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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 />C. Employee retirement systems and pension plans (Continued) <br />1. Defined benefit pension plans - statewide employees plan (Continued) <br />a. Plan Description (Continued) <br />Two methods are used to compute benefits for PERFs Coordinated and Basic Plan members. The <br />retiring member receives the higher of step -rate benefit accrual formula (Method 1 ) or a level <br />accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan member <br />is 2.2 percent of average salary for each of the first 10 years of service and 2.7 percent for each <br />remaining year. The annuity accrual rate for a Coordinated Plan member is 1.2 percent of <br />average salary for each of the first 10 years and 1.7 percent for each remaining year. Under <br />Method 2, the annuity accrual rate is 2.7 percent of average salary for Basic Plan members and <br />1.7 percent for Coordinated Plan members for each year of service. For PEPFF members, the <br />annuity accrual rate is 3.0 percent for each year of service. For all PEPFF members and PERF <br />members hired prior to July 1, 1989 whose annuity is calculated using Method 1, a full annuity is <br />available when age plus years of service equal 90. Normal retirement age is 55 for PEPFF <br />members and 65 for Basic and Coordinated members hired prior to July 1, 1959. <br />Normal retirement age is the age for unreduced Social Security benefits capped at 66 for <br />Coordinated members hired on or after July 1, 1989. A. reduced retirement annuity is also <br />available to eligible members seeping early retirement. <br />There are different types of annuities available to members upon retirement. A single -life annuity <br />is a lifetime annuity that ceases upon the death of the retiree no survivor annuity is payable. <br />There are also various types of joint and survivor annuity options available which will be payable <br />over joint lives. Members may also leave their contributions in the fund upon termination of <br />public service in order to qualify for a deferred annuity at retirement age. Refunds of <br />contributions are available at any time to members who leave public service, but before <br />retirement benefits begin. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions and <br />apply to active plan participants. vested, terminated employees, who are entitled to benefits but <br />are not receiving them yet, are bound by the provisions in effect at the time they last terminated <br />their public service. <br />PERA issues a publicly available financial report that includes financial statements and required <br />supplementary information for PERF and PEPFF. That report may be obtained on the web at <br />mripera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103 -2088, or by <br />calling (651) 296 -7460 or (800) 652 -9026. <br />no . <br />
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