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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) 3. Single employer defined benefit pension plan — volunteer fire relief association (Continued) a. Plan descri�tion (Continued) There are various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. The benefit provisions stated in the previous paragraphs of this section are current provisions which apply to active plan participants. Vested, terminated firefighters, who are entitled to benefits and are not receiving them yet, are bound by the provisions in effect at the time they choose to start their benefit. The Association issues a publicly available financial report that includes financial statements and required supplementary information for the Roseville Firefighters' Relief Association. That report may be obtained by writing to the Roseville Firefighters' Relief Association, 2701 N. Lexington Ave., Roseville, MN 55113. b. Fundin�policY Minnesota Statutes Chapter 424A sets out the employer requirements for contributions. The annual employer contribution level for any given year is a combination of the normal cost for that year and an amount to reduce the unfunded actuarial liability. The minimum obligation is the normal cost plus the amount needed to amortize fully the unfunded liability. The City funding requirements equal the minimum obligation less the Minnesota State �ire aid. Under state statutes, if the Ciry fails to provide the required funding, the Association may submit a levy to the county auditor in an amount equal to the city requirement, to be levied on all property within the city. A six year schedule of contributions follows: Minnesota State Aid Year Contributions 2008 2009 2010 2011 2012 2013 $ Schedule of Contributions Six Year Period City Annual Percentage of Roseville Total Pension of APC Contributions Contributions Cost (APC) Contributed 171,025 $ 143,353 148,002 145,733 147,754 209,011 128,975 $ 63, 875 216,500 166,284 205.630 89,221 69 300,000 207,228 364,502 312,017 353,384 298,232 $ 138,688 539,171 365,932 326,076 312,995 194,372 216.3% 38.4% 99.6% 95.7% 112.9°Io 153.4% Net Pension Obligation $(507,554) (178,263) (176,833) (162,774) (203,163) (307,023)