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e �C� (°ana% <br />MAYOR <br />13111 Blescner <br />COUNCIL <br />Rick Montour <br />Barbara Allan <br />John Kcis <br />Michael McGraw <br />515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R. Hanson <br />www.ci.little-canacla.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Shelly Rueckert, Finance Director <br />Joel Hanson, City Administrator <br />DATE: November 21, 2007 <br />RE: Fire Relief Benefit Increase <br />Please note that the Fire Relief Board met on November 5th to discuss the fund's ability <br />to support a benefit increase for 2008. Based on the review of the fund's current market <br />value and fund's liabilities, a $150 benefit increase was considered reasonable. This will <br />increase the current benefit level of $2,950 to $3,100 per year of service. <br />At this benefit level the pension plan was expected to be funded at 103.74% at the end of <br />2007 and over 105% funded at the end of 2008, see spreadsheet attached detailing <br />projection of these funding levels. Please note that this schedule was based on the asset <br />values as of 11/2/07. The Fire Relief Association also reviewed this benefit increase with <br />all the members of the Fire Department on November 12°i and received their approval. <br />Based on the above, the Staff is recommending that the Council approve an increase of <br />$150 to the Little Canada Fire Relief Association Benefit to $3,100 effective January 1, <br />2008. <br />