Laserfiche WebLink
CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2013 <br />NOTE 5 - OTHER INFORMATION (Continued) <br />A. Risk management (Continued) <br />Beginning of <br />Fiscal Year <br />Liability <br />2012 $ <br />2013 <br />B. Contingent liabilities <br />Risk Manage <br />Current Year <br />Claims and Changes <br />in Estimates <br />:nt Fund <br />Ending of <br />Claims Fiscal Year <br />Payments Liability <br />22,000 $ 37,863 $ 43,833 $ 16,030 <br />16,030 432,008 242,799 205,239 <br />The City had the usual and customary types of miscellaneous claims pending at year end mostly of a <br />minor nature, and usually all covered by insurance carried for that purpose or the City has reserved funds <br />for settlement. The City also carries personal injury insurance against suits for false arrest, libel, slander, <br />violation of privacy, wrongful entry, etc. which can arise from enforcement of the city code and general <br />laws. Although the outcome of these lawsuits in not presently determinable, in the opinion of the <br />government's legal counsel the resolution of these mater will not have a material adverse effect on the <br />financial condition of the government. <br />C. Employee retirement systems and pension plans <br />1. Defined benefit pension plans - statewide employees plan <br />a. Plan Descri�tion <br />All full-time and certain part-time employees of the City of Roseville are covered by defined <br />benefit plans administered by the Public Employees Retirement Association of Minnesota <br />(PERA). PERA administers the General Employees Retirement Fund (GERF) and the Public <br />Employees Police and Fire Fund (PEPFF), which are cost-sharing, multiple-employer retirement <br />plans. These plans are established and administered in accordance with Minnesota Statutes, <br />chapters 353 and 356. <br />GERF members belong to the Coordinated Plan and are also coved by Social Security. All new <br />members participate in the Coordinated Plan. All police officers, fire fighters, and peace officers <br />who qualify for membership by statute are covered by the PEPFF. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to <br />survivors upon death of eligible members. Benefits are established by State Statute, and vest after <br />three years of credited service. The defined retirement benefits are based on a member's highest <br />average salary for any five successive years of allowable service, age, and years of credit at <br />termination of service. <br />65 <br />