96-8340r
15
RESOLUTION NO. 8340
RESOLUTION APPROVING BENEFIT ENHANCEMENT
TO PERA POLICE AND FIRE FUND
WHEREAS, the Minnesota Legislature has approved a bill to reduce the early
retirement penalty for members of the PERA Police and Fire Fund who retire between
the ages of 50 and 55; and
WHEREAS, the legislation providing for the benefit increase requires local
approval of all cities which have a consolidated local pension fund plan with PERA
Police and Fire; and . .
WHEREAS, the Richfield Police Relief Association consolidated their pension
plan with PERA Police and Fire Fund as of December 31, 1991; and
WHEREAS, the City of Richfield has obtained an actuarial report of the impact of
the benefit increase to the City which projects no additional annual cash contribution by
the City; and
WHEREAS, the employees of the consolidated fund have requested that the
City approve benefit increase; and
WHEREAS, the benefit increase approval would place all PERA Police
employees of the City of Richfield at the same benefit level.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield that provisions of Article 3, Section 4, Chapter 262 changing the early
retirement reduction factor from the actuarial amount of about 4% per year to 2.4% per
year for members of the PERA Police and Fire Fund be approved for members of the
consolidated Richfield fund.
Adopted by the City Council of the City of Richfield, Minnesota this 22nd day of
April, 1996.
?h
Martin J. Kirs
ATTEST:
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Thomas P. Ferber, City Clerk