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If <br />Report Number 10.1]5 <br />]TION Agenda Section VI -3 <br />uw Illy aw< "wxa rw.mu Council Meeting Date July 27,2010 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Resolution Authoring an Amendment to the Retirement Benefit Level to <br />the New Brighton Firefighters' Relief Association Bylaws <br />DEPARTMENT BEAD'S APPROVAL: Robert J. Jeroboam, Director of Public Safety <br />CITY MANAGER'S APPROVAL: <br />No comments m supplement this repportSWS Com encs athched <br />Roassommeactemom <br />Approvihe Resolution m Andorra an Amendment to tfa New Brighton PirefigMers' Relief <br />Association Bylaws W Increase the Pension Benefit Level for Firefighters m $5,400 per year of service <br />for 2WOO100 increase orabout l.8%). <br />Legislative History: <br />This ism was tabled at the lune 21' Council Meeting with a request for additional uncommon which a <br />method W this report Council host approved an increase W $5,300 per year of service on 26 February <br />2008, The Relief Association chose net W seek a benefit acraase last year. <br />.Financial lmpach <br />The Relief Association is funded by State Fire Aid, ongoing investment earnings, and a City <br />Contribution. Smw Fire Aid u bWgeled at $120,000 m 2010. The CityContribution to this fired in 2010 <br />is budgeted A$46,200, The 1100 change is less than a 2% increase for this retirement benefit. <br />Explanation: <br />On an amen[ basis, Ne City Manager, Finance Director, and the New Brighton Fiiefighters' Relief <br />Association meet W discuss Ne appmprias numment beneft level for Firefighters. Members ofthe <br />ReliefAasociation can collect"lump sum" retirement benefits after reaching the age of 50 with a <br />minimum of 10 years of service as a New Brighton Firefighter. The Relief Association is funded [Iso <br />Site File Aid (pees dtru money from the Stas diowmly to the Relief Association), an annual City <br />contribution, and, investment earnings. The fund bas an independent audit conducted on an annual bests <br />by an onside accounting Ban which is also mviewM by we City Manage', Finance Director and Me <br />ReliefAssociamen The fwd had assets Wieling more then$24 million attaeendof2009. TheRelief <br />Association investments now regulated by the Sum Band of Investments. The City's finawal exposure <br />en during this time of seginvinnic station W supplement the fund for retirement bets beyond what is <br />already budgeted is negligible. The plan is currently 94% funded <br />Anthony S. Paetmick <br />Deputy Director of Public Safety <br />