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REQUEST FOR COUNCIL CONSIDERATION <br />Meeting Date: August 22nd, 2023 <br />Resolution-Ratifying the Pension Benefits for the St. Anthony Village Firefighters Relief <br />Association. <br />OVERVIEW: <br />In front of you this evening is a request from the St. Anthony Fire Department Relief Association <br />(SAFDRA) for the approval of an increase in pension benefit level from $3,800 to $4,200 (see <br />SAFDRA letter attached). <br />Staff has reviewed the SAFDRA’s model which calculates funding levels using an escalating benefit. <br />This modeling process is according to SAFDRA policy and has been in practice for several years. The <br />SAFDRA’s model uses the State’s computation of pension liability and therefore is conservative a <br />practice for determining benefit level increases. Allowing for a benefit level increase to $4,200 still <br />yields a healthy projected surplus of $344,256. <br />Staff recommends that the Mayor and City Council approve the request for an increase in 2024 to a <br />benefit level of $4,200. <br />Respectfully, <br />Mark Sitarz <br />Fire Chief <br />Shelly Rueckert <br />Finance Director