CR 06-129 Increase in Relief Assn Benefit
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11/13/06
HOPKINS
Council Report 2006-129
Increase in Relief Association Benefit
Proposed Action
Staff recommends adoption of the following motion: Move to adopt resolution No
2006 - 075.
Overview
The Hopkins Fire Department relief association is looking to raise the pension from
$6,000.00 to $7,000.00. 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 1100/0
Primary Issues to Consider
. Increase in pension?
The stock that the relief association has is doing well and the recommendation of
the accounting firm was to go with an increase. The increase will still leave the
fund at 1100/0 funded.
Supporting Information
. Resolution No 2006 - 075
. Detailed information on ordinance.
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SI nature
Fire Chief
Financial Impact: $ Budgeted: Y/N
Related Documents (CIP, ERP, etc.):
Notes:
Source:
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2006-0075
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 $6,000.00 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 $7,000.00 per Year of service
Adopted this 21 st day of November 2006.
Eugene Maxwell, Mayor
ATTEST:
Terry Obermaier, City Clerk