IV.4. Resolution Increasing the Benefit Amount for the Hopkins Fire Department Relief Association; Specken CITY OF HOPKINS
City Council Report 2025-027
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Dale Specken, Fire Chief
Date: March 4, 2025
Subject: Benefit Amount Increase for the Hopkins Fire Department Relief
Association
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO Adopt Resolution 2025-010 Increasing the Benefit Amount for the Hopkins
Fire Department Relief Association.
OVERVIEW
In March 2022, the Hopkins Fire Department Relief Association raised the pension
amount from $8,400 to $8,600 per year of service.
The Relief Association, in consultation with the accounting firm, has verified that the
market and funds are conducive to raising the pension fund amount and have elected
to be conservative and increase it to $10,000. The pension fund will still be protected if
the market falls and will continue to be funded with this increase at 129%. The Relief
Association auditor has recommended amending City Council Resolution 2022-013 to
reflect the increase to $10,000.
SUPPORTING INFORMATION
•Resolution 2025-010
Fire Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2025-010
RESOLUTION INCREASING THE BENEFIT AMOUNT FOR THE HOPKINS FIRE
DEPARTMENT RELIEF ASSOCIATION
WHEREAS, the City of Hopkins Fire Department Relief Association has requested the
benefit amount to be increased from $8,600 to $10,000 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 Minnesota state law, the Relief Association can maintain the
new benefit amount without any additional City contributions,
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby approves an increase of the Hopkins Fire Department Relief Association benefit
amount up to $10,000 per year of service.
Adopted by the City Council of the City of Hopkins this 4th day of March, 2025.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk