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U�b S <br />H+--Jf 7F <br />REQUEST FOR COUNCIL ACTION <br />Department Approval <br />D ate : January 13, 2014 <br />Item No.: 7.g <br />City Manager Approval <br />/ e4. � �// - - <br />Item Description: Approve Roseville Firefighter's Relief Association to Conduct Actuarial <br />Valuation <br />BACKGROUND <br />2 On July 8, 2013 the Roseville City Council approved the Roseville Firefighter's Relief <br />3 Association retirement increase to $32 per month of service. As part of the approval process <br />4 Council directed the Relief Association to seek Council approval for all future actuarial <br />5 valuations for the retirement fund. <br />6 <br />7 The Relief Association is required by statute to conduct an updated actuarial valuation every two <br />8 years. The Relief Association conducted an actuarial valuation for 2014, and is now required to <br />9 conduct an actuarial valuation for 2015 & 2016. This actuarial valuation will be completed using <br />10 end of year data from 2013. <br />11 <br />12 FINANCIAL IMPACTS <br />13 Costs associated with conducting the actuarial valuation are paid from the Relief Association <br />14 special fund. <br />15 STAFF RECOMMENDATION <br />16 Staff recommends Council Approve the Roseville Firefighter's Relief Association to conduct an <br />17 actuarial valuation for the years 2015 & 2016 as required by statute. <br />18 REQUESTED COUNCIL ACTION <br />19 Approve the Roseville Firefighter's Relief Association to conduct an actuarial valuation for the <br />20 years 2015 & 2016 as required by statute. <br />21 <br />Prepared by: Timothy O'Neill, Fire Chief <br />Page 1 of 1 <br />