CCP 04-27-2007 - Laserfiche WebLink

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Bi~~~~ the city that works for yr~u Re ort Number: Q ~ ~ A ends Section• Re ort Date 11 A ri12007 Council Meetin Date 24 A ri12007 • REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Resolution Authoring an Amendment to the Retirement Benefit Level to the Firefighter's Relief Association Bylaws DEPARTMENT HEAD'S APPROVAL: Robert J. Jacobson, Director of Public Safety CITY MANAGER'S APPROVAL: No comments to supplement this report ~~ __ Comments attached Recommendation: l / Approval of the Resolution to Authorize and Amendment to the Firefighter's Relief Association Bylaws to Increase the Retirement Benefit Level For Firefighter's to $5,100 per year of service far 2007 ($300 increase). Legislative History: The City Manager, City Finance Director and the Firefighter's Relief Association have met annually to review the retirement benefits paid to members who retire with at least 10 years of service and are age 50 or higher. On 26 February 2006, Council approved an increase to $4,800 per year of service. Financial Impact: • The Firefighter's Relief Association is funded by State Fire Aid, ongoing investment earnings, and a City Contribution. The City Contribution to this fund in 2007 is $44,000, and, is projected to remain at that level for 2008. Explanation: On an annual basis, the City Manager, Finance Director, and the Firefighter's Relief Association meet to discuss the appropriate retirement benefit level for Firefighters. Members of the New Brighton Firefighter's Relief Association can collect "lump sum" retirement benefits after reaching the age of 50 with a minimum of 10 years of service as a New Brighton Firefighter. The Firefighter's Relief Association is funded thru State Fire Aid (pass thru money from the State directly to the Firefighter's Relief Association), an annual City Contribution, and, investment earnings. The fund has an audit conducted on an annual basis which is also reviewed by the City Manager, Finance Director and the Firefighter's Relief Association. The fund had assets totally mare than $2.4 million at the end of 2006 and is projected to have assets of more than $2.8 million at the end of 2007. The Firefighter Relief Association was 107% funded for 2006 and is projected to again exceed 100% funding in 2007. The City Manager, Finance Director, and Firefighter's Relief Association have met to discuss this benefit level increase and are in agreement regarding the benefit increase. Robert J acobson Director of Public Safety i:~covrrcnueePoa'rs~zooTr~niic ssee~y~~~etau,e~e~i.d~