1981-08-05 Regular Meeting - Laserfiche WebLink

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..r~`~. .w."~.~st+ TM-t ^.. -i... - -~ ..:~ -'~"...w=.72~ - ... .f •l.-~a Ge _ ~.!!'1.~.iw• ~d'.'•~, '~.w~."_"'L'1'~ati.'.1l"~/~{,'!1a'n~ '~.. ~ .. .`.Q.l.ci:?-. 7 ~., .. ..~ ... _•:-. _:. ~. ~,. ~=,. f .-i:'= •t-+. ;,t:'i;t:.... `"! ~ .a.. i ~v.. ._..- .~l:. ..c 't.~'^tF: ':'.iz` . t7 a:t,:sV~".w~wi~+r~T~R1f!o:~" ~*r.•+' MEMORANDUM :TTTL'~ 17, 1981 T0: MAYOR AND CITY COUNCIL FROM: BETTY T. WATERS • SUBJECT: FIRE FIGHTER'S RELIEF AND RETIREMENT FUND S.B.411 On January 29, 1981 the Firemen's Pension Board of La Porte and Mr. Jim Hudgens met with Bill Stefka of the State Firemens Pension Commission of Austin to discuss the possibality of adopting S.B.411. We reviewed the benefits under S.B.411 and we found the following: Retirement Benefits--$36.00 per month .plus 7% of the monthly pension compounded annually for service in excess of 15 years Disability Benefits--3 times the monthly contribution If disability results from performing duties fireman ~~ is guaranteed a benefit of $250.00 per month. Death Benefits-- lump sum of amount contributed on decedents behalf or the sum which would have been contributed ~at end of 15 year service. If death is due to performing duty--guaranteed $5,000. benefit Rights to Benef-its Under this System--are not defeated by benefits or payments by other plans or insurance I am enclosing a complete copy of S.B.411 in order that • you may further enlighten yourself with all sections of the fund. The following are costs and other related financial in- formation concerning the Fund. In the 1980-81 budget the amount. of $115,132.00 was budgeted to make the present system actuarilly sound. .The La Porte Firemen's Pension Fund has a cash balance of $16,751.53, and $14,000. invested in C.D.'s. Total funds in account cash & C.D)---------$30,751.53 Total budgeted funds Acct.#109 Fire Surpression-$115,132. Acct.#506 Actuary study---- 2,500. To go into S.B.411 we would recommend a lump sum payment to: Buy Back to 1977----------------------------$14,380.00 Accrued time----------------------~,--------- 10 928.00 $25,30 .00