17-14 - 02-21 - Fire Relief Association By-law increase Pension Resolution 17-14 February 21, 2017
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 AMOUNT
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 shown in Exhibit A.
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 $7,750 to $8,000.
Gil
She and M. Harris, ayor
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: Clausen,
Fonnest, Harris, Schmidgall and 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 17-14 -2- February 21, 2017
EXHIBIT A
ARTICLE XI
Completed Years of Service Early Vesting Reduction Pension Amount
10 40% $ 48,000
11 36% $ 56,320
12 32% $ 65,280
13 28% $ 74,800
14 24% $ 85,120
15 20% $ 96,000
16 16% $107,520
17 12% $119,680
18 8% $134,480
19 4% $145,920
20 none $160,000
More than 20 none Add $8,000 per year