HomeMy WebLinkAbout6602 - ADMIN Resolution - City Council - 1980/07/21RESOLUTION NO. 6602
A RESOLUTION MODIFYING THE BENEFITS OF
St. LOUIS PARK POLICE RELIEF ASSOCIATION
WHEREAS, the laws of 1980, Chapter 607, Article 15, allows
the City of St. Louis Park to modify any provision of the St. Louis
Park Police Relief Association retirement benefits as long as such
modification shall not exceed 1.26 percent of covered payroll, and
WHEREAS,the Council, the Board of Directors of the St. Louis
Park Police Relief Association and City staff have examined the
current plan benefits and have found certain benefit changes to be
desirable, and
WHEREAS, pursuant to state law and sound fiscal management, an
actuarial analysis of the proposed changes has been made by the Actuary,
Gabriel, Roeder, Smith and Co., and
WHEREAS, this actuarial analysis has shown the actuarial 'cost of
the proposed benefit changes to be 1.23 percent, which is within the
allowable cost, and
WHEREAS, the City of St. Louis Park wishes to change certain
benefits to recognize the continued years of service given by members
of the St. Louis Park Police Relief Association,
THEREFORE BE IT RESOLVED that the following changes are made in
the St. -Louis Park Relief Association:
1) M.S.A. 423.810(I)(2)(a) is changed to read as follows,
"To the spouse a pension of 18 20 units per month,
for his/her natural life, .
2) Added to M.S.A. 423.809 is subdivision 6, Any member who
completes 10 years of service is 100% vested in the plan
and is entitled to start drawing, upon written application,
after retiring from duty, a benefit payable at age 50
of 1/20 times his/her years of service times the benefit
at 20 years described in subdivision I(1) above.
3) M.S.A. 423.809(I)(2) is changed as follows, ". . . but not
-to exceed 40 42 units."
4) M.S.A. 423.801(3) is changed to read, " 'unit' means that
fractional part of the monthly salary of a first grade
patrol officer for the second month of the previous fiscal
year as determined in the articles of incorporation of the
association which #p=ast*9nal-pay=t-shal4-Rever-be-;ess-than
ene-n-Ret}eth-Rex-9Reater-than-ene-seventy-f}€th-a€-sesh
menthl•y-sal.ary is 1/75 of such monthly salary."
5) M.S.A. 423.801(6) is changed to read " 'Deferred Pensioner"
means a member who has completed not less than 20 10 years
of service . . ."
This resolution is effective upon filing with the appropriate agencies.
Adopted by the City Council July 21, 1980
Attest:
Reviewed for administration:
Acting City Manager
7/AF—6716e -rt -LL
Mayor
Approved as to form and legality: