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2001 CAFR
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2001 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <br />NOTE 5 - OTHER INFORMATION (Continued) <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 (PERF) and the Public <br />Employees Police and Fire Fund (PEPFF) which are cost-sharing, multiple-employer <br />retirement plans. These plans are established and administered in accordance with <br />Minnesota Statutes, chapters 353 and 356. <br />PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan <br />members aze covered by Social Security and Basic Plan members aze not. All new members <br />must participate in the Coordinated Plan. All police officers, fire fighters, and peace officers <br />who qualify for membership by statute aze 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 <br />after three years of credited service. The defined retirement benefits are based on a member's <br />highest average salary for any five successive yeazs of allowable service, age, and yeazs of <br />credit at termination of service. <br />Two methods are used to compute benefits for PERFs Coordinated and Basic Plan members. <br />The retiring member receives the higher of step-rate benefit accrual formula (Method 1) or a <br />level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan <br />member is 2.2 percent of average salary for each of the first 10 years of service and 2.7 <br />percent for each remaining yeaz. The annuity accrual rate for a Coordinated Plaxi member is <br />1.2 percent of average salary for each of the first 10 years and 1.7 percent for each remaining <br />year. Under Method 2, the annuity accrual rate is 2.7 percent for Basic Plan members and <br />1.7 percent for PEPFF members; the annuity accrual rate is 3.0 percent for each yeaz of <br />service. For all PEPFF members and for a11 PERF members whose annuity is calculated <br />using Method 1, a full annuity is available when age plus yeazs of service equal 90. A <br />reduced retirement annuity is also available to eligible members seeking eazly retirement. <br />57 <br />
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