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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 (Continued) <br />2. Single employer defined benefit pension plan - volunteer fire relief association <br />a. Plan description <br />The City of Roseville (employer) firefighters are covered by a non-employee contributory <br />defined 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 <br />Association with approval by the Roseville City Council under the applicable state statutes. <br />The defined retirement benefits are based on a members' years of service. Vesting begins <br />after the lOth yeaz of service with a 40% benefit increasing to 100% after the 20th year of <br />service. <br />Full benefits are available after 20 years of service by the member and having attained the <br />age of 50. The current benefit is calculated at $27 per year of service per month up to a <br />m�imum of 30 years. The retiree may also select a one-time lump-sum payment upon <br />retirement of $2,700 per year of service. <br />There are various types of joint and survivor annuity options available which will reduce the <br />monthly normal annuity amount, because the annuity is payable over joint lives. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions <br />which apply to active plan participants. Vested, terminated firefighters, who are entitled to <br />benefits and aze not receiving them yet, aze bound by the provisions in effect at the time they <br />choose to start their benefit. <br />The Association issues a publicly available financial report that includes financial statements <br />and required supplementary information for the Roseville Firefighters' Relief Association. <br />That report may be obtained by writing to the Roseville Firefighters' Relief Association, <br />2700 N. Lexington Ave., Roseville, MN 55113. <br />59 <br />
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