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EXTRACT of MINUTES of HEFTING of THE CITE' COUNCIL OF THE CITY of ROSEVILL Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 23 d day of October, 2006 at :00 p.m. The following members were present: Kough, Maschka, Ihlan, Pust and Klausing, and the following were absent: none. Member Klausing introduced the following resolution and moved its adoption: WE SOLUTION 10442 RESOLUTION AUTHORIZING A NEW FIRE RELIEF PENSION PLAN BENEFIT FOR THE FISCAL YEAR of 2007 AND BEYOND H WHEREAS, The City of Roseville recognizes the valuable contributions by Roseville Firefighters and has therefore established a Fire Relief Pension Plan, and; WHEREAS, Eligible members in the Fire belief Pension Plan are currently entitled to a monthly benefit in the amount of 27 per month per year of service in the form of a monthly annuity, and; WHEREAS, Eligible members in the Fire Relief Pension Plan are currently entitled to elect a ore -tune lump -sum payout in the amount of 52,700 per year of service in lieu of a monthly annuity, and; WHEREAS, the City of Roseville and Roseville Fire Relief Association have mutually agreed to a revised Plan benefit. Now, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, as follows: 1) Beginning November 1, 2006, the monthly benefit shall be 9 per month per year of service for those that elect a neon -thly annuity} and $2,900 per year of service for those that elect a one- time lump -sure payout. 2) Beginning January 1, 2008 and each year thereaftcr, increases in the monthly and lump - sum benefits shall equate to the same cost of living adjustment provided to Social Security recipients. 3 Future benefit increases shall be withheld if it is demonstrated through an actuarial analysis that the Pension Plan's unfunded liability is less than 70 %. The motion for the adoption of the foregoing resolution was duly seconded by Member Ihlan and upon a vote being taken thereon, the following voted in favor thereof: Kough, Maschka, Ihlan, Pust and Klausing and the following voted against the same: none. s WHEREUPON, said resolution was declared duly passed and adopted.