
- PERA encourages fire departments and governing body representatives to maintain accurate records for all firefighters, including service credit history, hire dates, and termination dates. Keeping complete and up‑to‑date documentation helps ensure fire chiefs and governing body representatives can efficiently and accurately complete the Annual Service Credit Certification and the SVF Benefit Application.
- These contacts may share information with others according to the data practices and policies of the applicable governing body.
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Investment Information
The SBI’s Volunteer Firefighter Account Investment Prospectus is published annually on SBI's Investment Prospectus page. The prospectus provides information on how the investments are allocated in the SVF Plan.
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Questions?
If you have any questions, contact PERASVF@mnpera.org or by phone at 888-892-7372, option #4.
Thank you for your continued commitment to supporting your firefighters’ retirement benefits!
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