HomeMy WebLinkAboutCity Council Resolution 2018-319
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-319
R ESOLUTION A PPROVING R EQUEST BY THE P LYMOUTH F IREFIGHTERS
R ELIEF A SSOCIATION TO INCREASE R ATIFIED F IREFIGHTER P ENSION B ENEFITS
WHEREAS, the Plymouth Firefighters Relief Association (PFRA) receives and manages public
money and in concurrence with the City of Plymouth, provides retirement benefits for Paid on Call
firefighters; and
WHEREAS, the current City ratified defined benefit of $8,000 per year of service, was last
increased on January 1, 2014; and
WHEREAS, due to the financial condition of the PFRA's special fund, the PFRA Board has
requested that the City Council consider an increase in the ratified amount of the lump sum pension
benefit for eligible firefighters; and
WHEREAS, to ensure greatest compliance with standards of financial reliability and insulate from
market changes, Minnesota statutes require frequent actuarial valuations; and
WHEREAS, the most recent PFRA actuarial valuation was completed by Van Iwaarden Associates
and reflects a funded ratio on February 19, 2018 of 179%; and
WHEREAS, after review and consideration, the City Manager is recommending an increase in the
City Council ratified pension benefit amount.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that the City ratified lump sum pension benefit for the PFRA is increased to $8,500 per year
of service, effective October 1, 2018.
BE IT FURTHER RESOLVED that prior to July 1, 2019 and before any future pension increases are
requested, the PFRA Board or designated subcommittee, shall initiate the following actions with City
officials:
1. Work with the State of Minnesota Legislature to secure the ability to apportion state aid
between the PFRA pension benefits and PERA benefits for full-time firefighters.
APPROVED by the City Council on this 25th day of September, 2018.