My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2002-09-25 CC Packet
Centerville
>
City Council
>
Agenda Packets
>
1996-2022
>
2002
>
2002-09-25 CC Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/13/2009 10:41:58 AM
Creation date
5/13/2009 10:38:41 AM
Metadata
Fields
Template:
General
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
324
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />r-- - <br /> <br />CITY OF CENTERVIlLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br /> <br />Note 4; DEFINED BENEFIT PENSION PLANS. STA TEWlDE. CONTINUED <br /> <br />For all PERF members whose annuity is calculated using Method I, a full annuity is available when age plus <br />years of service equal 90. A reduced retirement annuity is also available to eligible members seeking early <br />retirement <br /> <br />There are different types of annuities available to members upon retirement. A normal annuity is a lifetime <br />annuity that ceases upon the death of the retiree - - no survivor annuity is payable. There are also various types of <br />joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the <br />annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of <br />public service in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available <br />at any time to members who leave public service, but before retirement benefits begin. <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 publicly available financial report that includes financial statements and required supplementary <br />information for PERF. That report may be obtained by writing to PERA, 60 Empire Drive, Suite 200, St. Paul, <br />Minnesota 55103-1855 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 and amended by the state legislature. The City makes annual contributions to the pension plans equal <br />to the amount required by state statutes. PERF Basis Plan members and Coordinated Plan members are required <br />to contribute 8.75 percent and 4.75 percent, respectively, of their annual covered salary. The City is required to <br />contribute the following percentages of annual covered payroll: 11.43 percent for Basic Plan PERF members and <br />5.18 percent for Coordinated Plan PERF members. Member and employer contribution rates for Basic and <br />Coordinated members will increase by 0.35 percent effective January 2002. The City's contributions to the <br />PERF for the year ended December 31,2001,2000 and 1999 were $15,963, $15,736 and $14,953, respectively. <br />The City's contributions were equal to the contractually required contributions for each year as set by State <br />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 <br />and omissions; injuries to employees; and natural disasters for which the City carries inslJIance. The City obtains <br />insurance through participation in the League of Minnesota Cities Insurance Trust (LMCIT), which is a risk <br />sharing pool with approximately 800 other governmental units. The City pays an annual premium to LMCIT for <br />its workers compensation and property and casualty insurance. The LMCIT is self sustaining through member <br />premiums and will reinsure for claims above a prescribed doilar amount for each insurance event. Settled claims <br />have not exceeded the City '5 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 />eSlimated. Liabilities. if any, include an amount for claims that have been incurred but not reported (IBNRs). <br />The City's management is not aware of any incurred but not reported claims. <br />
The URL can be used to link to this page
Your browser does not support the video tag.