IV.4. Resolution Approving Increase in Relief Association Benefit; Specken
June 18, 2018 Council Report 2018-129
Resolution Approving Increase in Relief Association Benefit
Proposed Action
Staff recommends adoption of the following motion: Move to adopt Resolution 2018 –
055 A Resolution Changing the Benefit Amount for the Hopkins Fire Department Relief
Association.
Overview
The Hopkins Fire Department Relief Association is looking to raise the pension from
$6,900.00 to $7,300.00. The Relief Association in consultation with the accounting firm
has verified that the market and funds are conducive to raising the pension fund and
still be protected if the market should fall. The pension fund will still be funded with this
increase at 103%.
Primary Issues to Consider
Increase in pension?
The relief association has been working with both the state auditor and our
financial advisor both agree the fund is doing well and the recommend an
increase in the relief benefits. The increase will still leave the fund at 103%
funded.
Supporting Information
Resolution No 2018 - 055
___________________________
Dale Specken, Fire Chief
Financial Impact: $____________Budgeted: Y/N ____ Source: ________________
Related Documents (CIP, ERP, etc.): _______________________________________
Notes: _______________________________________________________________
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2018-0055
Changing the Benefit Amount for the Hopkins Fire Department Relief Association
WHEREAS, the City of Hopkins Fire Department Relief Association has
requested the benefit amount be changed from $6,900.00 per year of service;
and
WHEREAS, the City of Hopkins provides the Relief Association with a set
amount of funding each year and has agreed to allow the Relief Association to
determine the benefit amount as long as no additional city funds are requested;
and
WHEREAS, according to State of Minnesota law the Relief Association can
maintain the new benefit amount without additional city contributions.
NOW, THEREFORE, BE IT RESOLVED that the City of Hopkins Mayor and City
Council that we hereby change the Hopkins Fire Department Relief Association
benefit amount to $7,300.00 per year of service.
Adopted this 18th day of June, 2018.
__________________________
Molly Cummings, Mayor
ATTEST:
________________________
Amy Domeier, City Clerk