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Long Prairie council approves $500 increase to fire-relief retirement contribution and updates investment policy
Summary
The council approved a $500 increase to the Long Prairie Fire Relief Association27s retirement contribution and allowed an updated investment policy and financial-advisor change, actions the association said are supported by a surplus.
The Long Prairie City Council unanimously approved requests from the Long Prairie Fire Relief Association at its Feb. 11 meeting to increase the annual retirement contribution per retiree from $2,000 to $2,500 and to update the association27s investment policy to allow up to 80% of funds to be invested.
Jason Sellnow, treasurer for the Fire Relief Association, told the council the fund has a significant surplus and that the board voted at two consecutive meetings to approve the $500 increase rather than a larger $1,000 raise. Sellnow also said the association is moving its account from Jeff Berg Financial to LPL Financial after the former firm was sold, and that the association approved an updated Investment Policy Statement for current management.
Council Member JoAnn Schroeder moved to approve the retirement-contribution increase and later moved to approve the investment-policy update; motions were seconded and recorded as passing unanimously.
The actions recorded at the meeting authorize the Fire Relief Association to proceed with the advisor change and to implement the increased retirement contribution for future retirees; the council did not record additional funding appropriations at the meeting.
