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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31,2004 <br />NOTE 5 -OTHER INFORMATION (Continued) <br />C. Employee retirement systems and pension plans (Continued) <br />3. Single employer defined benefit pension plan — volunteer fire relief association (Continued) <br />a. Plan description (Continued <br />Full benefits are available after 20 years of service by the member and having attained the age of <br />50. The current benefit is calculated at $27 per year of service per month up to a maximum of 30 <br />years. The retiree may also select aone -time lump -sum payment upon retirement of $2,700 per <br />year of service. <br />There are various types of joint and survivor annuity options available which will reduce the <br />monthly normal annuity amount, because the annuity is payable over joint lives. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions <br />which apply to active plan participants. Vested, terminated firefighters, who are entitled to <br />benefits and are not receiving them yet, are bound by the provisions in effect at the time they <br />choose to start their benefit. <br />The Association issues a publicly available financial report that includes financial statements and <br />required supplementary information for the Roseville Firefighters' Relief Association. That report <br />may be obtained by writing to the Roseville Firefighters' Relief Association, 2700 N. Lexington <br />Ave., Roseville, MN 55113. <br />b. Fundiniz policy <br />Minnesota Statutes Chapter 424A sets out the employer requirements for contributions. The <br />annual employer contribution level for any given year is a combination of the normal cost for that <br />year and an amount to reduce the unfunded actuarial liability. The minimum obligation is the <br />normal cost plus the amount needed to amortize fully the unfunded liability. The City funding <br />requirements equal the minimum obligation less the Minnesota State fire aid. Under state <br />statutes, if the City fails to provide the required funding, the Association may submit a levy to the <br />county auditor in an amount equal to the city requirement, to be levied on all property within the <br />city. A six year schedule of contributions follows: <br />69 <br />