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Glencoe Fire Relief Association pension fund is fully funded

Glencoe Firefighters Steve Millard and James Voigt presented the recent actuarial study done  by the Fire Relief Association to the City Council on Monday, Aug. 3.
The study, done every two years, shows the Fire Relief Association fund is over 100 percent funded at over $1.1 million.
The Fire Relief Association provides retirement benefits to members of‚ÄąGlencoe’s volunteer fire department. Benefits are currently $2,300 per year of service. A member is fully vested after 10 years of service, and eligible for benefits after 20 years of service.
Through changes in investments and increased city contributions, the association has been able to increase its fund over $200,000 over the last couple of years.
The association made a request of the city council to continue its contribution of $68,795 annually. A request was also made to increase the individual amount to $2,500 per year of service.
City Administrator Mark Larson said the city had increased its contribution about 10 years ago to help the association become fully funding with the hopes that, at some point, a city contribution would not be needed.
Council Member Kevin Dietz asked if the numbers included proceeds from the association’s annual fund raiser Heat in the Street.
Millard reported that so far any proceeds have been put back into the next Heat in the Street. He also said that based on the promoters’ estimates with the bands that performed on July 25, 5,000 people were projected to attend, but only 3,600 tickets were sold. The association hopes to break even on the event this year.
The Council approved the annual contribution of $68,795 and the $200 annual increase.
For more from the meeting, see the Aug. 5 print edition of The Chronicle.