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<br /> <br /> <br />REQUEST FOR COUNCIL CONSIDERATION  <br />  <br />  <br />Meeting Date: June 26, 2018 <br /> <br /> <br />Resolution-Ratifying the Pension Benefits for the St. Anthony Village Firefighters Relief <br />Association. <br /> <br /> <br />OVERVIEW: <br /> <br />In front of you this evening is St. Anthony Fire Relief Association (SAFRA) request for the approval <br />of an increase in pension benefit level from $3,300 to $3,500, see SAFRA letter attached. <br />Staff has reviewed the SAFRA’s model which calculates funding levels using escalating benefit levels, <br />see spreadsheet attached. This modeling process is according to SAFRA policy and has been in <br />practice for several years. The SAFRA’s model uses the State’s computation of pension liability and <br />therefore is conservative a practice for determining benefit level increases. The proposed increase <br />reduces the funding level as of the beginning of the year from 123% to 116%. A benefit level of <br />$3,500 still yields a healthy projected surplus of $142,202. <br /> <br />Staff recommends that the Mayor and City Council approve the request for an increase in 2018 benefit <br />level to $3,500. <br />  <br /> <br />  <br />29