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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 />2. Single employer defined benefit pension plan - volunteer fire relief association (Continued) <br />b. Fundin��Y (Continued) <br />Minnesota <br />State Aid <br />Year Contributions <br />Schedule of Contributions <br />Six Year Period <br />City of Roseville Total Percent <br />Contributions Contributions Contributed <br />1998 <br />$125,126 <br />$1 65,690 <br />S290.81-6 <br />100% <br />1999 <br />1271393 <br />1253,000 <br />2 .121.39.1 <br />100% <br />2000 <br />1321626 <br />1001000 <br />232F62-6 <br />L 00% <br />2001 <br />1341220 <br />1001000 <br />2 3 .4, 2 20 <br />f 00 <br />2002 <br />1521658 <br />1799295 <br />3311953 <br />l 00% <br />2003 <br />1861223 <br />2981670 <br />4 FF93 <br />100 <br />The Roseville Firefighters' Relief Association is comprised of volunteers, therefore, there are no <br />payroll expenditures, nor covered payroll expenditure calculations. <br />D. Annual pension cost <br />For 2003, the City's' annual pension cost of $484,893 is equal to the City's required and actual <br />contributions. The required contribution was determined as part of the January 1, 2003 actuarial <br />valuation. The actuarial assumptions included (a) 5.0% investment rate of return (net of <br />administrative expenses); (b) a mortality table of the 1983 Group Annuity Mortality Table for Males <br />and Females; (c) termination of 3 percent rate from age 20 -30, grading to no terminations after age <br />45; (d) disability rates based upon 75 percent of the Railroad Retirement Board Disability Rates; (e) <br />entry age based upon age on employment date; (0 retirement age based upon the later of age 55 or <br />20 years of service; (g) 85 percent of members are assumed to be married; (h) normal form of <br />payment based upon joint and 100 percent to survivor annuity; (i) asset basis based upon market <br />value; and (j) level dollar amortization which is sufficient to amortize the unfunded actuarial accrued <br />liability by a closed period ending December 31, 2010 and a closed period of 20 years for Plan <br />amendments. <br />70 <br />