#09 - Cost anaysis SVF plan - Laserfiche WebLink

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STAFF REPORT DATE: March 7, 2023 CONSENT TO: City Council FROM: Dustin Kalis, Fire Chief & Michael Schwarz, Relief Association President AGENDA ITEM: Request Cost Analysis to join Statewide Volunteer Firefighter (SVF) Plan REVIEWED BY: Kristina Handt, City Administrator BACKGROUND: The Lake Elmo Firefighters Relief Association Board of Trustees has been reviewing options for retirement plan administration. The Relief Association is currently looking to ask the Minnesota State Board of Investment for a cost analysis for the Statewide Volunteer Firefighter (SVF) fund administered by PERA. ISSUE BEFORE COUNCIL: Should the City Council approve the request for a cost analysis to join Statewide Volunteer Firefighter (SVF) Plan? PROPOSAL DETAILS/ANALYSIS: The Statewide Volunteer Firefighter (SVF) fund is similar to the operations of a Relief Association but is managed by the State of Minnesota through PERA. Participation in the SVF Plan is voluntary and open to fire departments as a replacement of their existing volunteer firefighter service pension plan. The cost analysis is free to the department and does not include any commitment to transfer. The City Council must grant approval to the Secretary of the Relief Association and City Administrator, respectively, to complete the Request for a Cost Analysis to Join the SVF Plan form. At their 2/28/23 meeting, the Lake Elmo Firefighters Relief Association Board of Trustees reviewed the SVF plan and its impact on relief association, voting unanimously to approve the request for a cost analysis to join the SVF plan. FISCAL IMPACT: None. RECOMMEDNATION: If removed from the consent agenda: “Motion to authorize the City Administrator to complete the Request for a Cost Analysis to Join the SVF Plan form.” ATTACHMENTS: 1) Prospective SVF Plan Participant Information 2) SVF Plan Overview Presentation