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Fire-relief pension increase proposed; council takes no motion after debate on funding risk
Summary
The fire-relief association asked the council to raise the pension multiplier from $5,000 to $5,500 per year of service, but after staff outlined funding risks and potential large catch-up invoices the council made no motion and the item failed for lack of motion.
Representatives of the fire-relief association requested the council approve raising the pension multiplier from $5,000 to $5,500 per year of service. Staff described the association as roughly 115% funded as of July 2023 and said increasing the multiplier would reduce the funded ratio to about 106% under current projections.
Council members raised concern that if investment returns declined the city could face a substantial catch-up invoice; staff cautioned that the city has a three-year window for payments on any shortfall and that any years below 100% trigger penalties. After multiple calls for a motion, no one moved to adopt the increase and the item "failed for lack of a motion," leaving the pension rate unchanged.
