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2001 CAFR
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2001 CAFR
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����(�l�i���7.�5iil��� <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2001 <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 />There are different types of annuities available to members upon retirement. A normal <br />annuity is a lifetime annuity that ceases upon the death of the retiree--no survivor annuity is <br />payable. There are also various types of joint and survivor annuity options available which <br />will reduce the monthly normal annuity amount, because the annuity is payable over joint <br />lives. Members may also leave their contributions in the fund upon termination of public <br />service, in order to qualify for a deferred annuity at retirement age. Refunds of contributions <br />aze available at any time to members who leave public service, but before retirement benefits <br />begin. <br />The benefit provisions stated in the previous pazagraphs of this section aze current provisions <br />and apply to active plan participants. Vested, terminated employees, who are entitled to <br />benefits but are not receiving them yet, are bound by the provisions in effect at the time they <br />last terminated their public service. <br />PERA issues a publicly available financial report that includes financial statements and <br />required supplementary information for PERF and PEPFF. That report may be obtained by <br />writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103-1855, or by calling <br />(651) 296-7460 or (800) 652-9026. <br />b. Fundin� policy <br />Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. <br />These 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 <br />Basic Plan members and Coordinated Plan members aze required to contribute 8.75% and <br />4.75%, respectively, of their annual covered salary. PEPFF members aze required to <br />contribute 6.20% of their annual covered salary. The City of Roseville is required to <br />contribute the following percentages of annual covered payroll: 11.43% for Basic Plan PERF <br />members, 5.18% for Coordinated Plan PERF members and 9.30% for PEPFF members. <br />Member and employer contribution rates for Basic and Coordinated members will increase <br />by 0.35% effective January 2002. The City's contributions to the Public Employees <br />Retirement Fund for the years ending December 31, 2001, 2000, and 1999 were $234,844, <br />$223,501, and $216,741, respectively. The City's contributions to the Public Employees <br />Police & Fire Fund for the yeazs ending December 31, 2001, 2000 and 1999 were $259,526, <br />$240,899, and $253,570, respectively, equal to the contractually required contributions for <br />each year as set by state statute. <br />58 <br />
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