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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2 0 0 3 NOTE 5 -OTHER INFORMATION (Continued) C. Employee retirement systems and pension plans (Continued) 1. Defined benefit pension plans - statewide employees plan (Continued) b. Funding policy 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. PECF members are required to contribute 5.83% of their annual covered salary. The City of Roseville is required to contribute the following percentages of annual covered payroll: 11.78% for Basic Plan PERF members, 5.53% for Coordinated Plan PERF members, 9.30% for PEPFF members, and 8.75% for PECF members. The City's contributions to the Public Employees Retirement Fund for the years ending December 31, 2003, 2002, and 2001 were $276,606, $256,407, and $234,844, respectively. The City's contributions to the Public Employees Police &r Fire Fund for the years ending December 31, 2003, 2002 and 2001 were $275,818, $268,469, and $259,526, respectively. The City's contributions were equal to the contractually required contributions for each year as set by state statute. 2. Single employer defined benefit pension plan - volunteer fire relief association a. Plan description The City of Roseville (employer) firefighters are covered by anon- employee contributory defined benefit retirement plan administered by the Roseville Firefighter Relief Association (Association), a single employer public employee retirement system. The Association is organized under the Minnesota State Statutes 424A, as amended and provides benefits in accordance with those statutes. The Association provides retirement benefits as well as disability benefits to members and benefits to survivors upon death of eligible members. Benefits are established by the Association with approval by the Roseville City Council under the applicable state statutes. The defined retirement benefits are based on a members' years of service. Vesting begins after the 10th year of service with a 40% benefit increasing to 100% after the 20th year of service. 68