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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 14, 1992 <br />pointing out that a$2,200 per year pension benefit <br />would have an 88% funded ratio and require City support <br />of $30,000 per year. If State aid decreases, the City <br />would be required to make up that difference. <br />Hanson asked if there was a mandatory retirement age <br />for Little Canada fire fighters. <br />DeBace replied that 65 years of age was the mandatory <br />retirement age. <br />Hanson pointed out that a fire fighter beginning at the <br />age of 20 could put in 45 years of service. The <br />pension for that one fire fighter would be a large <br />payout for the pension fund. <br />DeBace reported that the trend in fire service with all <br />the requirements, training and certifications, is <br />between 25 and 30 years of service. <br />Hanson felt that the benefit level should be kept at a <br />manageable level. <br />Collova pointed out that the fund is controlled by <br />three things - investment income, City support and <br />State support. <br />LaValle reported that under State Statute the maximum <br />per year of service benefit level is $3,000. <br />DeBace reported that there is a formula involved, and <br />for the Little Canada Fire Department that formula <br />works out to $2,400 as the maximum benefit level that <br />could be paid. DeBace also pointed out that the Little <br />Canada Fire Department will not get anywhere near the <br />amount of State aid that other cities get since State <br />aid is based on valuation and population. This is why <br />the Pension Fund needs City support. DeBace reported <br />that the Fire Relief Board will be meeting tomorrow <br />night to continue discussions on the amount of benefit <br />level that will be requested. DeBace stated that the <br />key is to keep the pension fund funded, and the Relief <br />Association would like to work in a figure for year of <br />service that will keep the fund in good shape. <br />Blesener stated that the Fire Department wants the <br />pension level funded, but also wants the bene£it level <br />increased each year. In that case keeping the pension <br />level funded becomes a strong burden. <br />Scalze reported that the Council has to work with the <br />City Administrator on this issue so that it is sure of <br />what it would be tying the City into for the future. <br />Page 6 <br />