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  • Fire & Police Retirement Plans

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    The Fire and Police Retirement Plans receive state insurance proceeds each year to reduce the city's contributions. For 2009, the fire plan proceeds decreased by $268,965.68 from 2008 levels. The police plan proceeds have remained stable for the past four years due to state law, but decreased by $135,509.90 for 2009. As a result of the decreased insurance proceeds for both plans, the city is required to increase its contributions by $404,475.58 for fiscal year 2009. If proceeds do not increase in 2010, the city may need to make additional contributions.

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    The Fire and Police Retirement Plans receive state insurance proceeds each year to reduce the city's contributions. For 2009, the fire plan proceeds decreased by $268,965.68 from 2008 levels. The police plan proceeds have remained stable for the past four years due to state law, but decreased by $135,509.90 for 2009. As a result of the decreased insurance proceeds for both plans, the city is required to increase its contributions by $404,475.58 for fiscal year 2009. If proceeds do not increase in 2010, the city may need to make additional contributions.

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    23 vues1 page

    Fire & Police Retirement Plans

    Transféré par

    dscosson
    The Fire and Police Retirement Plans receive state insurance proceeds each year to reduce the city's contributions. For 2009, the fire plan proceeds decreased by $268,965.68 from 2008 levels. The police plan proceeds have remained stable for the past four years due to state law, but decreased by $135,509.90 for 2009. As a result of the decreased insurance proceeds for both plans, the city is required to increase its contributions by $404,475.58 for fiscal year 2009. If proceeds do not increase in 2010, the city may need to make additional contributions.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 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

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