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the plan should be changed to accommodate the eventual sunset of the association. <br />31 <br />32 <br />33 <br />st <br />Members of the Fire Relief Board will be present at the July 1 meeting to provide their input <br />34 <br />into the discussion. <br />35 <br />PO <br />OLICYBJECTIVE <br />36 <br />To provide financial oversight of the Fire Relief Association retirement benefit in order to <br />37 <br />allocate a fiscally responsible amount of City investment to the fund while providing appropriate <br />38 <br />retirement benefits to fire fighters and their families. <br />39 <br />BI <br />UDGET MPLICATIONS <br />40 <br />Providing the Fire Relief Association pension is an on-going cost to the City. The amount of <br />41 <br />contribution varies from year- to- year dependent on market condition. The $2 monthly increase <br />42 <br />will add about $577,764 liability to the fund. Below is a table showing existing and future <br />43 <br />contributions: <br />44 <br />45 <br />20132014 with benefit 2014 without benefit <br />increaseincrease <br />City of Roseville $152,500 $72,817 $25,342 <br />Contribution <br />State 2% Insurance $145,733 $147,750 (est.) $147,750 (est.) <br />Funding <br />Total $298,233 $220,571 $172,096 <br />SR <br />TAFF ECOMMENDATION <br />46 <br />In consideration of past practices and the condition of the fund, staff is supportive of increasing <br />47 <br />the monthly benefit by $2 per month for each year of service. However, staff would make this <br />48 <br />approval conditioned on the several items. They include: <br />49 <br />Directing the Relief Association Board to coordinate all future actuarial requests <br />50 <br />with City Staff, and with the approval of City Council. <br />51 <br />Prior to requesting a future benefit increase, the Relief Association Board should: <br />52 <br />Research and present to the City other fire relief retirement plans and <br />o <br />53 <br />present plan comparisons. <br />54 <br />Research and present to the City possibilities of transitioning to an <br />o <br />55 <br />annuity plan. <br />56 <br />Research and present plan options to the City with comparisons to the <br />o <br />57 <br />Social Security retirement structure. <br />58 <br />Research and present plan options to the City that establishes future plan <br />o <br />59 <br />caps as the association moves toward sunset. <br />60 <br />Page 2 of 2 <br /> <br />