16-09 - 02-16 - Fire Relief By-Law changes Resolution 16-09 February 16, 2016
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
AND SERVICE PENSION INTEREST
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 from $7,500 to $7,750.
Interest on the Deferred Retirement Benefit is set at 0%.
A
She rd M. Harris yor
ATTEST:
Kristine A. Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Snope
and upon a vote being taken thereon, the following voted in favor thereof: Harris, Snope,
Fonnest, Schmidgall and Clausen 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 16-09 -2- February 16, 2016
Completed Years of Service Early Vesting Reduction Pension Amount
10 40% $ 46,500
11 36% $ 54,500
12 32% $ 63,240
13 28% $ 72,540
14 24% $ 82,460
15 20% $ 93,000
16 16% $ 104,160
17 12% $115,160
18 8% $128,340
19 4% $141,360
20 none $155,000
More than 20 none Add $7,750 per year