CCP 03-15-2006 - Laserfiche WebLink

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RESOLUTION No. 06-025 CITY OF NEW BRIGHTON RESOLUTION AUTHORIZING AMENDMENTS TO THE RETIREMENT BENEFIT LEVEL FOR THE FIREFIGHTERS RELIEF ASSOCIA TON BYLAWS WHEREAS, the City of New Brighton and the New Brighton Firefighters Relief Association have established a long term funding strategy for retirement benefit levels to serve the members of the New Brighton Fire Department WHEREAS, the City of New Brighton and the New Brighton Firefighters Relief Association has agreed that the funding level for 2006 be amended to $4,800 per year of service WHEREAS, the Fire Relief Association has determined that the relief fund balance is currently and is anticipated to cover 100% of fund liability for 2006 and beyond; WHEREAS, the retirement benefit level of $4,800/year of service has been determined to be consistent with benefit levels provided to other comparable fITe relief associations. WHEREAS, the City of New Brighton and the New Brighton Firefighters Relief Association have agreed to a voluntary funding strategy for determining future retirement benefit levels, subject to City Council approval; WHEREAS, the City of New Brighton and the New Brighton Firefighters Relief Association have agreed to meet no less than once annually to review and discuss the future retirement benefit level strategy; with this funding strategy calling for $ I 00 per year increases through the year 2010; WHEREAS, as part of this adjustment, the City of New Brighton's levied contribution will be maintained at 2006 contribution levels of $44,000. Now THEREFORE BE IT RESOLVED, THE CITY COUNCIL DETERMINES THAT RETIREMENT BENEFIT LEVELS IN THE FIREFIGHTERS RELIEF ASSOCIA nON BYLA WS BE AMENDED TO $4,800 PER YEAR OF SERVICE FOR 2006.. Adopted this 15TH day of March 2006 Steve Larson, Mayor Matthew S. Fulton, City Manager ATTEST: Daniel A. Maiers, Director of Finance (SEAL)