Benefit Calculation
The Statewide Volunteer Firefighter (SVF) Plan retirement benefit is calculated using three factors:
- Years of Service: Certified service at the time of separation. The calculation rounds service credit down to a whole year. For example, if a volunteer firefighter has 19 years and 11 months of service, the benefit calculation will round down to 19 years of service.
- Benefit Level: Annual benefit level per year of service in effect at the time of separation.
- % Vested: The amount a member has vested under their department’s vesting schedule, shown as a percentage (out of 100%). The member’s % vested increases with each additional certified year of service, until a full 100% vesting is reached.
In addition, any certified, non-concurrent volunteer firefighter service rendered at another fire department in the state of Minnesota also counts toward the % vested, even if the other department does not participate in the SVF Plan. See the Prior Service Vesting Credit (link) page for more information.
Benefit Formula: [Years of Service x Benefit Level x % Vested = Retirement Benefit Amount]
| Years of Service | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % Vested | 40% | 44% | 48% | 52% | 56% | 60% | 64% | 68% | 72% | 76% | 80% | 84% | 88% | 92% | 96% | 100% |
Benefit Calculation Examples
Example 1: Fully Vested
- 50-year-old member has 20 years of service
- Fire department’s benefit level at the time of separation is $1,000
- Fire department follows Vesting Schedule 1. The firefighter is 100% vested.
- Benefit Calculation: [20 years of service x $1,000 x 100%] = $20,000 retirement benefit
Example 2: Partially Vested
- 50-year-old member has 10 years of service
- Fire department’s benefit level at the time of separation is $1,000
- The fire department follows Vesting Schedule 1. The firefighter is 60% vested.
- Benefit Calculation: [10 years of service x $1,000 x 60%] = $6,000 retirement benefit
Example 3: Partially Vested with Some Months of Service
- 50-year-old member has 19 years and 11 months of service*
- Fire department’s benefit level at the time of separation is $1,000
- The fire department follows Vesting Schedule 1. The firefighter is 96% vested.
- Benefit Calculation: [19 years of service x $1,000 x 96%] = $18,240 retirement benefit
*The calculation rounds service credit down to a whole year.
Example 4: Not Vested
- 50-year-old member has 4 years of service.
- Fire department’s benefit level at the time of separation is $1,000
- Fire department follows Vesting Schedule 1. The firefighter is 0% vested because they did not meet the 5-year minimum to become partially vested.
- Benefit Calculation: [4 years of service x $1,000 x 0%] = $0 retirement benefit