09-27-2021 Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES RESOLUTION NO. 21-103 RESOLUTION OPTING TO INCREASE THE BENEFIT LEVEL FOR FIREFIGHTERS WHO ARE VESTED IN THE VOLUNTARY STATEWIDE VOLUNTEER FIREFIGHTER (SVF) RETIREMENT PLAN WHEREAS, The City of Lino Lakes previously authorized the fire department to join the Voluntary Statewide Volunteer Firefighter Retirement Plan administered by the Public Employees Retirement Association (PERA); and WHEREAS, The City of Lino Lakes requested and obtained a cost analysis of increasing the benefit level for firefighters who are vested in the Voluntary Statewide Volunteer Firefighter Retirement Plan from PERA not more than 120 days ago; and WHEREAS, The City of Lino Lakes understands that Minnesota statute allows an increase in benefit levels if the plan is fully funded, but does not have provisions for a decrease in benefit levels; and WHEREAS, The City of Lino Lakes highly values the contributions of City Fire Department members to the safety and well-being of our community and wishes to safeguard their pension investments in a prudent manner. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota: 1. The City hereby approves an increase in the benefit level for firefighters who have completed at least 5 years of good time service credit as a member of the Voluntary Statewide Volunteer Firefighter Retirement Plan administered by PERA at the $7,000 benefit level per year of service, effective January 1, 2022; and 2. The City Clerk and Mayor are hereby authorized to execute all documents necessary to effectuate the intent of this resolution. Adopted by the City Council of the City of Lino Lakes this 27th day of September, 2021. The motion for the adoption of the foregoing resolution was introduced by Council Member _____________and was duly seconded by Council Member _________ and upon vote being taken thereon, the following voted in favor thereof: The following voted against same: ______________________________ Rob Rafferty, Mayor ATTEST: _________________________________ Julianne Bartell, City Clerk