HomeMy WebLinkAbout14-036 Fire Pension Increase o� PROP
ti
U
4646 Dakota Street SE
41 IivxEso' - Prior Lake, MN 55372
RESOLUTION 14 -036
A RESOLUTION AUTHORIZING A PENSION INCREASE FOR THE
PRIOR LAKE FIRE DEPARTMENT FIREFIGHTERS RELIEF AND PENSION ASSOCIATION
Motion By: MCGUIRE Second By: KEENEY
WHEREAS, The bylaws of the Prior Lake Volunteer Firefighters Relief and Pension Association provides
for a defined contribution benefit; and
WHEREAS, The present annual benefit in effect is $6,500 in 2013 for volunteer firefighters that are eligible
under the vesting schedule; and
WHEREAS, The Relief and Pension Association Pension Fund is over 100% funded and the investment
earnings of the fund can support a benefit increase to $6,800 per year of service now and in
the future without the need for additional city contribution; and
WHEREAS, It is in the best interest of the City of Prior Lake to provide a pension level that is comparable
with other volunteer fire departments in order for the City to continue to recruit, retain and
reward volunteer fire service.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. A $6,800 per year of service credit for pension, disability and death benefit purposes within the Bylaws
of the Prior Lake Fire Department Firefighter Relief and Pension Association is hereby approved
effective March 1, 2014.
PASSED AND ADOPTED THIS 24TH DAY OF FEBRUARY, 2014.
YES NO
Hedberg X Hedberg
Keeney X Keeney
McGuire X McGuire
Morton Absent Morton absent
Soukup X Soukup
Frank Bo i Manager