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City of Tukwila <br />Allan Ekberg, Mayor <br />INFORMATIONAL MEMORANDUM <br />TO: City Council <br />FROM: Vicky Carlsen, Finance Director <br />CC: Mayor Ekberg <br />DATE: September 6, 2022 <br />SUBJECT: Firemen's Pension Fund 2023-2024 Proposed Budget <br />ISSUE <br />Review the Firemen's Pension Fund draft 2023-2024 budget. <br />BACKGROUND <br />The Firemen's Pension fund exists to support seven firefighters who qualified for a City pension <br />system prior to 1971. Members of the Tukwila Firemen's Pension system receive benefits from <br />the LEOFF 1 system provided by Washington State Department of Retirement Systems. State <br />law requires the City to compute the benefits under the prior pension system (City's pension <br />system) as if transfer of membership had not occurred. The retirees are paid the difference (if <br />any) between the pension benefit they would have received from the City's plan and the benefit <br />received from the LEOFF I retirement system. <br />DISCUSSION <br />Revenue is received from the State in the general fund then transferred to the Firemen's Pension <br />fund per current accounting standards. Expenditures in the upcoming biennium are expected to <br />be less than 2022 because there are two less members receiving benefits. The fund retains a <br />healthy fund balance through the biennium. <br />This revenue source is restricted per state law and can only be used to pay pension benefits for <br />firefighters who qualified for a City pension prior to 1971. <br />RECOMMENDATION <br />For information and discussion. <br />ATTACHMENTS <br />Draft Firemen's Pension Fund 2023-2024 Budget <br />15 <br />