HomeMy WebLinkAboutResolution - 659 - Resolution Re: PERA Benefits - 03/13/1973 VILLAGE OF EDEN PP.AIRIE
HENNEPIN COb'TTTY, 1,11INESOTA
RESOLUTION No. 659
A RESOLUTION IN REGARD TO PE'FA
BENEFITS
�,MEREAS, the 'Eden Prairie Village Council feels that it has
become increasingly evident that current benefits Linder PERA are grossly
inadequate to provide for dedicated public sex-rants after their reitre-
ment, or for protection :for their survivors:
NOW, TEEREFORE, BE IT RESOLVED that Tyre, the Village Council respect-
fully ask the 1973 Minnesota Legislature to improve the PER[= law by making
the following changes;
1. Change the interest assumption which the actuary is required to
use from 31% to a. figure Trrhich will appropriately reflect
current potential earnings of the fund, for example, 5%;
2. Change the definition of average salary from the current "career
average" concept to an average of the five highest years;
3. Remove the limitation on survivor benefits in the basic plan to
reflect the fact that members now pay contributions based on
total salary;
4. Allow a reasonable pa;,rment of interest for the use of the member' s
money when a member receives a refund of his or her contri?-Jutions
due to -termination of service prior to retirement.
ADOPTED by the Village Council of the Village of Eden Prairie on 13th
day of March 1973.
Paul R. Redpath, May(Sr
ATTEST:
SEAL
Edna M. 1Tolmgren, ''Clerk