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Committee Report <br /> Personnel and Finance <br /> September 4, 1996 <br /> Page 6 <br /> The Committee then reviewed the Pension Fund for the Fire Department <br /> FIRE PENSION: <br /> 1996 BUDGET $3,649,336 <br /> 1997 PROPOSED $3,922,236 <br /> Assistant Chief Switalski then reviewed this Budget. He noted that 1937 Fund does not <br /> have a cost of living adjustment whereas the 1977 does have a cost of living adjustment <br /> annually. He noted that deferred comp dollars were also a negotiated benefit. Dr. Varner <br /> spoke in favor of continuing to use deferred comp programs during negotiations. <br /> Assistant Chief Switalski noted that approximately $2.2 million should be received in <br /> pension relief for the next calendar year. In response to a question raised by Council <br /> Member Zakrzewski it was suggested that the Council review the Widow's Benefit which <br /> is notw at 40% with the City considering a 1% increase over the next 5 years which is what <br /> the City of Mishawaka and the City of Elkhart are currently considering. The cost to the <br /> City would be approximately$90,000 additional per year. <br /> The Committee complimented the Fire Department administration for their fine <br /> presentation. <br /> There being no further business to come before the Committee the meeting was adjourned <br /> at 5:25 p.m. <br /> Respectfully submitted, <br /> Council Member Steve Luecke,Chairperson <br /> Personnel and Finance Committee <br /> Attachments <br />