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<br />EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> <br />* * * * * * * * * * * <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota was duly held on the 23rd day of October, 2006 at 6:00 <br />p.m. <br /> <br />The following members were present: Kough, Mascl1ka, Ihlan, Pust and Klausing, and the <br />following were absent: none. <br /> <br />Member Klausing introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION 10442 <br /> <br />RESOLUTION AUTHORIZING A NEW FIRE RELIEF PENSION PLAN BENEFIT <br />FOR THE FISCAL YEAR OF 2007 AND BEYOND <br /> <br />WHEREAS, The City of Roseville recognizes the valuable contributions by Roseville <br />Firefighters and has therefore established a Fire Relief Pension Plan, and; <br /> <br />WHEREAS, Eligible members in the Fire Relief Pension Plan are currently entitled to a monthly <br />benefit in the amount of $27 per month per year of service in the form of a monthly annuity, and; <br /> <br />WHEREAS, Eligible members in the Fire Relief Pension Plan are currently entitled to elect a <br />one-time lump-sum payout in the amount of $2,700 per year of service in lieu of a monthly <br />annuity, and; <br /> <br />WHEREAS, the City of Roseville and Roseville Fire Relief Association have mutually agreed to <br />a revised Plan benefit. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, <br />Minnesota, as follows: <br /> <br />1) Beginning November 1,2006, the monthly benefit shall be $29 per month per year of <br />service for those that elect a monthly annuity; and $2,900 per year of service for those <br />that elect a one-time lump-sum payout. <br /> <br />2) Beginning January 1, 2008 and each year thereafter, increases in the monthly and lump- <br />sum benefits shall equate to the same cost of living adjustment provided to Social <br />Security recipients. <br /> <br />3) Future benefit increases shall be withheld if it is demonstrated through an actuarial <br />analysis that the Pension Plan's unfunded liability is less than 70%. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member Ihlan <br />and upon a vote being taken thereon, the following voted in favor thereof: Kough, Maschka, <br />Ihlan, Pust and Klausing and the following voted against the same: none. <br /> <br />WHEREUPON, said resolution was declared duly passed and adopted. <br /> <br />1 <br />