Loading...
HomeMy WebLinkAbout6689 - ADMIN Resolution - City Council - 1980/10/20October 20, 1980 llb RESOLUTION NO. 6689 A RESOLUTION MODIFYING THE BENEFITS OF THE ST. LOUIS PARK FIRE 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 Fire Relief Association retirement benefits as long as the cost of such modification does not exceed 1.26 percent of covered payroll, and WHEREAS, the Council, the Board of Directors of the St. Louis Park Fire 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 Company, and WHEREAS, this actuarial analysis has shown the actuarial cost of the proposed benefit changes to be 1.25 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 Fire Relief Association, THEREFORE, BE IT RESOLVED that to the existing retirement benefits provided by the Laws of 1969, Chapter 576, Section 3 , Subd. 1 and Section 4, Subd. 1, shall be added the following benefits for the members of the St. Louis Park Fire Relief Association: 1. An additional 2.35% of the top firefighter salary shall be added to the service pension of members who have completed at least 20 years service. 2. An additional 2.35% of the top firefighter salary shall be added to the disability benefits available to members who have completed at least 20 years of service. This resolution shall not affect any pensions' or benefits of persons who have retired prior to the effective date of this resolution. This resolution is effective upon filing with the appropriate agencies. Adopted by'the City Council October 20, 1980. Attest: Reviewed for administration: R.Vgza.J ayor ,Approved as to form and legality: 1 1