My WebLink
|
Help
|
About
|
Sign Out
Home
2006 CAFR
Roseville
>
Budget
>
2006 CAFR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/23/2013 10:48:50 AM
Creation date
12/23/2013 10:36:33 AM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
132
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
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 />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 Basic <br />Plan members and Coordinated Plan members are required to contribute 9.1% and 5.5 %, <br />respectively, of their annual covered salary. PEPFF members are required to contribute 7.0% of <br />their annual covered salary. The City of Roseville is required to contribute the following <br />percentages of annual covered payroll: 11.78% for Basic Plan PERF members, 6.0% for <br />Coordinated Plan PERF members, and 10.5% for PEPFF members. The City's contributions to <br />the Public Employees Retirement Fund for the years ending December 31, 2006, 2005, and 2004 <br />were $349,113, $301,253, and $294,717, respectively. The City's contributions to the Public <br />Employees Police & Fire Fund for the years ending December 31, 2006, 2005 and 2004 were <br />$351,$64, $259,776, and $296,526, 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. Pan e scriptlon <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 3 53 D.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 />i � <br />
The URL can be used to link to this page
Your browser does not support the video tag.