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Hugo FireFigHter’s relieF AssociAtion <br />5323 140tH street nortH <br />Hugo, MinnesotA 55038 <br />(651) 429-6366 <br /> <br /> <br /> <br /> <br />Hugo Firefighter’s Relief Association <br /> <br /> <br /> TO: Anna Wobse, Finance Director <br /> FROM: Dave Jensen, President <br /> DATE: June 26th 2025 <br /> SUBJECT: Pension Increase, Deferred Interest Rate and Bylaw Revisions <br /> <br />Please be advised that the Board of Trustees voted to increase the lump sum pension <br />benefit from $5,100 per year of service to $5,600 effective June 24th 2025, this increase <br />will not require a municipal contribution in calendar year 2025. <br /> <br />The Office of the State Auditor recently issued guidance stating that, in order for deferred <br />members to be credited with interest, the rate must be approved by a relief association’s <br />board of trustees. To be in compliance with this new mandate, the general membership <br />voted to maintain the 5% interest rate earned by deferred members as currently stated in <br />the bylaws. <br /> <br />Additionally, the general membership approved some language updates to the bylaws. <br />This includes updating statutes and an increase in officer salaries. <br /> <br />In keeping with past practice, this increase, the deferred member interest rate and bylaw <br />revisions should be ratified by the City Council. Please place this item on an upcoming <br />City Council agenda for ratification. <br /> <br /> <br /> <br />Dave Jensen, President <br /> <br />