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 percentage 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 percent vested, even if the other department does not participate in the SVF Plan. See the Prior Service Vesting Credit 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