HomeMy WebLinkAbout2021-103 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO, 21403
RESOLUTION OPTING TO INCREASE THE BENEFIT LEVEL FOR FIREFIGHTERS
WHO ARE VESTED IN THE VOLUNTARY STATEWIDE VOLUNTEER
FIREFIGHTER (SVF) RETIREMENT PLAN
WHEREAS, *I of Lino Lal<es 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, 20229 and
2. The City Cierlc 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 Lalces this 27th day of September, 2021.
The motion for the adoption of the foregoing resolution was introduced by Councilmember
Cavegn and was duly seconded by Councilmember Ruhland and upon vote being taken
thereon, the following voted in favor thereof: Cavegn, Stoesz, Ruhland, Lyden, Rafferty
The following voted against same: None
Rob Rafferty, Mayor
ATTEST:
Bartell, City glerl<
CITY COUNCIL
AGENDA ITEM 3B
STAFF ORIGINATOR: Meg Sawyer, Human Resources and Communications Manager
MEETING DATE: September 27, 2021
TOPIC: Consider Resolution No. 21-103, Increasing the Benefit Level for
Firefighters Vested in the Statewide Volunteer Firefighters
Retirement Plan
VOTE REQUIRED: 3/5
INTRODUCTION
The City Council is being asked to consider Resolution No. 21-103, Increasing the Benefit
Level for Firefighters Vested in the Statewide Volunteer Firefighters Retirement Plan.
BACKGROUND
Staff has reviewed the employee benefit level for Paid On -Cali Firefighters (POC)
participating in the Statewide Volunteer Firefighters Retirement Plan (SVFRP). Staff has
determined that the Lino Lakes SVFRP is financially stable and well -funded and would
support increasing the benefit level for POC Firefighters. The current benefit level per year
of service is $5,000 which was established when Lino Lakes enrolled in the SVFRP in 2014
(City of Lino Lakes Resolution #14-110).
Staff requested that PERA conduct a cost analysis of the Lino Lakes SVFRP to determine
what the impact would be on the overall financial stability of the Lino Lakes SVFRP if the
benefit level for POC Firefighters increased. It was determined that increasing the benefit
level to $7,000 per year of service, will not adversely impact the financial stability of the
Lino Lakes SVFRP.
Funding of the SVFRP is from existing fire state aid and investment earnings; increasing the
benefit level to $75000 per year of service will not require a municipal contribution.
RECOMMENDATION
Staff is recommending the approval of Resolution No. 21-103.
ATTACHMENT
Resolution No. 21-103