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2013 CAFR
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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 />b. Fundin�polic�(Continued) <br />The Minnesota State Aid contribution to the Roseville Firefighter's relief association is recorded <br />as a revenue and expenditure in the General fund of the City. The City's contribution to the <br />Roseville Firefighter's relief association is also recorded as expenditure in the General fund of the <br />City. The Roseville Firefighter's relief association is comprised of volunteers who are considered <br />non-benefit earning employees of the City of Roseville. Therefore, the City has no on-behalf <br />payments of fringe benefits and salaries. <br />D. Annual pension cost and net pension obligation <br />The annual pension cost and net pension obligation for the current year were as follows: <br />Annual required contribution $ 173,096 <br />Interest on net pension obligation (10,158) <br />Adjustment to annual required contribution 31,434 <br />Annual pension cost 194,372 <br />Contributions made (298,232) <br />Increase (decrease) in net pension obligation (103,860) <br />Negative net pension obligation beginning of year (203,163) <br />Negative net pension obligation end of year $(307,023) <br />The annual required contribution was determined as part of the January 1, 2013 actuarial valuation. The <br />actuarial assumptions included (a) 5% investment rate of return (net of administrative expenses); (b) a <br />mortality table of the 1983 Group Annuity Mortality Table for Males and Females; (c) termination of <br />6 percent rate from age 20-30, grading to no terminations after age 50. In addition, 20% of employees are <br />assumed to terminate during each of the first three years of their employment; (d) disability rates based <br />upon 75 percent of the Railroad Retirement Board Disability Rates; (e) entry age actuarial cost method <br />based upon age on employment date; (g) retirement age based upon the later of age 55 or 20 years of <br />service; (g) 85 percent of inembers are assumed to be married, with wives three years younger than <br />husbands; (h) normal form of payment based upon joint and 100 percent to survivor annuity; (i) asset <br />basis based upon market value; and (j) level dollar amortization which is sufficient to amortize the <br />unfunded actuarial accrued liabiliry by a closed period ending December 31, 2012 and a closed period of <br />11 years for Plan amendments. Inflation rates are not applicable in the valuation of the �ire relief net <br />pension obligation. <br />70 <br />
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