My WebLink
|
Help
|
About
|
Sign Out
Home
2013 CAFR
Roseville
>
Budget
>
2013 CAFR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/9/2018 4:18:31 PM
Creation date
2/2/2018 12:04:59 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
138
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2013 <br />NOTE 5 - OTHER INFORMATION (Continued) <br />C. Employee retirement systems and pension plans (Continued) <br />3. Single employer defined benefit pension plan — volunteer fire relief association (Continued) <br />a. Plan descri�tion (Continued) <br />There are various types of joint and survivor annuity options available which will reduce the <br />monthly normal annuity amount, because the annuity is payable over joint lives. <br />The benefit provisions stated in the previous paragraphs of this section are current provisions <br />which apply to active plan participants. Vested, terminated firefighters, who are entitled to <br />benefits and are not receiving them yet, are bound by the provisions in effect at the time they <br />choose to start their benefit. <br />The Association issues a publicly available financial report that includes financial statements and <br />required supplementary information for the Roseville Firefighters' Relief Association. That report <br />may be obtained by writing to the Roseville Firefighters' Relief Association, 2701 N. Lexington <br />Ave., Roseville, MN 55113. <br />b. Fundin�policY <br />Minnesota Statutes Chapter 424A sets out the employer requirements for contributions. The <br />annual employer contribution level for any given year is a combination of the normal cost for that <br />year and an amount to reduce the unfunded actuarial liability. The minimum obligation is the <br />normal cost plus the amount needed to amortize fully the unfunded liability. The City funding <br />requirements equal the minimum obligation less the Minnesota State �ire aid. <br />Under state statutes, if the Ciry fails to provide the required funding, the Association may submit <br />a levy to the county auditor in an amount equal to the city requirement, to be levied on all <br />property within the city. A six year schedule of contributions follows: <br />Minnesota <br />State Aid <br />Year Contributions <br />2008 <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />$ <br />Schedule of Contributions <br />Six Year Period <br />City Annual Percentage <br />of Roseville Total Pension of APC <br />Contributions Contributions Cost (APC) Contributed <br />171,025 $ <br />143,353 <br />148,002 <br />145,733 <br />147,754 <br />209,011 <br />128,975 $ <br />63, 875 <br />216,500 <br />166,284 <br />205.630 <br />89,221 <br />69 <br />300,000 <br />207,228 <br />364,502 <br />312,017 <br />353,384 <br />298,232 <br />$ 138,688 <br />539,171 <br />365,932 <br />326,076 <br />312,995 <br />194,372 <br />216.3% <br />38.4% <br />99.6% <br />95.7% <br />112.9°Io <br />153.4% <br />Net <br />Pension <br />Obligation <br />$(507,554) <br />(178,263) <br />(176,833) <br />(162,774) <br />(203,163) <br />(307,023) <br />
The URL can be used to link to this page
Your browser does not support the video tag.