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� <br />� <br />City of <br />Pe uot <br />q <br />Lakes = _ <br />AGENDA ITEM #7.1 <br />REPORT TU <br />CITY COUNCIL <br />Date: May 3, 2011 <br />Sub •�ect: Request to Increase the Yearly Pension Benefit <br />Level <br />Report: The Fire Relief Association has voted to increase <br />the yearly pension contribution from $2,900 to $3,300. <br />This item was tabled from the April Council meeting. See <br />excerpt from Council minutes of the April Council meeting <br />below: <br />7.1. Request to Increase Benefit Level <br />Patrick Selter and Larry Oaks were present to discuss the requested <br />increase in benefit level. Patrick Selter stated that the Pequot Lakes Fire <br />Department Relief Association has voted to increase the yearly pension <br />rate from $2,900 to $3,300. He explained that the request is due to the <br />reduction of active fire fighters which has decreased the liability and the <br />fact that the State Board of Investments have had substantial gains since <br />2008. <br />COUNCIL MEMBER SJOBLAD MOVED TO APPROVE THE REQUEST <br />TO INCREASE THE YEARLY PENSION RATE FROM $2,900 TO <br />$3,300. COUNCIL MEMBER AKERSON SECONDED THE MOTION. <br />Council Member Ryan stated that he had concerns regarding the <br />� increase. He stated that he is not clear of the amount of surplus and the <br />