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HomeMy WebLinkAbout2016-060 CCRMember April Graves introduced the following resolution and moved its adoption: RESOLUTION NO. 2016-60 RESOLUTION APPROVING AMENDMENT TO THE FIRE DEPARTMENT RELIEF ASSOCIATION BY-LAWS WHEREAS, the Brooklyn Center Fire Department Relief Association has requested City approval of a benefit increase for retirees; and WHEREAS, such benefit increase would require an amendment of the City of Brooklyn Center Fire Department Relief Association By-laws; and WHEREAS, Van Iwaarden and Associates has conducted an actuarial valuation and benefit study and determined that the anticipated assets available for benefits would be sufficient to support an increase in the annual benefit due to fact that the cash and contingency funding balance exceeds the recommended balance of 110% of anticipated needs; and WHEREAS, Springsted public finance advisors for the City has reviewed the report prepared by Van Iwaarden and Associates and the financial statement for the City of Brooklyn Center Fire Department Relief Association for the year ended December 31, 2014 and determined the fund to be well run and actuarially sound based upon the review of Van Iwaarden and Associates report and financial statement; and WHEREAS, Springsted has estimated that an increase of $100.00 to the lump sum benefit raising the benefit to $7,600 per year of qualified service would not likely have an adverse effect on fund viability. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, that an amendment to the By-Laws of the City of Brooklyn Center Fire Department Relief Association to increase the lump sum benefit to $7,600 per year be hereby approved as of January 1, 2016 and be it further resolved that the lump sum amount be reviewed again in July of 2018. April 25, 2016 E Date Mayor ATTEST: City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Dan Ryan and upon vote being taken thereon, the following voted in favor thereof: Tim Willson,.April Graves, Lin MyszkowskiL Dan Ryan and the following voted against the same: Whereupon said resolution was declared duly passed and adopted.