HomeMy WebLinkAbout25-026 Resolution Amending Lakeville Fire Relief Association Bylaws Relating to Pension Vesting Schedules and Board Appointed Trustee Compensation Repeal Res. No 25-017 CITY OF LAKEVILLE
RESOLUTION NO. 25-026
RESOLUTION AMENDING LAKEVILLE FIRE RELIEF ASSOCIATION BYLAWS
RELATING TO PENSION VESTING SCHEDULES AND BOARD APPOINTED
TRUSTEE COMPENSATION AND REPEALING RESOLUTION NO. 25-017
WHEREAS, the Bylaws of the Lakeville Fire Relief Association ("Bylaws") provide for a
Defined Benefit Lump Sum Retirement Plan for volunteer firefighters that are eligible under the vesting
schedule.
WHEREAS, the original effective date of the Plan was October 11, 1943.
WHEREAS,by Resolution No. 25-017, the City Council approved amendments to the Lakeville
Fire Relief Association bylaws relating to pension vesting schedules and board compensation;
WHEREAS, Resolution No. 25-017 contained errors in the amended vesting schedule and the
Council desires to repeal Resolution No. 25-017;
WHEREAS,the Council desires to amend the Bylaws as provided in Exhibit A attached hereto;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota as follows:
1. Resolution 25-017 adopted on February 3rd, 2025, is hereby Repealed, and
2. The Lakeville Fire Relief Association's Bylaws are hereby amended as provided in Exhibit A.
ADOPTED by the Lakeville City Council this 18�'day of February 2025.
CITY OF LA E:
e M. Hellier, Mayor
Ann O fsky, City Clerk
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EXHIBIT A
AMENDMENTS TO FIRE RELIEF ASSOCIATION BYLAWS
1. Amendment of Article 5 of the Bylaws. Article 5 of the Bylaws is amended to add a new Section
5.3 to read as follows:
5.3 Compensation. Trustees of the Association identified in Appendix D to the Bylaws may
be paid a salary out of the Special Fund. The amount paid in salary is limited to the amount
listed in Appendix D. Only after the amounts listed in Appendix D have been approved by the
city council may salaries be paid to non-Officer Trustees. For all Trustees, itemized expenses
eligible for reimbursement are limited to those expenses incurred as a result of fulfilling
responsibilities as administrators of the Special Fund.
2. Amendment to Appendix B, Article 3 of the Bylaws. Section 3.1 of Exhibit B Bylaws is is
amended to read in its entirety as follows:
3.1. Full Vesting of Accrued Benefits. A Participant shall have a fully vested and non-
forfeitable interest in the Participant's Accrued Benefit upon completion of 15 Years of Active
Service.
3. Amendment to Appendix B,Article 3 of the Bylaws. Section 3.2 of Exhibit B of the Bylaws is
amended in its entirety to read as follows:
3.2 Partial Vesting of Accrued Benefit The following vesting schedule shall apply to
Participant with fewer than 15 Years of Active Service:
Years of �ended
Active Vesting %
Service
5 40%
6 46%
7 52%
8 58%
9 64%
10 70%
11 76%
12 82%
13 88%
14 94%
15 100%
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4. Amendment to Appendix D of the Bylaws. Appendix D to the Bylaws is amended to
read as follows:
APPENDIX D
TRUSTEE COMPENSATION
Eliqible Trustees Annual Compensation
Board Appointed Trustees $1,000
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