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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 />City's proportionate share of <br />the GERF net pension liability <br />City's proportionate share of <br />the PEPFF net pension liability <br />1 % Decrease in <br />Discount Rate <br />6.5% <br />$ 16,087,282 <br />1 % Decrease in <br />Discount Rate <br />4.6% <br />$ 28,707,525 <br />H. Pension Plan Fiduciary Position <br />Discount Rate <br />7.5% <br />$ 11,326,708 <br />Discount Rate <br />5.6% <br />$ 20,507,319 <br />1 % Increase in <br />Discount Rate <br />8.5% <br />$ 7,405,291 <br />1 % Increase in <br />Discount Rate <br />6.6% <br />$ 13,807,128 <br />Detailed information about each pension plan's fiduciary net position is available in a separately- <br />issued PERA financial report that includes financial statements and required supplementary <br />information. That report may be obtained on the Internet at www.mnpera.org; by writing to <br />PERA at 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088; or by calling (651) 296-7460 <br />or 1-800-652-9026. <br />I. Defined Contribution Plan <br />The Public Employees Defined Contribution Plan (PEDCP), a multiple-employer deferred <br />compensation plan administered by PERA, covers four council members and the mayor of the <br />City of Roseville. The PEDCP is a tax qualified plan under Section 401(a) of the Internal <br />Revenue Code and all contributions by or on behalf of employees are tax deferred until time of <br />withdrawal. <br />Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less <br />administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, <br />including the employee and employer contribution rates for those qualified personnel who elect to <br />participate. An eligible elected official who decides to participate contributes 5% of salary which <br />is matched by the elected official's employer. For ambulance service personnel, employer <br />contributions are determined by the employer, and for salaried employees must be a fixed <br />percentage of salary. Employer contributions for volunteer personnel may be a unit value for each <br />call or period of alei-t duty. Employees who are paid for theu services may elect to malce member <br />contributions in an amount not to exceed the employer share. Employer and employee <br />contributions are combined and used to purchase shares in one or more of the seven accounts of <br />the Minnesota Supplemental Investment Fund. For administering the plan, PERA receives 2°/o of <br />employer contributions and twenty-�ve hundredths of 1% (.0025) of the assets in each member's <br />account annually. <br />.• <br />
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