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06-23-14 Council Packet
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06-23-14 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/23/2014
Council Meeting Type
Regular
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0 Springsted <br />MEMORANDUM <br />TO: Al Rolek, Finance Director <br />FROM: Terri Heaton <br />Patty Kettles <br />DATE: June 19, 2014 <br />SUBJECT: Firefighter Pension Analysis — Phase II <br />Springsted Incorporated <br />380 Jackson Street, Suite 300 <br />Saint Paul, MN 55101-2887 <br />Tel: 651-223-3000 <br />Fax: 651-223-3002 <br />www.springsted.com <br />Springsted provided the City with a memo, dated May 13, 2014, which outlined pension options for the proposed Lino <br />Lakes firefighters and the advantages and disadvantages of each. Firefighters in the Centennial Fire District (CFD) <br />are offered a lump -sum service pension; for this reason, we assumed that Lino Lakes would offer a similar option. <br />We continue to use that assumption in this memo. <br />The purpose of this memo is to review the potential impact to 3 different classes of firefighters: <br />1. New recruits that join the Lino Lakes fire department; <br />2. Current CFD firefighters who move from CFD to Lino Lakes; and <br />3. Current CFD firefighters that remain at CFD. <br />Also, as discussed previously, when offering a pension, the City has two options for administering the plan — either <br />join the Statewide Volunteer Firefighter Relief Plan (SVRFP), or have the City (or Relief Association) administer the <br />plan. Later in this memo, we also review the initial funding costs under each of these options. <br />Public Sector Advisors <br />
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