HomeMy WebLinkAbout85-12 - ADMIN Resolution - City Council - 1985/02/04February 4, 1985
RESOLUTION NO. 85-12
A RESOLUTION MODIFYING THE BENEFITS OF THE
ST. LOUIS PARK FIRE RELIEF ASSOCIATION
WHEREAS, the Board of Directors of the St. Louis Park Fire
Relief Association, has examined benefits available under the
current pension plan and has 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
changes to be .27
percent of covered
payroll, and
WHEREAS,
the City
Council has examined
the proposed benefit
changes and found them to be consistent
with the long term
objective of
shifting
retirement coverage of public safety
employees to the Public
Employees Retirement
Association - Police
and Fire Fund,
THEREFORE, BE IT RESOLVED that the City Council supports the
Fire Relief Association's efforts to obtain legislation amending
the Laws of 1969, Chapter 576, Section 3, Subd. 1 and Section 4,
Subd. 1, and the Laws of 1980, Chapter 607, Article 15, Section 7
as follows:
1. Employees retiring with at least ten years of service
shall be considered 100 percent vested with a prorated
benefit equal to 1/20 of the 20 year benefit for each
full year of service. Benefit payment will commence at
the later of either the minimum age for retirement or
the date at which the member would have reached 20
years of service had active membership continued.
2. The service pension of members who have completed at
least 20 years shall be reduced by .35 percent of the
top firefighter salary to offset part of the actuarial
cost of ten year vesting.
3. The disability benefits available to members who have
completed at least 20 years of service shall be reduced
by .35 percent of the top firefighter salary to offset
part of the actuarial cost of ten year vesting.
4. The benefits available to surviving spouse and children of retiredvesced
memberssha11 be prorated for members who did not complete at
least 20 years of service based on the employee's
actual number of years of service, with survivors
receiving 1/20 of the 20 year benefit for each full
year of the member's service.
These changes are not intended to affect any pensions or benefits
of persons who have retired prior to the effective date of
enabling legislation or who are fully vested as of that date.
Adopted by the City Council February 4, 1985.
Ma&6r
Attest:
City Cler
Reviewed for administration:
A �M-
_.-
WNW
Approved as to form and legality:
City Attorney