HomeMy WebLinkAbout15-143 Fire Pension Increase b� PR12
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4646 Dakota Street SE
rI NESOSP Prior Lake, MN 55372
RESOLUTION 15-143
A RESOLUTION AUTHORIZING A PENSION INCREASE FOR THE
PRIOR LAKE FIRE DEPARTMENT FIREFIGHTERS RELIEF AND PENSION ASSOCIATION
Motion By: McGuire Second By: Thompson
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 $6,800 in 2015 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 $7,100 per year of service; 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$7,100 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 September 1, 2015.
PASSED AND ADOPTED THIS 24th DAY OF AUGUST 2015.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye X X X X X
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
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Frank Bo��Tes, ity Manager