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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2013 NOTE 5 - OTHER INFORMATION (Continued) C. Employee retirement systems and pension plans (Continued) 1. Defined bene�it pension plans - statewide employees plan (Continued) b. Fundin�policX Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes are established and amended by the state legislature. The City makes annual contributions to the pension plans equal to the amount required by state statutes. GERF Basic Plan members and Coordinated Plan members were required to contribute 9.1 °Io and 6.25%, respectively, of their annual covered salary in 2013. PEPFF members were required to contribute 9.6% of their annual covered salary in 2013. PECF members were required to contribute 5.83% of their annual covered salary. In 2013, the City of Roseville was required to contribute the following percentages of annual covered payroll: 11.78% for Basic Plan members, 7.25% for Coordinated Plan members, 14.4% for PEPFF members, and 8.75% for PECF members. The City's contributions to the Public Employees Retirement Fund for the years ending December 31, 2013, 2012 and 2011 were $532,160, $508,843, and $498,692, respectively. The City's contributions to the Public Employees Police & Fire Fund for the years ending December 31, 2013, 2012 and 2011 were $629,217, $600,066, and $558,550, respectively. The City's contributions were equal to the contractually required contributions for each year as set by state statute 2. Defined Contribution Plan a. Plan description Four council members and the mayor of the City of Roseville are covered by the defined contribution pension plan administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Defined Contribution Plan (PEDCP), which is a multiple-employer deferred compensation plan. b. Funding_policX The PEDCP is a tax qualified plan under Section 401(a) of the Internal Revenue Code and a11 contributions by or on behalf of employees are tax deferred until time of withdrawal. Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses. Minnesota Statutes, Chapter 353D.03, speci�ies the employee and employer contribution rates for those qualified personnel who elect to participate. An eligible elected official who decides to participate contributes 5 percent of salary, which is matched by the elected official's employer. 67