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Bird Island fire department to sign cost-analysis to evaluate statewide PAR pension plan
Summary
The council voted to sign and submit a state cost-analysis application to evaluate moving the volunteer firefighter pension plan to PAR administration; staff said the application is due July 15 and that PAR charges about $60 per active member annually and may offer a migration incentive.
A representative for the Bird Island Fire Department asked the council to sign a cost-analysis application required by the state to evaluate migrating the department's volunteer firefighter pension plan to PAR administration. Staff said the state needs information on assets and member counts to complete a cost analysis by the July 15 deadline. The council moved, seconded and approved signing and submitting the application.
The presenter said the PAR option would remove local administration of special funds and instead have PAR administer accounts for a flat annual fee (the presenter cited approximately $60 per active member). The presenter said a migration incentive of about $30,000 had been offered in prior cases; he emphasized the department had not yet decided to migrate and that the application is only the first step.
Council members said they wanted the cost analysis completed before committing to dissolving local funds or changing administrative arrangements. The motion approved only the submission of the cost-analysis paperwork, not a final decision to migrate plans.
