9.a Staff report on resolution 7-18-17-05 increasing pera benefit
Staff Report
Date of Meeting:
To: City Council
From: Neil Soltis, Administrator
Re: Resolution to increase firefighter retirement benefit through PERA
Background: At the June meeting the City Council unanimously approved increasing the retirement
benefit amount to $2,800 as recommended by staff. PERA requires that the Council pass a
resolution to this effect.
Issue: Should the resolution approving the retirement benefit increase be approved
Proposal Details: A copy of the ordinance follows this report.
Fiscal Impact: The analysis prepared by PERA found no immediate fiscal impact since the required
contribution amount is less than the combined total of the investment earnings (computed at 6%)
and the estimated state fire aids. Future contributions may be required if interest earnings decrease
or there is a reduction in state aid.
Options:
1. Approve the resolution as presented
2. Modify the resolution
3. Take no action
Recommendation: Option 1