02-18-1965 Special•a
CITY OP RICHFIELD
Special Meeting
February 18, 1965
Pursuant to action taken at the mee tang of January 25, 1965, the council
met in special session in the council chambers of the 'City Ha11~,6?00 Portland
Ave.. at ?:00 P.M.; Thursday,. February 18, 1965.
The meeting was. called to order. by Mayor 0l.son.
Present:. Anderson, Jacobsenw Luettinger, Rand all: and Qison.
Absents .None,
Prate on Financing Policemen's Pension Fund
The foilowin~ were present representing Traveler's Insurance Co.:
JaM Rongstead, 7633 Garfield Ave.
Peter Silcox, 4417 Wi, 111th St.
Magic Darnall, 4?00 Oxborough Lane
Peter Silco~c presented a deferred .annuity plan- `as a proposed retirement
system for policemen, -The proposal did not include benefits comparable to
thu statutory requirements for policemen in secgnd class cities.
Howard Hunczak appeared repr.esenting.Inyestors Diversif led Syndicate,
presenting a proposal. for financing of the policemen's pension fund only, with.
nos suggested changes .f ram the present .statutory retirement. benefits, and which
in~rolved investment. in the Investors Mutual. Balance Fund-of all contributions
by .the em.pic~yees and, employer to the Policemen's Retirement lPund.
Ralph G~~ibertson and Norm Grant appeared. representing Sing Merritt & Co.,
but with no proposal.
'~ Proposed Bi11 for Retirement-
The attorneq read a proposed bill for police retirement which was in line
with suggestions offered at the previous meeting held January 25, 1965.
Floyd Roman, Russ=ell .Petersen and Don Lundquist appeared representing the
Policemen •s Relief Association.
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Captain Roman stated that the police were all opposed to remaining under
p.E,R.A.
Motion by Randall, seconded by Jacobsen, that the council proceed with
the discussion vn the proposed bill.
Poll of votes: Ayes - Jacobsen, Randall and Q:lson. Nays - Anderson and
Luettinger. Absent - none. Carried.
Section 1, Subdivision 1 - no opposition.
Subdivision 2 -.no opposition..
Subdivision 3 - should have 1969 changed to 1966
Subdivision 4 - no opposition. .
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Section 2 - no opposition.
Section 3 - Motion by Jacobsen, seconded bar Luettinger, that "the mayor'°
be added to Section 3, Subd. 1. All aye s-carried.
Motion by Olson, seconded by Randall, that.°°during-first year after passage
of act"' be inserted in Subdivision 2.
Motion by Anderson, seconded by Jacobsen, that t1any Qther source including
profits from the municipal liquor dispensary'4,<or similar wording), be added
to Subdivision 3. Ali ayes - carried.
Sections 4, S, 6 were discussed with noproposed changes.
Motion by Jacobsen, seconded by Randall., .that the council approve the
proposed bill as printed and amended.
Poll of votes: Ayes -Anderson, Jacobsen, Randail.and Olson. Nays - none.
(Luettinger asked for insertion of qu~.lification on his vote, stating that he
preferred P,E.R.,A~., but voted in the aff irmative on this question in order to
provide some retirement system.) Carriede
The council expressed their thanks to the several parties appearing in
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interest on the proposed policemen's retirement system.
Motion by Jacobsen, seconded by Luettinger, that the meeting be ad3ourned.
Ali ayes - carried.
APPROVED: Mar. 8. 1965
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~.J . .
S anley w. Ois ,Mayor
Clfdi' l ~~~~ .
O. R. Van revel n, Manager
~~ A
Bdward J. Mo]:in , Cierk-Treas.
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