Volunteer Firefighter Retirement Benefits
I would be interested to hear about the different types of retirement benefits that departments have for volunteer firefighters. For example: In Brainerd MN. we are authorized by state statute to have either a Defined Benefit plan ($X$ amount per year of service) or a Defined Contribution plan (the money in the pot divided by the number of firefighters)
The contributions come from three sources - 1. State funding based upon insurance premiums collected within the area that we cover, 2. City funded based upon a negotiated dollar amount - With us it is based upon a percentage of monthly payroll which is the same percentage the city contributes to the state retirement plan for the full time firefighters., 3. Earnings on the account.
The volunteers accrue years of service by meeting the minimum run percentage and training - 33% of all runs and 50% of all training opportunities.
Firefighters are able to recieve their benefits at age 50 and 10 years of service and they are able to roll the money into a IRA to avoid immediate taxation.
If you something to share I would appreciate hearing from you. Thanks