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2014 CAFR
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2014 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />B. Contingent liabilities <br />The City had the usual and customary types of miscellaneous claims pending at year end mostly of a <br />minor nature, and usually all covered by insurance carried for that purpose or the City has reserved <br />for settlement. The City also carries personal injury insurance against suits for false arrest, libel, <br />slander, violation of privacy, wrongful entry, etc. which can arise from enforcement of the city code <br />and general laws. Although the outcome of these lawsuits in not presently determinable, in the of <br />the government's legal counsel the resolution of these mater will not have a material adverse effect <br />on the financial condition of the government. <br />C. Employee retirement systems and pension plans <br />1. Defined benefit pension plans - statewide employees plan <br />a. Plan Descri�tion <br />All full-time and certain part-time employees of the City of Roseville are covered by defined <br />benefit plans administered by the Public Employees Retirement Association of Minnesota <br />(PERA). PERA administers the General Employees Retirement Fund (GERF) and the Public <br />Employees Police and Fire Fund (PEPFF), which are cost-sharing, multiple-employer <br />retirement plans. These plans are established and administered in accordance with Minnesota <br />Statutes, chapters 353 and 356. <br />GERF members belong to the Coordinated Plan and are also coved by Social Security. All <br />new members participate in the Coordinated Plan. All police officers, fire fighters, and peace <br />officers who qualify for membership by statute are covered by the PEPFF. <br />PERA provides retirement benefits as well as disability benefits to members, and benefits to <br />survivors upon death of eligible members. Benefits are established by State Statute, and vest <br />after three years of credited service. The defined retirement benefits are based on a member's <br />highest average salary for any five successive years of allowable service, age, and years of <br />credit at termination of service. <br />Two methods are used to compute benefits for PERA's Coordinated and Basic Plan members. <br />The retiring member receives the higher of a step-rate benefit accrual formula (Method 1) or a <br />level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan <br />member is 2.2 percent of average salary for each of the first 10 years of service and 2.7 <br />percent for each remaining year. The annuity accrual rate for a Coordinated Plan member is <br />L2 percent of average salary for each of the first 10 years and 1.7 percent for each remaining <br />year. Under Method 2, the annuity accrual rate is 2.7 percent of average salary for Basic Plan <br />members and 1.7 percent for Coordinated Plan members for each year of service. For PEPFF <br />members, the annuity accrual rate is 3.0 percent for each year of service. The annuity accrual <br />rate is 1.9 percent for each year of service for PECF members. For all PEPFF members, PECF <br />members, and GERF members hired prior to July 1, 1989 whose annuity is calculated using <br />Method 1, a full annuity is available when age plus years of service equal 90. Normal <br />retirement age is 55 for PEPFF and PECF members and 65 for Basic and Coordinated <br />61 <br />
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