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2009 CAFR
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2009 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2009 <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 />b. Funding policy <br />Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These <br />statutes are established and amended by the state legislature. The City makes annual <br />contributions to the pension plans equal to the amount required by State Statutes. PERF <br />Coordinated Plan members are required to contribute 6.00 %, of their annual covered salary. <br />PEPFF members are required to contribute 9.4% of their annual covered salary. The City of <br />Roseville is required to contribute the following percentages of annual covered payroll: 6.75% for <br />Coordinated Plan PERF members, and 14.1% for PEPFF members. The City's contributions to <br />the Public Employees Retirement Fund for the years ending December 31, 20099 2008, and 2007 <br />were $447,277, $434,312, and $380,694, respectively. The City's contributions to the Public <br />Employees Police & Fire Fund for the years ending December 31, 20099 2008, and 2007 were <br />$562,849, $523,909, and $413,623, respectively. The City's contributions were equal to the <br />contractually required contributions for each year as set by state statute. <br />2. Defined Contribution Plan <br />a. Plan description <br />Four council members and the mayor of the City of Roseville are covered by the defined <br />contribution pension plan administered by the Public Employees Retirement Association of <br />Minnesota (PERA). PERA administers the Public Employees Defined Contribution Plan <br />(PEDCP), which is amultiple- employer deferred compensation plan. <br />b. Funding policy <br />The PEDCP is a tax qualified plan under Section 401(a) of the Internal Revenue Code and all <br />contributions by or on behalf of employees are tax deferred until time of withdrawal. <br />Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less <br />administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies the employee and <br />employer contribution rates for those qualified personnel who elect to participate. An eligible <br />elected official who decides to participate contributes 5 percent of salary, which is matched by the <br />elected official's employer. <br />.: <br />
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