B Consider Increase in Fire Relief Pension
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MEMORANDUM
CITY OF
CHANHASSEN
TO:
Mayor & City Council
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
FROM:
Todd Gerhardt, City Manager
DA TE:
January 12,2006
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Administration
Phone: 952,227,1100
Fax: 952.227,1110
SUBJ:
Consider Increase in Chanhassen Fire Department Relief
Association Pension
Building Inspections
Phone: 952.227,1180
Fax 952,227.1190
BACKGROUND
Engineering
Phone: 952.227,1160
Fax: 952.227,1170
The City of Chanhassen has a 42-member on-call volunteer/paid Fire
Department (established in 1966). Volunteer firefighters often receive payments
due to the time commitment needed to perform the duties of a firefighter, such
as training, 24-hour on-call for service, and weekly meetings. In Chanhassen,
volunteers are compensated in two forms-an hourly rate of $8 for call-outs,
training, meetings, etc., and the Fire Relief Association Pension.
Finance
Phone: 952.227,1140
Fax: 952,227,1110
Park & Recreation
Phone: 952.227,1120
Fax: 952.227,1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227,1400
Fax: 952.227.1404
Currently a firefighter would be fully vested after 5 years of service. As an
example, a firefighter with 7 years of service would receive the following
pension:
7 years of service x $4,000 = $28,000 lump sum payment.
Planning &
Natural Resources
Phone: 952,227,1130
Fax: 952.227,1110
All current members are on a lump sum pay-out based upon their years of
service; however, we do still have 12 retired members receiving a monthly
annuity of $410 per month. The last time we increased the pension fund was in
2001 with a rate increase of 48.15% (see Attachment # 1).
Public Works
1591 Park Road
Phone: 952.227,1300
Fax: 952.227,1310
ACTION REQUIRED
Senior Center
Phone: 952.227,1125
Fax 952.227,1110
Staff has met with representatives of the Fire Relief Board and has negotiated a
three year increase of 8.75% per year beginning in 2006, with the condition that
the funding ratio remains above 75% (see Attachment #2). Additionally, the
CUITent retirees receiving a monthly annuity will receive a lump sum payment of
$430 per year for three years. These increases will help the Fire Department in
recruiting new firefighters and also help to retain our more experienced
firefighters.
Web Site
W\INI,cLchanhassen,mn, us
One of the areas you need to pay attention to when considering a rate increase is
the funded ratio. Attachment #3 shows two forecasts of the pension fund's
assets and liabilities. In both cases, the funding level never dips below 75%
The City of Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks A great place to live work, and play,
Mayor & City Council
January 12, 2006
Page 2
over the next three years. You will also notice that the City of Chanhassen does
not have to make a contribution, based on these assumptions, over the next three
year period. The funding source for the benefit increase would come from state
fire aid and investment earnings derived from the pension fund assets (see
Attachment #4 for the history of city contributions, state aid, and investment
income).
RECOMMENDATION
Staff would recommend that the Mayor and City Council approve an 8.75%
annual increase for 2006-2008 to the Chanhassen Fire Department Fire Relief
Association with the condition that the funding ratio remains above 75%, and a
lump sum payment of $430 per year for the years 2006-2008 to current retirees
receiving a monthly annuity. This item will be placed on the February 13th
agenda for action.
A TT ACHMENTS
1. History of Chanhassen Pension Fund Increases.
2. Key Financial Cities Comparison and Proposed Rate Increases.
3. Forecasts of the Pension Funds with a 5% and 7% Return.
4. Revenues and Expenses by Source 1995-2004.
5. Chanhassen Fire Relief Association Investment Review.
G:\admin\tg\fire relief assn increase request.doc
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History of Chanhassen
Pension Fund Increases
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Revenue & Expenses by Source
1995-2004
Attachment #4
~ .
, '
CHANHASSEN FIRE DEPARTMENT RELIEF ASSOCIATION
SPECIAL FUND ~ PENSION TRUST FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
Years 1995 through 2004
(Unaudited)
Exhibit 4
Revenues by Source
Fiscal City State Contributions Investment
Year, Contn1mtions 2% Aid Supplemental . Income ' Total
1995 $ 14,789 $ 41,111 $ $' 128,762 $ 184,662
1996 17,614 56,262 39,162 113,038
1997 14,214 56,786 1,000 152,702 224,702
1998 10,574 61,426 2,000 135,936 209,936
1999 24,058 63,481 ' 2,000 179,603 269,142
2000 17,101 66,223 (46,313) 37,011
2001 99,315 82,921 (86,543) 95,693
2002 48,651 96,113 1,000 (137,301) 8,463
2003 12,227 118,745 2,000 331,012 463,984
2004 154,033 1,000 163,948 318,981
Expenses By Type
Fiscal Benefit Administrative
Year Payments Expenses Total
1995 $ 33,704 $ 2,913 $ 36,617
1996 54,020 3,115 57,135
1997 132,013 9,303 141 ;316
1998 42,914 6,806 49,720
1999 150,522 5,732 ' 156,254
2000 94,522 8,924 103,446
2001 59,256 5,788 65,044
2002 46,150 5,060 51,210
2003 208,150 7,670 215,820
2004 59,786 6,685 66,4 71
20
Chanhassen Fire Relief Association
Investment Review
Attachment #5
I
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-........ ~ """ II,
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Chanhassen
Fire Relief Association
Investment Review
July 5, 2005
The Parr Financial Group
of Wachovia Securities
80 South 8th Street, Suite 3400
Minneapolis, MN 55402
Anthony Parr
First Vice President - Investments
(612) 340-4553
anthony.parr@wachoviasec.com
Brian McKnight
Associate Vice President - Investments
(612) 340-4555
brian.c.mcknight@wachoviasec.com
-
The Parr Financial Group
Your Team
at Wachovia Securities
-....
r"\.
