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CITY OF ROSEVILLE
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2013
<br />NOTE 5 - OTHER INFORMATION (Continued)
<br />D. Annual pension cost and net pension obligation (Continued)
<br />The Fire Relief Association is required to have an actuarial valuation completed once every two years.
<br />The latest actuarial value of plan liability on December 31, 2012 was $8,666,462. The value of the plan
<br />assets, valued at market, totaled $8,173,150 on December 31, 2012. A six-year summary of Assets,
<br />Liabilities and funding ratios are listed below:
<br />Year
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012
<br />Schedule of Funding Progress
<br />December 31, 2012
<br />Actuarial Actuarial Unfunded
<br />Value of
<br />Assets
<br />$ 8,328,320
<br />5,749,103
<br />6,784,350
<br />7,524,091
<br />7,402, 826
<br />8,173,150
<br />Accrued Liability (Overfunded)
<br />(Entry Age) Accrued Liability
<br />$ 8,336,812 $ 8,492
<br />8,568,192 2,819,089
<br />8,651,694 1,867,344
<br />8,798,831 1,274,740
<br />8,750,652 1,347,826
<br />8,666,462 493,312
<br />Funded
<br />Ratio
<br />99.90%
<br />67.10%
<br />78.42%
<br />85.51%
<br />84.60°Io
<br />94.31%
<br />Covered payroll is not an actuarial factor in determining benefits or funding obligations under applicable
<br />Minnesota statutes.
<br />NOTE 6— OTHER POST-EMPLOYMENT BENEFITS
<br />A. Plan Description
<br />In addition to providing the pension benefits described in Note 5, the City provides post-employment health care
<br />benefits (as defined in paragraph B) for retired employees and police and firefighters disabled in the line of duty,
<br />through a single-employer defined benefit plan. The term Plan refers to the City's requirement by State Statute to
<br />provide retirees with access to health insurance. The OPEB plan is administered by the City. The authority to
<br />provide these benefits is established in Minnesota Statutes Sections 471.61 Subd. 2a, and 299A.465. The benefits,
<br />benefit levels, employee contributions and employer contributions are governed by the City and can be amended
<br />by the City through its personnel manual and collective bargaining agreements with employee groups. The Plan is
<br />not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The Plan
<br />does not issue a separate financial report.
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