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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 />2. Defined Contribution Plan (Continued) <br />b. Funding policy (Continued) <br />For salaried employees contributions must be a fixed percentage of salary. Employees who are <br />paid for their services may elect to make member contributions in an amount not to exceed the <br />employer share. Employer and employee contributions are combined and used to purchase shares <br />in one or more of the six accounts of the Minnesota Supplemental Investment Fund. For <br />administering the plan, PERA receives 2 percent of employer contributions and four- tenths of one <br />percent of the assets in each member's account annually. <br />Total contributions made by the City during fiscal year 2006 were: <br />Percentage of <br />Amount Covered Payroll <br />Employees Employer Employees Em to er <br />Required <br />Rates <br />PEDCP $ 1,518 $ 1,518 5.00/0 5.00% 5.00% <br />3. Single employer defined benefit pension plan -- volunteer fire relief association <br />a. P_ are _ description <br />The City of Roseville (employer) firefighters are covered by a non - employee contributory defined <br />benefit retirement plan administered by the Roseville Firefighter Relief Association <br />(Association), a single employer public employee retirement system. The Association is <br />organized under the Minnesota State Statutes 424A, as amended and provides benefits in <br />accordance with those statutes. <br />The Association provides retirement benefits as well as disability benefits to members and <br />benefits to survivors upon death of eligible members. Benefits are established by the Association <br />with approval by the Roseville City Council under the applicable state statutes. The defined <br />retirement benefits are based on a members' years of service. Vesting begins after the 10th year <br />of service with a 60% benefit increasing to 100% after the 20th year of service. <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 a one -time lump -sum payment upon retirement of $2,700 per <br />year of service. <br />70 <br />
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