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Home My WebLink About09-023CITY OF LAKEVILLE RESOLUTION NO.09-23 RESOLUTION AMENDING FIRE RELIEF BY-LAWS BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that Sections 2.1 and 4.2 the Fire Relief Association's by-laws are hereby appended as follows: 2.1 "Separate Investment Account" shall mean the specific investment account titled in the name of the Relief Association and designated for the benefit of a Participant as described in Section 4.2. The Participant will have no authority for decisions regarding the securities held in the Separate Investment Account. The Board is limited to investments authorized in MN Statute § 356A.06, Subd. 6 (b) (e.g. "Short List"). 4.2 -Deferred Interest. The Board of Trustees shall segregate a fully vested Participant's unpaid Retirement Benefit amount and invest the funds in a Separate Investment Account. The Participant shall incur the full investment risk and return earned by the Separate Investment Account. The amount payable to the Participant is the fair market value of the Separate Investment Account at the time of payment. BE IT FURTHER RESOLVED by the City Council. of the City of Lakeville, Minnesota that the Appendix C of Fire Relief Association's by-laws are hereby. amended as per Exhibit A attached hereto. DATED this 6th day of April 2009. CIVY+ OF LAKEVILLE ATT~ST: ~~. " C arlene Friedges, City Jerk Dahl, Exhibit A Effective Date January 1, 1997 January 1, 1998 January 1, 1999 January 1, 2000 January 1, 2001 January 1, 2002 January 1, 2003 January 1, 2004 January 1, 2005 January 1, 2006 January 1, 2007 .January 1, 2008 January 1, 2009 April 6, 2009 Benefit Level Per Year of Active Service $ 3,750.00 $ 3,850.00 $ 4,000.00 $ 4,500.00 $ 4,750.00 $ 5,100.00 $ 5,300.00 $ 5,400.00 $ 5,550.00 $ 5, 725.00 $ 5,820.00 $ 6,000.00 $ 6,230.00 $ 6,230.00 Disability Level. Per Year of Active Service $ 3,750.00 $ 3,850.00 $ 4,000.00 $ 4,500.00 $ 4, 750.00 $ 5,100.00 $ 5,300.00 $ 5,400.00. $ 5, 550.00 $ 5, 725.00 $ 5,820.00 $ 6,000.00 $ 6,230.00 $ 6,230.00 Interest Rate for Deferred Pension Benefit 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% 5.000% Separate Account