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HomeMy WebLinkAbout2019-092 CCRMember Ryan moved its adoption: introduced the following resolution and RESOLUTION NO. 2019-092 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, BakerTilly (formerly 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 2019 and believe the information to be accurate; and WHEREAS, the actuarial analysis completed by Van Iwaarden and As$ociates and reviewed by BakerTilly conclude an increase of $800 to the lump sum benefit from $7,700 per year to $8,500 per year of qualified service would not likely have an adverse effect on the find 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 $8,500 per year be hereby approved as of January 1, 2019. July 8, 2019 Date ATTEST: M&�Iuml� City Clerk Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Lawrence -Anderson and upon vote being taken thereon, the following voted in favor thereof. Butler, Elliott, Graves Lawence -Anderson, and Ryan RESOLUTION NO. 2019-092 and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.