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2006 CAFR
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2006 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />NOTE 5 -OTHER INFORMATION (Continued) <br />A. Risk management (Continued) <br />B. Contingent liabilities <br />The City had the usual and customary types of miscellaneous claims pending at year end mostly of a <br />minor nature, and usually all covered by insurance carried for that purpose or the City has reserved funds <br />for settlement. The City also carries personal injury insurance against suits for false arrest, libel, slander, <br />violation of privacy, wrongful entry, etc. which can arise from enforcement of the city code and general <br />laws. Although the outcome of these lawsuits in not presently determinable, in the opinion of the <br />government's counsel the resolution of these mater will not have a material adverse effect on the <br />financial condition of the government. <br />C. Employee retirement systems and pension plans <br />1. Defined benefit pension plans - statewide employees plan <br />a. Plan Description <br />All full -time and certain part-time employees of the City of Roseville are covered by defined <br />benefit plans administered by the Public Employees Retirement Association of Minnesota <br />(PERA). PERA administers the Public Employees Retirement Fund (PEKE) and the Public <br />Employees Police and Fire Fund (PEPFF), which are cost - sharing, multiple- employer retirement <br />plans. These plans are established and administered in accordance with Minnesota Statutes, <br />chapters 353 and 356. <br />PERF members belong to either the Coordinated Plan or the Basic Plane Coordinated Plan <br />members are covered by Social Security and Basic Plan members are not. All new members must <br />participate in the Coordinated Plan. All police officers, fire fighters, and peace officers who <br />qualify for membership by statute are covered by the PEPFF. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to <br />survivors upon death of eligible members. Benefits are established by State Statute, and vest after <br />three years of credited service. The defined retirement benefits are based on a member's highest <br />average salary for any five successive years of allowable service, age, and years of credit at <br />termination of service. <br />67 <br />Risk Management Fund <br />Beginning of <br />Current Year <br />Ending of <br />Fiscal Year <br />Claims and Changes Claims <br />Fiscal Year <br />Liability <br />in Estimates Payments <br />Liability <br />2005 67,830 <br />41103 2465983 <br />2323450 <br />2006 232,450 <br />X17,583) 80,231 <br />134,636 <br />B. Contingent liabilities <br />The City had the usual and customary types of miscellaneous claims pending at year end mostly of a <br />minor nature, and usually all covered by insurance carried for that purpose or the City has reserved funds <br />for settlement. The City also carries personal injury insurance against suits for false arrest, libel, slander, <br />violation of privacy, wrongful entry, etc. which can arise from enforcement of the city code and general <br />laws. Although the outcome of these lawsuits in not presently determinable, in the opinion of the <br />government's counsel the resolution of these mater will not have a material adverse effect on the <br />financial condition of the government. <br />C. Employee retirement systems and pension plans <br />1. Defined benefit pension plans - statewide employees plan <br />a. Plan Description <br />All full -time and certain part-time employees of the City of Roseville are covered by defined <br />benefit plans administered by the Public Employees Retirement Association of Minnesota <br />(PERA). PERA administers the Public Employees Retirement Fund (PEKE) and the Public <br />Employees Police and Fire Fund (PEPFF), which are cost - sharing, multiple- employer retirement <br />plans. These plans are established and administered in accordance with Minnesota Statutes, <br />chapters 353 and 356. <br />PERF members belong to either the Coordinated Plan or the Basic Plane Coordinated Plan <br />members are covered by Social Security and Basic Plan members are not. All new members must <br />participate in the Coordinated Plan. All police officers, fire fighters, and peace officers who <br />qualify for membership by statute are covered by the PEPFF. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to <br />survivors upon death of eligible members. Benefits are established by State Statute, and vest after <br />three years of credited service. The defined retirement benefits are based on a member's highest <br />average salary for any five successive years of allowable service, age, and years of credit at <br />termination of service. <br />67 <br />
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