HomeMy WebLinkAbout04.21.25 Work Session Packet
AGENDA
Council Work Session
Meeting
5:00 PM - Monday, April 21, 2025
Farmington City Hall
Page
1. CALL TO ORDER
2. APPROVE AGENDA
3. DISCUSSION ITEMS
Farmington Firefighters Relief Association Pension Options for 2025
To choose one of three options for the firefighter's relief association
pension for 2025.
Agenda Item: Farmington Firefighters Relief Association Pension
Options for 2025 - Pdf
2 - 3
4. CITY COUNCIL COMMITTEE UPDATE
5. CITY ADMINISTRATOR UPDATE
6. ADJOURN
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COUNCIL WORK SESSION AGENDA MEMO
To: Mayor, Councilmembers and City Administrator
From: Matt Price, Fire Chief
Department: Fire
Subject: Farmington Firefighters Relief Association Pension Options for 2025
Meeting: Council Work Session - Apr 21 2025
INTRODUCTION:
Have a discussion on three different pension options for the fire relief association.
DISCUSSION:
Below are three options that have been carefully built and discussed between the Fire Chief and
the President of the Relief. All options have been verified to be financially stable and acceptable.
We currently are at 132% funded.
Option A
A raise of $500.00 a year for the next five (5) years.
2025: $10,000
2026: $10,500
2027: $11,000
2028: $11,500
2029: $12,000
The vesting terms will remain 10 years partial (60%) and 20 years full (100%)
This provides a clear outlook for amounts/raises for the membership for the next five years. This
amount will raise the liabilities by only approximately $22,000 each year. Keeps percent funded
around 120-125%.
Chief discussion:
Option B
A raise of $2,000 bringing the new amount to $11,500. This amount would be locked in and NO
raise discussion for the next five (5) years or until the percent funded is 135% or more.
This amount would bring the percent funded to 120%.
Chief discussion:
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Option C
We drop the vesting terms to 7 years partial and 15 years full vested. The schedule would look like
this:
Year 7: 40%
Year 8: 45%
Year 9: 50%
Year 10: 55%
Year 11: 60%
Year 12: 70%
Year 13: 80%
Year 14: 90%
Year 15: 100%
We also raise the pension $1,000 for a new amount of $10,500.
This would bring us to a percent funded of 122%.
Chief discussion:
BUDGET IMPACT:
Does not impact the budget
ACTION REQUESTED:
To choose one of three options for the firefighter's relief association pension for 2025.
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