14-029 - 04-01 - approving GV fire department relief association by-law article XI increasing service pension Resolution 14-29 April 1, 2014
Member Clausen introduced the following resolution and moved its adoption:
RESOLUTION APPROVING GOLDEN VALLEY FIRE DEPARTMENT RELIEF
ASSOCIATION BY-LAW ARTICLE XI INCREASING SERVICE PENSION
WHEREAS, the Golden Valley Fire Department Relief Association has by-laws
governing their process for active duty; and
WHEREAS, an active member of the Golden Valley Fire Department Relief
Association is eligible to collect a lump sum service pension subject to Article XI of the by-
laws; and
WHEREAS, the City of Golden Valley may be required to approve a relief
association's pension benefit level, and also may be required to make contributions to fund
relief association pension benefits; and
WHEREAS, the Article XI relates to a section of the by-laws; and
WHEREAS, the Annual Service Pension amount approved is attached; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley, Minnesota, as follows:
Approve the Annual Service Pension in Article XI to $7,300.
� ..
epa d M. Harris, Mayor
ATTEST:
�
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Susan M. Virnig, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Fonnest
and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris and Schmidgall; and the following was absent: Snope, and the following
voted against the same: none, whereupon said resolution was declared duly passed and
adopted, signed by the Mayor and his signature attested by the City Clerk.
Resolution 14-29 - Continued April 1, 2014
Com leted Years of Service Earl Vestin Reduction Pension Amount
10 40% $ 43,800
11 36% $ 51,392
12 32% $ 59,568
13 28% $ 68,328
14 24% $ 77,672
15 20% $ 87,600
16 16% $ 98,112
17 12% $109,208
18 8% $120,888
19 4% $133,152
20 none $146,000
More than 20 none Add $7,300 er ear