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Fire & Police Retirement Plans
Fire & Police Retirement Plans
FOR INFORMATION
FROM:
DATE: September 1
The Fire and Police Retirement Plans receive State Insurance Proceeds from the Division
of Retirement each year which reduces the City's contributions. The Fire Plan insurance
proceeds have increased over the years but there is a decrease this year from the 2008 proceeds in
the amount of $268,965.68.
The Police Plan insurance proceeds have remained the same for the last four years.
Those proceeds would have decreased the last three years except for provisions in the state law
that provided for stability for three years. The proceeds did decrease $135,509.90 for 2009.
The Police Plan does not receive a supplement.
The City is required to increase contributions in the amount of $404,475.58 for the
decrease in insurance proceeds for FY 2009. If the insurance proceeds do not increase in FY
2010, additional City contributions will be required.
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