91-7736R97
A RESOLUTION IN OPPOSITION TO DOUBLE PENSION
COST OF LIVING MECHANISMS (13TH CHECK)
WHEREAS, H.F. No. 127/S.F. No. 370, have been introduced and
would authorize investment related post-retirement adjustments in
addition to annual existing cost of living adjustments for local
police and paid firefighter relief associations; and
WHEREAS, the Richfield Police Relief Association pension fund is
only funded 80.8$ and the Richfield Fire Relief Association pension
fund is only funded 56.1$; and
WHEREAS, the City of Richfield is already contributing an
extraordinary amount of salary for the members of these two local
police and~fire funds as compared to the amount contributed for
officers currently in the PERA Police and Fire Fund; and
WHEREAS, claims that these and similar proposals, if passed,
will reduce the City's costs, measure only short-term financial
demands and do not compare short and long-term City contribution
rates for proposals to adopt alternative actuarial assumptions with
no benefit increase involved; and
WHEREAS, the current budgetary crisis of the State of Minnesota
demonstrates that the City of Richfield will be faced with the
prospect of long-term revenue shortfalls; and thus short-term
expenditure shifts with later increases will only exacerbate City
financial problems.
NOW, THEREFORE, BE IT RESOLVED by unanimous vote of its City
Council, the City of Richfield hereby expresses its opposition to
H.F. 127 and S.F. 370 and other similar proposals to provide
additional benefits to retirees of local funds based upon investment
performance of the fund's assets while escalation remains in effect.
BE IT FURTHER RESOLVED, that Senator Riveness and
Representatives Garcia and Henry are urged to convey the City's
position to the members of the Legislative Commission on Pensions and
Retirement and to the leadership of each House and to vigorously
resist all such local pension changes which will add to the short-
term or long-term costs of the City of Richfield.
The Clerk is instructed to transmit a certified copy of this
resolution to members of the City's legislative delegation and to the
League of Minnesota Cities.
Adopted by the City Council of the City of Richfield, Minnesota
this 8th day of April, 1991.
AlTTE~ST
~I
,: ~ ~
Thomas P. Fer er, City Clerk
e
Martin J. rsch, Mayor