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Lakeville Fire Relief Association asks council to approve pension-vesting and trustee compensation changes
Summary
The Lakeville Fire Relief Association presented recommended changes to its pension vesting schedule and proposed modest compensation for two trustee positions. The board said the pension fund is well-funded and that changes are intended to align benefits with modern staffing and to avoid creating city budget exposure.
Representatives of the Lakeville Fire Relief Association presented the council with three items: a proposed change to the pension vesting schedule, a request to compensate two trustee positions on the relief board, and a preliminary discussion about moving from a defined-benefit to a defined-contribution model in the longer term.
Dan Kwong, president of the Fire Relief Association, said the relief fund is “very healthy” and that consultants had run the numbers on a proposed vesting adjustment. Kwong said the adjustment aims to “right size the funding level” and to avoid a sharp benefit “haircut” for paid-on-call firefighters who convert to full-time positions. He also told council the current long-tenure reality for many paid-on-call members has…
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