Terry Traver
Scandia Reporter
The Scandia City Council had another busy agenda as it worked through a number of issues at the June 20 City Council Meeting.broadstreet.zone(48036);
Firefighter retirement benefit
Currently, the benefit provided to Scandia firefighters at retirement is a lump sum payout of $2,500 per each year of service. The council looked at a request by Fire Chief Mike Hinz to increase the benefit amount from $2,500 to $2,800 per year of service beginning Jan. 1, 2018.
Currently, the Public Employees Retirement Account for Scandia firefighters has a balance of $723,514 with a projected payout of $560,011, leaving a balance of $163,503. The city’s contribution at the current benefit level is $54,742 annually. A change to a benefit of $2,800 per year of service would increase the projected liability for future payouts by $66,158 and reduce the excess balance to $97,345. The annual contribution would increase by the amount of $6,471 per year
Skip to content
News and other stories about real people, places, and events in Forest Lake and nearby suburbs.