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Request to raise volunteer relief pension stalled after members warn of future liability
Summary
The relief association asked to raise the pension multiplier from $5,000 to $5,500 per year of service; staff said the fund was ~115% funded (July 2023) and an increase would lower the funded ratio to ~106%, exposing the city to potential large invoices depending on market returns; no motion was made and item failed for lack of motion.
Firefighters' relief association representatives requested raising the pension credit from $5,000 to $5,500 per year of service. Staff reported the relief fund was approximately 115% funded as of July 2023 and estimated that increasing the credit to $5,500 would reduce the funded ratio to about 106%. The fire representative cautioned that if investment returns decline the city could face a sizable invoice to restore 100% funding and be required to amortize that payment over a three-year remediation window.
Council members expressed sympathy for the proposal but repeatedly raised concerns about future volatility and competing infrastructure needs, noting the city has other major projects and budget constraints. After three calls for a motion the chair said there was no motion and the item failed for lack of motion.
