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2016 CAFR
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2016 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />C. Employee retirement systems and pension plans <br />The city participates in various pension plans, total pension expense for the year ended December <br />31, 2016 was $4,864,427. The components of pension expense are noted in the following plan <br />summaries. <br />1. Public Employees' Retirement Association <br />A. Plan Description <br />The City participates in the following cost-sharing multiple-employer de�ined benefit pension <br />plans administered by PERA. PERA's defined benefit pension plans are established and <br />administered in accordance with Minnesota Statutes, Chapters 353 ad 356. PERA's defined <br />benefit pension plans are tax qualified plans under Section 401(a) of the Intei-nal Revenue Code. <br />General Employees Retirement Plan (General Employees Plan (accounted for in the General <br />Employees Fund) <br />All full-time and certain part-time employees of the City are covered by the General Employees <br />Plan. General Employees Plan members belong to either the Coordinated Plan or the Basic Plan. <br />Coordinated Plan members are covered by Social Security and Basic Plan members are not. The <br />Basic Plan was closed to new members in 1967. All new members must participate in the <br />Coordinated Plan. <br />Public Employees Police and Fire Plan (Police and Fire Plan (accounted for in the Police and Fire <br />Fund) <br />The Police and Fire Plan originally established for police of�cers and firefighters not covered by <br />a local relief association, now covers all police off'icers and firefighters hired since 1980. <br />Effective July l, 1999, the Police and Fire Plan also covers police officers and fire�ghters <br />belonging to a local relief association that elected to merge with and transfer assets and <br />administration to PERA. <br />B. Benefits Provided <br />PERA provides retirement, disability, and death benefits. Benefit provisions are established by <br />state statute and can only be modified by the state legislature. <br />Benefit increases are provided to benefit recipients each January. Increases are related to the <br />funding ratio of the plan. Members in plans that are at least 90% funded for two consecutive years <br />are given 2.5% increases. Members in plans that have not exceeded 90% funded, or have fallen <br />below 80%, are given 1% increases. <br />62 <br />
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