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CITY COUNCIL <br />AGENDA ITEM 3B <br />STAFF ORIGINATOR: Meg Sawyer, Human Resources and Communications Manager <br />MEETING DATE: September 27, 2021 <br />TOPIC: Consider Resolution No. 21-103, Increasing the Benefit Level for <br />Firefighters Vested in the Statewide Volunteer Firefighters <br />Retirement Plan <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />The City Council is being asked to consider Resolution No. 21-103, Increasing the Benefit <br />Level for Firefighters Vested in the Statewide Volunteer Firefighters Retirement Plan. <br />BACKGROUND <br />Staff has reviewed the employee benefit level for Paid On -Cali Firefighters (POC) <br />participating in the Statewide Volunteer Firefighters Retirement Plan (SVFRP). Staff has <br />determined that the Lino Lakes SVFRP is financially stable and well -funded and would <br />support increasing the benefit level for POC Firefighters. The current benefit level per year <br />of service is $5,000 which was established when Lino Lakes enrolled in the SVFRP in 2014 <br />(City of Lino Lakes Resolution #14-110). <br />Staff requested that PERA conduct a cost analysis of the Lino Lakes SVFRP to determine <br />what the impact would be on the overall financial stability of the Lino Lakes SVFRP if the <br />benefit level for POC Firefighters increased. It was determined that increasing the benefit <br />level to $7,000 per year of service, will not adversely impact the financial stability of the <br />Lino Lakes SVFRP. <br />Funding of the SVFRP is from existing fire state aid and investment earnings; increasing the <br />benefit level to $75000 per year of service will not require a municipal contribution. <br />RECOMMENDATION <br />Staff is recommending the approval of Resolution No. 21-103. <br />ATTACHMENT <br />Resolution No. 21-103 <br />