1l. Approval of Amendment to Fire Relief Association Pension
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone 952.227.1100
Fax 952.227.1110
Building Inspections
Phone 952.227.1180
Fax 952.227.1190
Engineering
Phone 952.227.1160
Fax: 952.227.1170
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
Planning &
Natural Resources
Phone 952.227.1130
Fax 952.227.1110
Public Works
1591 Park Road
Phone 952.227.1300
Fax 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
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MEMORANDUM
TO:
Mayor & City Council
FROM:
Todd Gerhardt, City Manager
DA TE:
~.
October 17,2006
SUBJ:
Approval of Amendment to Fire Relief Association Pension
Staff was directed to review the history of rate adjustments for the 12 retired
members receiving a monthly annuity. Staff has reviewed the minutes of both
the Fire Relief Association and City Council meetings to see if any discussion
was held or policies established for future rate increases. Staff was unable to
find any information or policy pertaining to future increases. However, history
shows that the 12 retirees did receive adjustment at the same time the current on-
eall members, but did not always receive the same rate (see attachment).
RECOMMENDA TION
Based on this information, staff recommends a lump sum payment of $430 per
year for the years 2006-2008 to current retirees receiving a monthly annuity with
the condition that the funding ratio remain above 75%.
ATTACHMENTS
1.
2.
Comparison of Monthly Payment vs. Lump Sum
Staff Report dated January 12,2006
The City ot 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.
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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
DATE:
January 12,2006
o~
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
Finance
Phone: 952.227.1140
Fax: 952.227.1110
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.
Engineering
Phone 952.227.1160
Fax 952.227.1170
Park & Recreation
Phone 952.227.1120
Fax 952.227.1110
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:
Recreation Center
2310 Coulter Boulevard
Phone 952.227.1400
Fax: 952.227.1404
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
current 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
www.ci.chanhassen.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
e
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.
ATTACHMENTS
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
--
e
CHANHASSENFIRE DEPARTMENT RELIEF ASSOCIATION
SPECIAL FUND -,. PENSION TRUST FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
Years 1995 through 2004
(Unaudited)
Fiscal
Year
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fiscal
Year
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Exhibit 4
Revenues by Source
City State Contributions Investment
Contributions 2% Aid Supplemental Income . Total
$ 14,789 $ 41,111 $ $ 128,762 $ 184,662
17,614 56,262 39,162 113,038
14,214 56,786 1,000 152,702 224,702
10,574 61,426 2,000 135,936 209,936
24,058 63,481 2,000 179,603 269,142
17,101 66,223 (46,313) 37,011
99,315 82,921 (86,543) 95,693
48,651 96,113 1,000 (137,301) 8,463
12,227 118,745 2,000 331,012 463,984
154,033 1,000 163,948 318,981
Expenses Bv Tvoe
Benefit Administrative
Payments Expenses Total
$ 33,704 $ 2,913 $ 36,617
54,020 3,115 57,135
132,013 9,303 141;316
42,914 6,806 49,720
150,522 5,732 . 156,254
94,522 8,924 103,446
59,256 5,788 65,044
46,150 5,060 51,210
208,150 7,670 215,820
59,786 6,685 66,471
20
-
-
Chanhassen Fire Relief Association
Investment Review
Attachment #5
e
e
Chanhassen Fire Relief Association
Investment Review
Attachment #5
e
e
Chanhassen
Fire Relief Association
Investlllent Revie"W
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
e
e
The Parr Financial Group
Your Team
at Wachovia SE~curities
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 screenilng,
and portfolio-management services.
Anthony J. Parr
First Vice President - Investments
612-340-4553
a nthony. pa rr@wachoviasec.com
Brian C. McKnight
Associate Vice President - Investments
612-340-4555
bria n. c. mcknig ht@wachoviasec.com
Barbara J. Folz
Senior Registered Account Administrator
612-340-4512
ba rba ra.j. folz@wachoviasec.com
Jodi Benson Houglum
Account Administrator
612-340-4545
jod i. benson houg I u m@wachoviasec.com
Fax: 612-332-4071
Toll-free: 800-331-4923
http://www.parrfinancial!~roup.wbsec.com
WACHOVIA SFCUFmIES. LLC, MEMBF[, NYSE AND SIPC (03/05)
e
e
~hanhassen Fire Department
Integrated Performance Monitor
S ecial Account
FundSource Account
Pm-Advisor Account
MPMG Account
DMA-A Gr II Account
Total
419,239.10
337,155.89
327,957.91
323,622.53
342,622.48
1,750,597.91
1,539,126.30
357,173.45
309,182.78
100%
10.64%
Total Assets
$ 1,750,597.91
as ofVecember 31,2004
Bonds/Bond Funds,
14.13% Cash and
Equivalents, 16.70%
Specialty, 0.11%
Small Cap, 6.37%
10.90%
5.30%
20.20%
18.30%
20.70%
4.20%
9.20%
8.30%
Mid Cap, 14.01%
International,
16.35%
Large Cap, 32.33%
. Small Cap
. Bonds/Bond Funds
. Mid Cap D International
. Cash and Equivalents . Specialty
I!l!l 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.
e
--
Chanhassen Fire Department Relief Association
Understanding Your Five Accounts
D Core Account
~
>Primarily Diversified Mutual Funds
>Focus On High Category Rankings
>CDs and Preferred Used Occasionally
>Retirement Payments Made From This Account
D DMA Account Diversified Mana ed Allocations
>Multiple Money Managers in One Account
>Asset Allocation
>Rebalancing
>One Performance Report (versus four)
>World Class Managers
>Diligent Research and Oversight by Wachovia
D I-Shares Index Account
>Replicate Market Index
> Diversification
> Lower Costs
>Sector Overweight / Rotation
D Minnea olis Portfolio Mana ement Grou
>Private Account Manager (Your Own Mutual Fund)
>Superior Long-Term Track Record
>20 to 25 Stock Positions
>Value Orientation
D FundSource
.........-.---
>Managed and Supervised Mutual Fund Program
>Over 12,000 Funds Screened, High Level of Due Diligence
>Optimal Blend Portfolios (Puzzle vs. the Pieces)
>High Level of Diversification
>Automatic Annual Rebalancing, Many Institutional Class Shares
Asset Allocation Presentation
e
tit
CHANHASSEN FIRE DEPARTMENT
Current vs Strategic Allocation
!\JIarket Capitalization Analysis
Current
Custom-FRA 60/40
. Large Cap (30.70%)
. Mid Cap (14.01 %)
. Small Cap (6.37%)
. International Equity (16.35%)
. Multi-Class (3.25%)
. Fixed Income (12.50%)
III Cash Equivalent (16.70%)
. Real Estate Investment Trusts (0.11 %)
. Other (0.00%)
. Large Cap (25.00%)
. Mid Cap (10.00%)
. Small Cap (10.00%)
. International Equity (15.00%)
. Fixed Income (35.00%)
III Cash Equivalent (5.00%)
;~~
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%
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%
Fixed Income $ 218,844.28 12.50% $ 612,709.27 35.00% $ - 393,864.99 22.50%
Cash Equivalent $ 292,296.03 16.70% $ 87,529.90 5.00% $ 204,766.13 - 11.70%
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 Disclosures at the end of the report include definitions of the terms on this page and other detailed information.
Market Values are based on previous day's closing price and positions.
Copyright@) 2005. Wachovia Securities, LLC. All Rights Reserved.
Page 7 of 23