HomeMy WebLinkAbout2018-045 CCRMember ?itiUita D±]er introduced the following resolution
and moved its adoption:
RESOLUTION NO. 2018-45
RESOLUTION APPROVING AN AMENDMENT TO THE BROOKLYN
CENTER 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 the fact cash and contingency
funding balance exceeds the recommended balance of 100% of anticipated needs; and
WHEREAS, Springsted public finance advisors for the City has reviewed the
assumptions and projections used in the report prepared by Van Iwaarden and Associates and has
compared those assumptions and projections with information from their detailed analysis
performed in 2016 and believe the information to be accurate; and
WHEREAS, the actuarial analysis completed by Van Iwaarden and Associates
and reviewed by Springsted conclude an increase of $100 to the lump sum benefit from $7,600
per year to $7,700 per year of qualified service would not likely have an adverse effect on the
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 $7,700 per year be
hereby approved as of March 1, 2018.
March 12, 2018
Date Mayor
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
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and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.