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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2 0 0 3 <br />NOTE 5 -OTHER INFORMATION (Continued) <br />C. Employee retirement systems and pension plans (Continued) <br />1. Defined benefit pension plans -statewide employees plan (Continued) <br />a. Plan Description (Continued) <br />Normal retirement age is the age for unreduced Social Security benefits capped at 66 for <br />Coordinated members hired on or after July 1, 1989. A reduced retirement annuity is also <br />available to eligible members seeking early retirement. <br />There are different types of annuities available to members upon retirement. A single -life <br />annuity is a lifetime annuity that ceases upon the death of the retiree no survivor annuity is <br />payable. There are also various types of joint and survivor annuity options available which <br />will be payable over joint lives. Members may also leave their contributions in the fund <br />upon termination of public service in order to qualify for a deferred annuity at retirement age. <br />Refunds of contributions are available at any time to members who leave public service, but <br />before retirement benefits begin. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions <br />and apply to active plan participants. Vested, terminated employees, who are entitled to <br />benefits but are not receiving them yet, are bound by the provisions in effect at the time they <br />last terminated their public service. <br />PERA issues a publicly available financial report that includes financial statements and <br />required supplementary information for PERF, PEPFF, and PELF. That report may be <br />obtained on the web at mnpera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, <br />Minnesota, 55103 -2088, or by calling (651) 296 -7460 or (800) 652 -9026. <br />67 <br />