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Council approves $500 increase to Fire Relief Association annual benefit
Summary
Jordan, president of the Pine Island Fire Relief Association, asked the council to raise the annual benefit level for the association from $7,300 to $7,800; council approved the increase and discussed bylaw updates and city exposure if the fund becomes underfunded.
Jordan, president of the Pine Island Fire Relief Association, requested council approval to raise the association’s annual benefit level from $7,300 to $7,800.
Jordan described the association’s funding and recent audit results and asked the council to approve the $500 increase. City legal counsel reminded councilors that the relief association is a separate governing body that administers firefighter pensions, but that state law can obligate the city to cover pension liabilities if the association becomes underfunded.
Council discussed investment controls, vesting rules and that the association can move funds between investment accounts as needed to protect the fund. A motion to approve the request for the pension increase passed; council and the association agreed to bring cleaned‑up bylaw language back for council review in a future meeting so any city obligations would be transparent.
