SVFRP Participation is as easy as 1,2,3
Created in 2009, PERA’s Statewide Volunteer Firefighter Retirement Plan is now 142 departments strong. Fire departments and their sponsoring municipalities can join the retirement program at any time with their individual accounts becoming effective January 1 of the following year. Below are the steps necessary to become part of our expanding program:
- Learn more about the SVFRP by reading our plan description and guide to the SVFRP Enrollment Process as well as viewing our program video.
- Have PERA perform a cost-free cost analysis for your department and sponsor by completing a Request for Cost Analysis form. It typically takes PERA about two weeks to complete the study. At the same time the State Board of Investment will examine your department’s assets to evaluate whether they would need to be transferred or liquidated to fund your department’s account in the SVFRP.
- If, after examining the cost analysis report, you decide to participate in the SVFRP, it will require a resolution by your sponsoring municipality(ies). In order to ensure your department’s participation the following January, we must receive this resolution by November 30.
And that’s it. Your department is now part of the Statewide Volunteer Firefighter Retirement Plan.
(While the retirement plan now has a division that is designed to pay monthly retirement benefits, it is only available to departments that already have that type of benefit structure. PERA would basically take over the administration of those existing plans, with the State Board of Investment administering the investment of assets. This page does not address those plans. For additional information on the DB division of the plan, contact PERA.)