HomeMy WebLinkAbout88-95 - ADMIN Resolution - City Council - 1988/08/01RESOLUTION NO. 88-95
A RESOLUTION MODIFYING THE BENEFITS OF
ST. LOUIS PARK POLICE RELIEF ASSOCIATION
WHEREAS, the laws of 1980, Chapter 607, Article 15, allowed 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
did not exceed 1.26 percent of covered payroll, and
WHEREAS, the City Council, the Board of Directors of the St. Louis
Park Police Relief Association and City staff examined the plan benefits
and found certain benefit changes to be desirable, and
WHEREAS, pursuant to state law and sound fiscal management, an
actuarial analysis of the proposed changes was made by the Actuary,
Gabriel, Roeder, Smith and Co., and
WHEREAS, this actuarial analysis showed the actuarial cost of
the proposed benefit changes to be 1.23 percent, which was within the
allowable cost, and
WHEREAS, the City of St. Louis Park wished to change certain benefits
to recognize the continued years of service given by members of the
St. Louis Park Police Relief Association,
WHEREAS, one of the changes raised the surviving spouse's benefit
units to twenty, and
WHEREAS, the total allowable units for surviving spouse and children
was not changed correspondingly
NOW THEREFORE BE IT RESOLVED that the following change is made
in the St. Louis Park Police Relief Association Bylaws:
Article IX, Section 4, is changed to read as follows:
The total pensions hereunder for the surviving spouse and children
of a de"ceased member shall not exceed 38 units per month.
This resolution is effective upon filing with the appropriate agencies.
Adopted by the City Council August 1, 1988
ATTEST:
Reviewed for administration:
City ManageA .
Approved as to form and execution: