IV.3. Resolution Changing Benefit Amount for the Hopkins Fire Department Relief Association; SpeckenMarch 1, 2022 Council Report 2022-018
Resolution Changing the Benefit Amount for the
Hopkins Fire Department Relief Association
Proposed Action
Staff recommends that the Council approve the following motion: Move to adopt Resolution
2022-013 Changing the Benefit Amount for the Hopkins Fire Department Relief Association.
Overview
In December 2021, the Relief Association raised the pension amount from $7,900 to $8,600.
The Relief Association in consultation with the accounting firm has verified that the market and
funds are conducive to raising the pension fund and have elected to be conservative and raise it
to $8,400.00 the fund will still be protected if the market should fall. The pension fund will still
be funded with this increase at 102%. It was recommend by the relief association auditor to
amend resolution 2021-083 to read up to $8,600.00.
Primary Issues to Consider
Increase in pension?
The relief association has been working with both the state auditor and their financial
advisor both agree the resolution should read up to $8,600.
Supporting Information
Resolution 2022-013
Dale Specken
Fire Chief
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2022-013
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 $8,600 to up to $8,600 per year of service;
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 Council of the City of Hopkins
hereby changes the Hopkins Fire Department Relief Association benefit amount up to $8,600 per
year of service.
Adopted this 1st day of March, 2022.
__________________________
Patrick Hanlon, Mayor
ATTEST:
________________________
Amy Domeier, City Clerk