HomeMy WebLinkAboutResolution - 2018-32 - Support for EP Fire Relief Association Effort to to Increase Lump Sum Cap - 02/06/2018 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2018-32
RESOLUTION SUPPORTING THE EDEN PRAIRIE FIRE RELIEF ASSOCIATION
BOARD OF DIRECTORS' EFFORTS TO SEEK LEGISLATION INCREASING THE
LUMP SUM CAP TO $15,000 PER YEAR OF SERVICE.
WHEREAS, MN Statute 424A.02 Subd. 3(d) sets a lump sum pension payout cap of
$10,000 for Fire Relief Association retirees; and
WHEREAS, increasing the cap would allow Eden Prairie Fire Relief Association to
consider raising lump sum payouts to more closely match monthly defined benefits; and
WHEREAS, such a change in the lump sum payout cap would encourage more retirees
to consider choosing the lump sum payout; and
WHEREAS,having more retirees choose the lump sum payout would help reduce Fire
Relief Associations' total plan liability over the long term.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Eden
Prairie, Minnesota, that the City Council hereby supports the efforts of the Eden Prairie Fire
Relief Association Board of Trustees to seek legislation increasing the lump sum pension payout
cap to $15,000 per year of service.
ADOPTED by the City Council of the City of Eden Prairie, Minnesota this 51h day of
February, 2018.
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ATTEST:
K leen Porta, City Clerk