18-21 - 03-20 - Approve Fire Relief pension increase Resolution 18-21 March 20, 2018
Member Rosenquist 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; and
WHEREAS, the Fire Relief added to their policies that the benefit increases will be
pursued under the following guidelines: using the State current year Schedule Form (SC)
that show projected assets and accrued liabilities must be at a funding ration of at least
120% and the amount will not have triggered a municipal contribution on the current year
SC form.
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 $8,000 to $8,300.
Shepard M. Harris, Wayor
ATTEST:
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Kristine Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, Rosenquist and Schmidgall 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 18-21 -2- March 20, 2018
EXHIBIT A
ARTICLE XI
Completed Years of Service Early Vesting Reduction Pension Amount
10 40% $ 49,800
11 36% $ 58,432
12 32% $ 67,728
13 28% $ 77,688
14 24% $ 88,312
15 20% $ 99,600
16 16% $111,552
17 12% $124,168
18 8% $137,448
19 4% $151,392
20 none $166,000
More than 20 none Add $8,300 per year