2005 CAFR - Laserfiche WebLink

Home

CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2005 NOTE 5 -OTHER INFORMATION (Continued) C. Employee retirement systems and pension plans (Continued) 2. Defined Contribution Plan (Continued) b. Funding policy (Continued) For salaried employees contributions must be a fixed percentage of salary. Employees who are paid for their services may elect to make member contributions in an amount not to exceed the employer share. Employer and employee contributions are combined and used to purchase shares in one or more of the six accounts of the Minnesota Supplemental Investment Fund. For administering the plan, PERA receives 2 percent of employer contributions and four - tenths of one percent of the assets in each member's account annually. Total contributions made by the City during fiscal year 2005 were: Percentage of Amount Covered Payroll Employees Employer Employees Employer Required Rates PEDCP $ 1,518 $ 1,518 5.00% 5.00% 5.00% 3. Single employer defined benefit pension plan — volunteer fire relief association a. Plan description The City of Roseville (employer) firefighters are covered by anon- employee contributory defined benefit retirement plan administered by the Roseville Firefighter Relief Association (Association), a single employer public employee retirement system. The Association is organized under the Minnesota State Statutes 424A, as amended and provides benefits in accordance with those statutes. The Association provides retirement benefits as well as disability benefits to members and benefits to survivors upon death of eligible members. Benefits are established by the Association with approval by the Roseville City Council under the applicable state statutes. The defined retirement benefits are based on a members' years of service. Vesting begins after the 10th year of service with a 40% benefit increasing to 100% after the 20th year of service. Full benefits are available after 20 years of service by the member and having attained the age of 50. The current benefit is calculated at $27 per year of service per month up to a maximum of 30 years. The retiree may also select aone -time lump -sum payment upon retirement of $2,700 per year of service. ••