2002 Comprehensive Annual Finanical Report (CAFR)

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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2002 NOTE 5 - OTHER INFORMATION (Continued) C. Employee retirement systems and pension plans (Continued) 1. Defined benefit pension plans - statewide employees plan (Continued) a. Plan Description (Continued) There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree - -no survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service, in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active plan participants. Vested, terminated employees, who are entitled to benefits but are not receiving them yet, are bound by the provisions in effect at the time they last terminated their public service. PERA issues a publicly available financial required supplementary information for PERF writing to PERA, 60 Empire Drive #200, St (651) 296 -7460 or (800) 652 -9026. report that includes financial statements and PERF b. Funding Policy and PEPFF. That report may be obtained by . Paul, Minnesota, 55103 -1 555, or by calling Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes are established and amended by the state legislature. The City makes annual contributions to the pension plans equal to the amount required by State Statutes. PERF Basic Plan members and Coordinated Plan members are required to contribute 9.1 % and 5.1 %, respectively, of their annual covered salary. PEPFF members are required to contribute 6.20% of their annual covered salary. The City of Roseville is required to contribute the following percentages of annual covered payroll: 11.75% for Basic Plan PERF members, 5.53% for Coordinated Plan PERF members and 9.30% for PEPFF members. The City's contributions to the Public Employees Retirement Fund for the years ending December 31, 20021 2001, and 2000 were $255,407, $234,844, and $223,501, respectively. The City's contributions to the Public Employees Police & Fire Fund for the years ending December 31, 2002, 2001 and 2000 were $265,469, $259,526, and $240,899, respectively, equal to the contractually required contributions for each year as set by state statute. ..