423A.04 ALTERNATIVE BENEFIT INCREASE.
Notwithstanding any provision of law to the contrary, and in lieu of the benefit increase
provided for in section
423A.01, subdivision 3
, the governing body of a participating municipality,
except the city of Minneapolis, is authorized by resolution approved by a majority of the
members of the governing body, following consideration of an actuarial analysis of the effect
of any change, to increase the service pension or retirement benefits provided by or modify any
provision of the benefit plan of either a police relief association or a salaried firefighters' relief
association unless the municipality elects to retain the local relief association by the adoption
of a municipal resolution pursuant to section
423A.01, subdivision 1
. The total cost of any
increase or modification, including amortization by December 31, 2010, shall not exceed
percent of covered payroll.
History: 1980 c 607 art 15 s 7; 1981 c 224 s 207