HomeMy WebLinkAbout18-184 Fire Pension Increase
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 18-184
A RESOLUTION AUTHORIZING REVISIONS TO THE BYLAWS AND A PENSION
INCREASE FOR THE PRIOR LAKE FIRE DEPARTMENT FIREFIGHTERS RELIEF AND
PENSION ASSOCIATION
Motion By: McGuire Second By: Braid
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 $8000 in 2018 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 $8500 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. The Prior Lake Volunteer Firefighter Relief Association Bylaws dated November 19,2018 are
hereby approved.
3. A $8500 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 1/1/2019.
PASSED AND ADOPTED THIS 19TH DAY OF NOVEMBER 2018
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☐
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☒
______________________________
Frank Boyles, City Manager