Who We Are
Collectively, the professionals of The Parr Financial Group of
Wachovia Securities have more than 50 years of experience in
providing clients with sound financial solutions. Backed by the
resources of one of the nation's largest brokerage firms, we
use state-of-the-art technology and conservative investment
products and services to help our clients reach their financial
dreams. The mission of The Parr Financial Group is to help
individuals, corporations and other institutions develop the best
strategies for achieving the goals they value without undue
sacrifice while avoiding unnecessary investment risk.
What We Do
"
As part of our private client services, we provide
comprehensive wealth planning, retirement-plan
analysis, investment research and screening,
and portfolio-management services.
Anthony J. Parr
First Vice President - Investments
612-340-4553
anthony. parr@wachoviasec.com
Brian C. McKnight
Associate Vice President - Investments
612-340-4555
brian .c.mcknight@wachoviasec.com
Barbara J. Folz
Senior Registered Account Administrator
612-340-4512
barbara.j. folz@wachoviasec.com
Jodi Benson Houglum
Account Administrator
612-340-4545
jodi. benson hougl um@wachoviasec.com
Fax: 612-332-4071
Toll-free: 800-331-4923
http://www.parrfinancialgroup.wbsec.com
WACHOVIA SECURITIES. LLC. MEMBER NYSE AND SIPC. (03/05)
-Chanhassen Fire Department
Integrated Performance Monitor
as of December 31, 2004
Account % of Total Dollar Wcil!hted Net Worth Net Worth 12/31/03 Cash Flow + -
Special Account 24% 6.16% S 419,239.10 S 872,770.07 S (491,337.10
FundSource Account 19% 4.00% S 337,155.89 S - S 325,000.00
Pru-Advisor Account 19% 9.56% S 327,957.91 S 357,173.45 S (60,000.00
MPMG Account 18% 17.40% S 323,622.53 S 309,182.78 S (25,000.00
DMA-Agg Gr II Account 20% 15.20% S 342,622.48 S - S 300,000.00
/
Total
100%
10.64%
$
1J750,597.91 $
1,539,126.30 $
48,662.90
Total Assets
$ 1,750,597.91
Allocation Table
Indices as of 12/31/04
Small Cap 6.37%
Mid Cap 14.01%
International 16.35%
Larl!:e Cap 32.33%
Bonds/Bond Funds 14.13%
Cash and Equivalents 16.70%
Specialty 0.11%
Total 100.00%
S&1> 500 10.90%
DJlA 30 5.30%
Russell MidCap 20.20%
Russell 3000 18.30%
Ei\FE 20.70%
LB Govt/Credit 4.20%
SBI Income Share 9.20%
60%S&1>500/40%LB Aggr 8.30%
,......
Allocation Chart
Bonds/Bond Funds,
14.13% Cash and
Equivalents, 16.70%
Specialty, 0.11%
\
Small Cap, 6.37%
Mid Cap, 14.01%
International,
16.35%
Large Cap, 32.33%
~
!:I Small Cap
. Bonds/Bond Funds
. Mid Cap 0 International
D Cash and Equivalents . Specialty
o Large Cap
Information contained on this page is believed to be reliable. It has not been verified for accuracy or completeness by Wachovia Securities
Incorporated or any of its employees.
~
.
.
.......
Asset Allocation Presentation
.. --
CHANHASSEN FIRE DEPARTMENT
Current vs Strategic Allocation
-Market Capitalization Analysis
Current
Custom-FRA 60/40
.,"':~.,
~,.~,j.-.t\W~",
~ ; .'
. .':-:
," l-"
. Large Cap (30.70%)
II Mid Cap (14.01%)
o Small Cap (6.37%)
. International Equity (16.35%)
. Multi-Class (3.25%)
o Fixed Income (12.50%)
o Cash Equivalent (16.70%)
. Real Estate Investment Trusts (0.11 %)
. Other (0.00%)
. Large Cap (25.00%)
1m Mid Cap (10.00%)
o Small Cap (10.00%)
. International EqUity (15.00%)
I.:] Fixed Income (35.00%)
o Cash Equivalent (5.00%)
Long Positions - I
~arket Cap Current Strategic Difference
Large Cap $ 537,468.85 30.70% $ 437,649.48 25.00% $ 99,819.37 - 5.70%
Mid Cap $ 245,190.19 14.01% $ 175,059.79 10.00% $ 70,130.40 - 4.01 %
Small Cap $ 111,597.06 6.37% $ 175,059.79 10.00% $ - 63,462.73 3.63%
r-
International Equity $ 286,259.75 16.35% $ 262,589.69 15.00% $ 23,670.06 - 1.35%
Multi-Class $ 56,924.44 3.25% $ 0.00 0.00% $ 56,924.44 - 3.25%
I Fixed Income $ 218,844.28 12.50% $ 612,709.27 35.00% $ - 393,864.99 22.50%
I Cash Equivalent $ 292,296.03 16.70% $ 87,529.90 5.00% $ 204,766.13 - 11.70%
I Real Estate Investment Trusts $1,951.79 0.11% $ 0.00 0.00% $1,951.79 - 0.11%
Other $ 65.52 0.00% $ 0.00 0.00% $ 65.52 0.00%
Total: $ 1,750,597.91 100.00% $ 1,750,597.91 100.00% $ 0.00 0.00%
The Disclosu,es at the end of Ihe teporl include definitions of Ihe Ie""s on this page and othe, detal/ed Info,malion.
Market Values are based on previous day's closing price and positions.
........
Copyright@ 2005. Wachovia Securities, LLC. All Rights Reserved.
Page 7 of 23
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