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<br />City Council Regular Meeting -10/23/06 <br />Minutes - Page 10 <br /> <br />Councilmember Pust noted that other employee units cost- <br />of-living adjustments (COLA) were not based on the Social <br />Security index. <br /> <br />Mr. Miller discussed industry-wide and govemment <br />employee benefit package provisions, and the advantages of <br />using the Social Security index as a benchmark in <br />determining benefit packages. <br /> <br />Further discussion included Public Employee Retirement <br />Association (PERA) comparisons with the Social Security <br />index; industry standards; and the need for future City <br />Council's to monitor this annual provision. <br /> <br />Councilmember Pust opined that she was not objecting to <br />the $2.00 increase; and thanked firefighters for their <br />continued service to the community; however, she <br />expressed concern with tying anything to assumptions for <br />continual increases in the future without City Council <br />attention. <br /> <br />Councilmember Maschka concurred; noting that future <br />unfunded liabilities could be realized. <br /> <br />Mr. Miller noted staff's provision for approval via <br />resolution to provide more transparency. <br /> <br />Dennis Koe!.mtopp, Administrative Assistant for Fire <br />Relief Association <br />Mr. Koehntopp discussed actuarial analyses and past <br />practice, and provided a sample benefit formula dated <br />October 19,2006. <br /> <br />Councilmember Pust, for the record, expressed her <br />opposition to including current full-time firefighters in the <br />plan as well; however, acknowledged that she didn't want to <br />penalize retirees. <br /> <br />Klausing moved, Ihlan seconded, adoption of Resolution <br />No. 10442 entitled, "Resolution Authorizing a New Fire <br />Relief Pension Plan Benefit for the Fiscal Year of 2007 and <br />