HomeMy WebLinkAboutCity Council Resolution 1996-685•
CITY OF PLYMOUTH
RESOLUTION NO. 96- 685
WHEREAS, the Plymouth Fire Relief Association Inas r, guested the City authorize
changes to their pension fund; and
WHEREAS, these changes are allowed and/or required under State Statute; and
WHEREAS, the City Council and City Staff agree the recommended changes would be
useful a`Q an incentive tool for recruiting new firefighters.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, that the Article VIII, Section 4 of the By-laws of the Plymouth Fire Relief
Association be amended to pay actual interest earned on Special Fund investments to a 5%
maximum interest on deferred pensions for firefighters with 20 years or more service until age 50
using the following formula to determine the rate of return for the year:
2I
A+B-i
where I is the total realized and unrealized return net of investment expenses for the year, A is
the fund assets at the beginning of the year, and B is the fund assets at the end of the year; and
BE IT FURTHER RESOLVED that the Article X, Surviving Spouse and Children's
Benefits of the By-laws of the Plymouth Fire Relief Association as they apply to family benefits
in the event of death in the line of duty; be amended as follows:
Section. 1, Upon the death of any member, the Association shall pay the balance of the
member's account in the plan as follows:
a) to the surviving spouse of at least one year and surviving child or children, in amounts
as specified by the member in a writing signed by the member and filed with the Association;
provided that any election by the member to pay less than 100% of the benefits to the surviving
spouse of at least one year must be approved in writing, signed by the surviving spouse.
b) if no designation has been made by the member pursuant to subsection a, the
Association shall pay the balance of the member's account in the plan to the surviving spouse of
at least one year, if any, and if there is no surviving spouse, tc the surviving child or children, if
any.
Section 2: Deleted.
In Article VIII, Service Pensions:
Section 4. (last sentence) If member dies while on the deferred pension roll, survivor's
benefits shall be paid according to Article X, Section I and Article XI, Section 2.
Adopted by the City Council on December 189 1996.
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