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CCP 05-22-2006
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CCP 05-22-2006
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<br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO TIlE FINANCIAL STATEMENTS <br />DECEMBER31,~~< . <br /> <br />Note 4: DEFINED BENEFIT PENSION PLAN - STATEWIDE -lONTINUED. J. I <br /> <br />There are different types of annUll1es available to membe. uDe~. A S~lif~ty f):llllDe . <br />annUIty that ceases upon death of the retIree-no Slrrvlvorbr;~ IS. aJili.l .;rbere ~~;u~,~ ojJOJDt <br />and survivor annuity options available which Mil be payat]e~ over join~es. e1nb~;- may also leave tbeu. <br />contributions in the fund upon termination of public servi~e, in order to qualifY for a deferred annuity at re4ement <br />age. Refunds of contributions are available at any time tJrnemol.l;:) whoJeave-pUblwseT"Vlt:~Oefo~-efuernent <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, terminated employees, who are entitled to benefits but 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 publlcly available financial report that includes fmancial statements and required supplementary <br />infonnation for PERF aud PEPFF. That report may be obtained on tbe web at mnpera.org, by writing to PERA, 60 <br />Empire Drive #200, SL Paul, Miuuesota, 55103-2088 or by calling (651) 296-7460 or 1-800-652.9026. <br /> <br />R Funding Policy <br /> <br />Minnesota statutes, chapter 353 sets the rates for employer and employee contributions. These statutes are <br />established and amended by the State legislature, The City makes annual contributions to the pension plans equal to <br />the amount required by 1'vlinnesota statutes. PERF Basic Plan members and Coordinated Plan members are required <br />to contribute 9.10 percent and 5.10 percent, respectively> of their annual covered salary. PEPFF members were <br />required to contnbute 6.20 percent of their annual covered salary. The City is required to contribute the following <br />percentages of annual covered payroll: 11.78 percent for Basic Plan PERF members, 5.53 percent for Coordinated <br />PIau PERF members, aud 9.30 percent for PEPFF members. The City's contributions to the PERF for the years <br />ending December 31, 2005,2004 aud 2003 were $61,615, $61,421, aud $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 INFORMA nON <br /> <br />A, Risk Management <br /> <br />The City is exposed to various risks of loss 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 m',;urance. The City obtains <br />iusuraucc through participation in the League of Miuuesota Cities Insurance Trust (LMCIT) which is a risk sharing <br />pool wjth approxliuately 800 other governmental units. 1be City pays au annual premium to LMClT for its workers <br />compensation and property and casualty insurance. The LMCIT is self sustaining through member premiums and <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 />estimated. Liabilities, if auy, include an amount for claims that have been incurred but not reported (IBNRs), 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 taxable 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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