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CCP 05-15-2006
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CCP 05-15-2006
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<br />Note 4: <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DFcrMD8U'F' <br /> <br />DETINED"''''''' ''''''DNPLAN-SCATEWIDE- .ONTINUED ... _ ] <br /> <br />Th",=.""w,_"~."..,""",,._~~1f~~ - , <br />armuity that ceases upon death of the retiree--no survivor . is, a ,:.1' . here "f,f~1S94.'Vlnous '. es oijoint <br />and survivor armuity options available which will be payr over jOin#!t. . ein15ers may also leave theiJi <br />contributions in the fund upon tennination of public servte, in order to qualify for a deferred armuity at retijement <br />age. Refunds of contrIbutIOns are available at any tune tcrmemt>o>> who-\eave"ptlbl~~jjef<>re'rmrrement <br />benefits begin. <br /> <br />. <br /> <br />The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active <br />plan participants. Vested, tenninated employees, who are entitled to benefits bnt are not receiving them yet, are <br />bound by the provisions in effect at the time they last terminated their public service. <br /> <br />PERA issues a publicly available financial report that includes fmancial statements and required supplementary <br />information for PERF and PEPFF. That report may be obtained on the web at rnnpera.org, by writing to PERA, 60 <br />Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by calling (651) 296-7460 or 1-800-652-9026. <br /> <br />B. Funding Policy <br /> <br />Minnesota statutes, chapter 353 sets the rates for employer and employee contributions. These statutes are <br />established aud amended by the State legislature. The City makes annual contributions to the pension plans equal to <br />the amount required by Minnesota statutes. PERF Basic Plan members and Coordinated Plan members are required <br />to contribute 9.10 percent and 5. I 0 percent, respectively, of their annual covered salary. PEPFF members were <br />required to contribute 6.20 percent of their annual covered salary. The Ciry is reqnired to contribute the following <br />percentages of annual covered payroll: 11.78 percent for Basic Plan PERF members, 5.53 percent for Coordinated <br />Plan PERF members, and 9.30 percent for PEPFF members. The City's contributions to the PERF for the years <br />ending December 31, 2005, 2004 and 2003 were $61,615, $61,421, and $57,633, respectively. The City's . <br />contributions were equal to the contractually required contributions for each year as set by Minnesota statute. <br /> <br />Note 5: OTHER INFORMATION <br /> <br />A. Risk Management <br /> <br />The City is exposed to various risks ofloss related to torts; theft of, damage to and destruction of assets; errors and <br />omissions~ injuries to employees; and natural disasters for which the City carries insurance. The City obtains <br />insurance through participation in the League of Minnesota Cities Insurance Trust (LMCIT) which is a risk sbaring <br />pool with approxinaately 800 other governmental units. The City pays au annual premium to LMCIT for its workers <br />compensation and property and casualty insurance. The LMCIT is self sustainirg through member premiums aud <br />will reinsure for claims above a prescribed dollar amount for each insurance event. Settled claims have not exceeded <br />the City's coverage in any of the past three fiscal years. <br /> <br />Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably <br />esrimated. Liabilities, if any, include an amount for claims that have been incurred but not reported (IBN'RS). The <br />City's management is not aware of any incurred but not reported claims. <br /> <br />B. Legal Debt Margin <br /> <br />The City's statutory debt limit is computed as two percent of the taxahle market value of property within the City. <br />Long-term debt issued and fInanced partially or entirely by special assessments or the net revenues of enterprise fund <br />operations is excluded from the debt limit computation. There is no outstanding debt at year end that is applied <br />against the statutory debt limit <br /> <br />. <br /> <br />-37- <br />
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