2017_0613_FC_Packet - Laserfiche WebLink

Home

CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2016 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate 6.5%7.5%8.5% City's proportionate share of the GERF net pension liability 16,087,282$ 11,326,708$ 7,405,291$ 1% Decrease in 1% Increase in Discount Rate Discount Rate Discount Rate 4.6%5.6%6.6% City's proportionate share of the PEPFF net pension liability 28,707,525$ 20,507,319$ 13,807,128$ H . P e n s i o n P l a n F i d u c i a r y P o s i t i o n D e t a i l e d i n f o r m a t ion about each pension plan's fiduciary net position is available in a separately- i s s u e d P E R A f i n a n c i a l r e p o r t t h a t i n c l u d e s f i n a n c i a l s t a t e m ents and required supplementary i n f o r m a t ion. That report may be obtained on the Internet at www.mnpera.org; by writing to P E R A a t 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088; or by calling (651) 296-7460 o r 1 -800-652-9026. I . D e f i n e d C o n t r i b u t i o n P l a n The Public Employees Defined Contribution Plan (PEDCP), a multiple-employer deferred compensation plan administered by PERA, covers four council members and the mayor of the C i t y o f R o s e v i l l e . T h e P E D C P i s a tax qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of employees are tax deferred until time of withdrawal. P l an benefits depend solely on amounts contributed to the plan plus investment earnings, less a d m i n i s t r a t i v e e x p e n s e s . M i n n e s o t a S t a t u t e s , C h a p t e r 353D.03, specifies plan provisions, i n c l u d i n g t h e e m p l o y e e a n d e m p l o y e r c o n t r i b u t i o n r a t e s f o r those qualified personnel who elect to p a r t i c i p a t e . A n e l i g i b l e e l e c t e d o f f i c i a l w h o d e c i d e s t o p a rticipate contributes 5% of salary which i s m a t c h ed by the elected official's employer. For ambulance service personnel, employer c o n t r i b u t i o n s a r e d e t e r m i n ed by the employer, and for salaried employees must be a fixed p e r c e n t a g e o f s a l a r y . E m p l o y e r c o n t r i b u t i o n s f o r v o l u n t e e r personnel may be a unit value for each call or period of alert duty. Employees who are paid for their services may elect to make member c o n t r i b u t i o n s i n a n a mount not to exceed the employer share. Employer and employee c o n t r i b u t i o n s a r e c o m b i n e d and used to purchase shares in one or more of the seven accounts of t h e M i n n e s o t a Supplemental Investment Fund. For administering the plan, PERA receives 2% of e m p l o y e r c o n t r i b u t i o n s and twenty-five hundredths of 1% (.0025) of the assets in each member's account annually. 69 Item 8: Attachment D