Fire & Police Retirement Plans

  • June 2020
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Fire & Police Retirement Plans as PDF for free.

More details

  • Words: 160
  • Pages: 1
CITY COUNCIL MEMORANDUM FOR INFORMATION

TO:

Mayor and City Council

FROM: DATE:

September 1

SURJECT:

Fire and Police Retirement Plans

The Fire and Police Retirement Plans receive State Insurance Proceeds from the Division of Retirement each year which reduces the City's contributions. The Fire Plan insurance proceeds have increased over the years but there is a decrease this year from the 2008 proceeds in the amount of $268,965.68. The Police Plan insurance proceeds have remained the same for the last four years. Those proceeds would have decreased the last three years except for provisions in the state law that provided for stability for three years. The proceeds did decrease $135,509.90 for 2009. The Police Plan does not receive a supplement. The City is required to increase contributions in the amount of $404,475.58 for the decrease in insurance proceeds for FY 2009. If the insurance proceeds do not increase in FY 2010, additional City contributions will be required.

D

Cityo£1

renSaCOla

Related Documents

Retirement Planning
May 2020 8
On Retirement
May 2020 16
Retirement Calculation
November 2019 14
Plans
November 2019 47