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Item # 5.3. <br />,It1~.~ , <br />.River <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: May 11, 2009 <br />SUBJECT: Elk River Fire Relief Association Update <br />The Elk River Fire Relief Association is made up of forty active paid-on-call firefighters. <br />The Relief maintains a Defined Benefit Plan (Lump Sum) pension plan. The calculation fox <br />the lump sum payout is the product of years of service and the current benefit level. A <br />firefighter retiring with less than twenty years of service has the amount reduced by a vesting <br />percentage. The Relief Association maintains investments with the State Board of <br />Investment and American Funds mutual funds. The Relief Association works with Mike <br />Miller, Certified Financial Planner, on ongoing asset allocation and investment decisions. <br />Members of the Association will provide some background information and up-to-date <br />investment returns at the council meeting. <br />As you recall, each July per Minnesota statutes the Relief Association must get approval <br />from the City Council for any benefit level change for the following calendar year. <br />Attachment <br />Statement of position -Required Municipal Contributions to Volunteer Firefighters' <br />Pension Plans <br />